Bermuda leaders to be featured at NAIC international insurance forum
Two executives from Bermuda will be among panellists at an international insurance forum being held by the US National Association of Insurance Commissioners on May 25 and 26.
Marc Grandisson, chief executive officer of Arch Capital Group Ltd, and chairman of the Association of Bermuda Insurers and Reinsurers, along with Craig Swan, deputy CEO of the Bermuda Monetary Authority will take part in the live-streamed virtual forum.
Mr Grandisson will participate on the C-Suite Panel: Executive Viewpoints – Confronting Change in the Insurance Industry. This will be a discussion on the protection gap, digital transformation, policyholder protection and the debate over business interruption claims, volatile markets, and inflationary pressures all stand to shape the future.
Alongside the pandemic, movements around the globe for social justice and racial equity have sparked change, and panellists will share perspectives on how, against the current political backdrop, the industry can advance inclusion through access to insurance.
The session will be moderated by NAIC CEO, Michael Consedine.
Abir said the global leadership capabilities Bermuda continues to provide in natural catastrophe risk management and the logical extension into climate risk finance will be highlighted.
Mr Grandisson said: “Abir and the Bermuda market continue to play a leadership role in the conversations around the global issues of the day. Re/insurance and risk management solutions are more important than ever in providing capital and stability to the post-pandemic, rebounding economy.”
Mr Swan will present an international insurance supervisory perspective on in a SupTech (Supervisory Technology) Panel – Embracing Innovation in Supervision. The pandemic has accelerated many insurance supervisors’ use of technology in a variety of ways to enhance and streamline supervision.
Panellists will discuss how jurisdictions are successfully incorporating SupTech into their regulatory tool kits and how technology might continue to shape supervision in the future, including trends for further development of supervisory technology, potential lessons for the insurance industry, and possible market and consumer implications.
Randal Quarles, Federal Reserve board vice-chairman for supervision, will share insights into some of the issues at the top of the board's agenda and also the ongoing standard setting work of the Financial Stability Board.
As the flagship international event of the NAIC, the Forum will explore key developments in the insurance sector and the evolution of insurance regulation around the globe.
John Huff, CEO of Abir and former president of NAIC, said: “As an NAIC highly recognised ‘reciprocal jurisdiction,’ Bermuda fills an important role in keeping insurance affordable and accessible for US insurance consumers. Bermuda’s leading insurers and reinsurers, working collectively as Abir, represent the industry at home and abroad, and contribute significantly to the important public policy discussions for our international industry.
“State insurance commissioners and the NAIC, celebrating 150 years in 2021, are to be commended for their leadership in developing and leveraging market leading oversight of international re/insurance markets.”
Information on registration for the NAIC International Insurance Forum can be found at naic.org/international_forum