Abir CEO in Florida for NAIC meetings
The Association of Bermuda Insurers and Reinsurers CEO, John Huff, is in Tampa, Florida this week for the National Association of Insurance Commissioners Fall National Meeting.
Mr Huff is a past president of the NAIC, the US standard-setting body for state insurance supervisors.
The meetings come as Abir reflected on the decades-long record Bermuda reinsurers have of helping catastrophe-hit Americans.
Member companies will shoulder a significant portion of the billions of dollars in insurance claims arising from the recent Hurricane Ian.
The Category 4 storm generated estimated total insured losses of up to $65 billion, caused by wind, storm surge and inland flood damage in Florida, the Carolinas, Virginia and Georgia.
The Bermuda Monetary Authority recently indicated that the Bermuda market could settle claims of some $13 billion, possibly a quarter of the total, paid to US cedants and policyholders to cover the hurricane losses.
Marc Grandisson, Abir chairman and CEO of Arch Capital Group Ltd, said: “Hurricane Ian was a devastating experience for millions of Americans. We feel for those who lost loved ones, who suffered damage to their properties and whose livelihoods were disrupted.
“We are proud that the backing of Bermuda’s re/insurers is once again providing billions of dollars in claims payments to support stricken communities through restoration and recovery, helping Americans to get their lives back on track. The Bermuda market’s proven value proposition is that we are there for Americans in their time of greatest need.”
Mr Huff said: “By backing insurers in the US and around the world, Bermuda reinsurers enable the pooling of global risk and promote the stability of property insurance markets worldwide.
“The trend of more intense and frequent extreme weather events only emphasises the Bermuda market’s global relevance. With a 30-year track record of natural catastrophe risk coverage leadership, Bermuda re/insurers have built an unparalleled industry talent base that attracts risk capital and produces innovative solutions to complex problems, equipping Bermuda to lead from the front in climate risk finance.”