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Summit to hear of insurance role in climate change

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Slav Gatchev, the managing director for sustainable debt at The Nature Conservancy

The insurance industry can have a profound impact on climate outcomes, an executive with a global environmental organisation has said.

Slav Gatchev, the managing director for sustainable debt at the Arlington, Virginia-based The Nature Conservancy, was speaking in advance of the Bermuda Climate Summit, which is to be held on June 26 and 27 at the Hamilton Princess & Beach Club.

The second annual event is presented by the Bermuda Business Development Agency in partnership with Kroll Bond Rating Agency.

Mr Gatchev said: “The insurance industry can tip the scales in the fight for biodiversity and climate outcomes and the upcoming Bermuda Climate Summit can show how parametric and credit insurance plus new innovations can unlock investment in nature-based solutions for climate mitigation and adaptation.”

He will moderate a “Biodiversity: Our Strongest Natural Defence Against Climate Change” panel at the summit featuring Osho Jha, cofounder and chief executive of dClimate and cofounder of Arbol; James Kench, head of insurance, KITA; Natalia Moudrak, climate resiliency leader, Aon; and Robbie Smith, curator of the Natural History Museum, Bermuda Aquarium Museum and Zoo.

John Huff, the president and CEO of the Association of Bermuda Insurers and Reinsurers, will moderate the panel “What’s Ahead in the United States?” featuring Ricardo Lara, insurance commissioner, California Department of Insurance, and Lori Wing-Heier, director, Alaska Division of Insurance, co-chairs of the NAIC Climate and Resiliency (EX) Task Force.

Mr Huff said: “We are so pleased to be able to continually attract internationally influential insurance supervisors to share their views on the path toward net zero and the significant role the Bermuda market’s capital and capacity will have in the transition to get us there.

“Since 1997, Bermuda’s commercial re/insurers have paid out over half-a-trillion dollars to policyholders and cedants in the US, EU and UK, predominantly for natural catastrophe, specialty and financial risk recovery.

“With this considerable experience and talent located on island, Bermuda is the perfect place for these leaders to discuss the importance of innovative climate-risk solutions.”

Other panels at the event include “The US Federal Flood Programme and the Re/insurance Sector” and “Climate and the Evolving Regulatory and Reporting Landscape”.

David Hart, the BDA CEO, said: “Whether it be in the form of erratic rainfall and flooding, wildfires, increased hurricane activity and severity, or rising sea levels, climate risk is something that impacts us all.

“After months of planning, we are so excited about the line-up of expert speakers that will come together here at our Bermuda Climate Summit.

“In addition to highlighting Bermuda as a thought leader in this space, we look forward to attracting potential overseas investors to share why Bermuda is the perfect place to develop climate-risk finance solutions, attract and deploy capital investments and create jobs of the future.”

The full agenda can be viewed at www.bda.bm.

Walter Roban, the Deputy Premier (Photograph by Akil Simmons)
David Hart, CEO of the Bermuda Business Development Agency (File photograph)

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Published June 14, 2023 at 7:02 am (Updated June 14, 2023 at 7:02 am)

Summit to hear of insurance role in climate change

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