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Life reinsurance conference airs industry concerns

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Natasha Scotland-Courcy, Biltir chair, left, moderates a Biltir conference panel on opportunities and challenges regulating long term reinsurance, with Gary Anderson, commissioner, Massachusetts Insurance Department, Martin Maringi, deputy director Insurance Supervision, BMA, and Andrew Mais, commissioner, Connecticut Insurance Department (Photograph supplied)

Life reinsurance leaders provided insights on key issues during the 11th annual Bermuda International Life and Annuity Conference at Pier 6 in Hamilton.

Some 300 delegates attended discussions focused on the economy, financial markets, geopolitics, pension benefits, post-Covid mortality and the convergence of asset management and life re/insurance.

The emerging conflicting forecasts for the future of post-Covid mortality trends were discussed because they present implications for the long term insurance and reinsurance industry.

Andrew Mais, president-elect of the US National Association of Insurance Commissioners and the commissioner, Connecticut Insurance Department (File photograph)

Delegates on a regulatory panel included Martin Maringi, deputy director Insurance Supervision, Bermuda Monetary Authority; Andrew Mais, the president-elect of the National Association of Insurance Commissioners and the commissioner of the State of Connecticut Insurance Department; and Gary Anderson, commissioner, Massachusetts Division of Insurance.

Gary Anderson, commissioner, Massachusetts Division of Insurance (File photograph)

Their discussion centred on the regulatory climate impacting the market and the strong ties between the NAIC and the BMA.

The conference keynote speaker was Jason Schenker, chairman of The Futurist Institute and the president of Prestige Economics, who shared his views on the US economy, its outlook, and how it might impact some of the sector’s longer-term business considerations.

Jason Schenker, president of Prestige Economics and chairman of The Futurist Institute (Photograph supplied)

Mr Schenker is ranked as one of the most accurate financial forecasters and futurists in the world. Bloomberg News calls him a top forecaster in 46 categories, including #1 in the world for his accuracy in 26 categories, including for his forecasts of the euro, the British pound, the Russian ruble, the Chinese yuan, crude oil prices, natural gas prices and US jobs.

His address, Becoming Futureproof in a Rapidly Changing World, included an outlook on the upcoming 2024 US presidential election and futurist techniques that can help the industry be better prepared for long-term risks and opportunities ahead.

The conference was opened by David Burt, the Premier and Minister of Finance at a welcome reception hosted by Bacardi International and sponsored by Aon Insurance Managers (Bermuda) Ltd.

Biltir executive director Christine Patton said: “We were pleased to have facilitated key panel discussions on important topics impacting our market that attracted standing-room attendance.

“This event is a marquee event for Biltir’s membership and more broadly the Bermuda long-term sector and provided valuable networking and educational opportunities for all of our industry stakeholders.”

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Published September 13, 2023 at 12:36 pm (Updated September 13, 2023 at 9:30 pm)

Life reinsurance conference airs industry concerns

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