Bermuda’s insurance and reinsurance sector faces an uncertain time as 2025 looms, a veteran industry executive told attendees at the PwC Insurance Summit at the Hamilton Princess & Beach Club.

Stephen Catlin, executive chairman and co-founder of Convex Group, said: “We’ve still got a residual problem on some insurance balance sheets which is going to come out in the next — it could take ten years.

“We're also living in a world which is probably less stable than it’s been since the Second World War. I can’t think of a time in my lifetime where life is so unstable.”

He added: “My [earlier] comments about leadership in the insurance industry apply to leaders in politics. When you look around the world, tell me how many good leaders do you see in politics? And what’s that going to mean?

“And that, by the way, is an apolitical comment. It’s about leadership.

“Then the third thing I would say is that the uncertainty of the value and use of technology will be a game-changer, without doubt, in my mind.”

Mr Catlin said the insurance industry was catching up in the area of technology use but added: “I'm afraid there are going to be winners and losers. If you miss the train on technology, you miss the train.

“So, I think there’s a lot going on that could persuade us that it’s a great time to be in the industry and a great time to be alive.

“There’s quite a lot going on which says, blimey, this is a bit hairy. What’s going to happen next?

“And therefore, we need to talk about underwriting risk. All of us have to reassess the risk we are taking and indeed reassess the price we’re charging to take that risk.”

Mr Catlin was speaking during a question-and-answer session following his keynote address on the topic of leadership.

He said it was important that leaders understand that they have to listen and learn, that they think ahead five and ten years, that they learn how to delegate with clarity of responsibilities, and that they lead by example from the front and be prepared to make mistakes.

Mr Catlin added: “Leadership is a great thing and I think we should recognise it and work at it, whether you're a leader or a follower.

“And if you're a follower, make certain you're following a good leader.”