The pandemic, climate and political risks faced by the insurance industry are challenging because of their unusual scale, a Bermuda Risk Summit panel heard.

But the challenges they bring are being met by some powerful new industry tools- many developed in Bermuda, said Bermuda Business Development Agency chair Stephen Weinstein.

After more than two years of virtual meetings and business deals sealed after online discussions because of the global pandemic, BDA organisers believe this week’s online discussions are just what is needed.

They have billed the Bermuda Risk Summit at the Princess Hotel as an inaugural event, signalling an intention to build an important annual gathering just prior to the midyear renewal season.

They brought together nearly 60 speakers in a hybrid conference that featured sold out registration of 500, at least 200 of whom were physically in attendance.

Government and business officials were also there to greet Bermuda clients and partners who flew in for the business summit that featured nearly 20 panel sessions, keynote speeches and networking events over three days.

Weinstein commented that the conference, even just after day one, is “a home run”.

The high powered panel moderated by the BDA’s chairman, was designed to bring the regulatory perspective to the conference theme, “Navigating Complex risks”.

Weinstein was joined by the insurance commissioner for the Florida Office of Insurance Regulation, David Altmaier; superintendent, banking & Insurance for the Rhode Island Department of Business Regulation, Elizabeth Dwyer; the director of insurance supervision for the Bermuda Monetary Authority, Gerald Gakundi; director of the Federal Insurance Office at the US Department of the Treasury Steven Seitz; and, the executive director of the Prudential Regulation Authority in the UK, Anna Sweeny.

The latter two joined the panel by video conference.