The risk industry was urged to lay claim to the discussion on ESG – environmental, social and governance issues.

Joseph Petrelli, the president of the financial analysis and consulting firm, Demotech, told a panel of the world’s leading rating agencies that it was time that the insurance industry stopped being deferential on the issue.

“It’s time the insurance industry stopped playing defence and went on offence,” he said.

Petrelli said the industry had long been a leader in being conscious of environmental, diversity and governance issues.

The panel, part of the Bermuda Insurance Summit, was billed as a deep dive into how emerging trends, including regulation, ESG and innovation, impact (re)insurance ratings.

Petrelli also went on record in terms of his views on the war on Ukraine, opining on why Russia has launched its invasion.

He said the war was being driven by nuclear assets and the natural resources in Ukraine.

The panel was moderated by Suzanne Williams-Charles, Director of Policy & Regulation at the Association of Bermuda Insurers & Reinsurers.

The panel of speakers included James Eck, vice-president, senior credit officer, Moody’s; Peter Giacone, managing director, global head of insurance ratings team, KBRA; and, Mahesh Mistry, senior director of criteria at AM Best.