Bermuda’s critical role as a hub for reinsurance innovation, growth, and resilience has been highlighted at the PwC Insurance Summit, presented in collaboration with the Financial Times.

Arthur Wightman, PwC territory leader, said the summit was “not just an opportunity to reflect on the remarkable growth and resilience of Bermuda’s reinsurance sector, but also a call to action.

“As we navigate the challenges of climate change, regulation, geopolitics, cyber, talent, and diversity, it is imperative that we continue to innovate and collaborate.

“Together, we can drive the industry forward, ensuring that it remains robust and adaptable in the face of evolving global dynamics.”

He emphasised the urgency of addressing climate change, saying: “PwC’s Annual Net Zero Economy Index reveals that the global reduction in carbon intensity has stalled to its lowest level in over a decade. To meet the Paris Agreement targets, we must significantly accelerate the global decarbonisation rate.”

Mr Wightman also addressed the pressing issue of nature-related risks, noting that climate change profoundly impacts the global insurance and reinsurance industry.

“With 55 per cent of global GDP, equivalent to about $58 trillion, moderately or highly dependent on nature, and more than half the market value of listed companies subject to nature-related risk, it is crucial that we address these challenges head-on.”

The conference line-up included a session and interview on climate change, CO2 emissions and the industry’s role, featuring Stephen Catlin, Convex Group executive chairman; Neil Eckert, Conduit Reinsurance chairman and cofounder; Sir Andrew Large, Financial Policy Council, Bermuda vice-chairman; and Professor Callum Roberts, Marine Conservation, University of Exeter.

The line-up also included sessions on Bermuda’s growing life reinsurance sector, as well as the legacy and deals sector.

A Bermuda Monetary Authority presentation on industry regulation highlighted how the Bermuda market has paid nearly a trillion dollars in claims since 2016, helping to narrow global protection gaps.

The 17th annual PwC insurance and reinsurance forum attracted more than 300 industry leaders and professionals, along with 22 speakers.

The event was moderated by FT journalists Ian Smith and Robert Armstrong and featured a keynote on leadership and the industry by Mr Catlin.