Abir takes part in high-level meetings in Chile – The Royal Gazette

Updated: 06 Nov 2022 16:45

Representing Bermuda: John Huff, Managing Director of the Bermuda Association of Insurers and Reinsurers (photo provided)

Bermuda will be at the table of high-level meetings between global insurance regulators and representatives of the re/insurance industry this week, with structured discussions in general and private hearings related to the unprecedented challenges reshaping the industry. .

The insurance industry’s global standard setter for supervision, the International Association of Insurance Supervisors meets later this week in Santiago, Chile for its 2022 Annual Conference on November 10-11.

And just before that on Wednesday will be the general assembly of the World Federation of Insurance Associations, also in Santiago.

Bermuda is represented at both events by the Bermuda Association of Insurers and Reinsurers, with expected attendance from John M. Huff, Abir’s Managing Director, and Suzanne Williams-Charles, Policy and Regulatory Manager.

Abir is a founding member of the GFIA, a non-profit organization created to represent national and regional insurance associations that serve the general interests of insurance and reinsurance companies and make representations to governments, international regulators and others on their behalf.

Representing Bermuda: Suzanne Williams-Charles, Director of Policy and Regulation of Abir (photo provided)

The GFIA represents nearly 90% of the global re/insurance market. Abir is an active participant in a number of GFIA working groups, including those focused on climate risk, cyber risk, taxation and trade.

AICA’s voluntary members include the Bermuda Monetary Authority and include supervisors from over 200 jurisdictions, representing 97% of global insurance premiums.

In addition, the IAIS helps its members deal with emerging risks and challenges, playing a role in identifying trends and developments that could reshape the insurance industry.

The theme of this year’s IAIS Annual Conference is: “A Changing Landscape: The Role of the Insurance Industry in Addressing Emerging Economic and Social Challenges.

Roundtable topics will include diversity, equity and inclusion; change consumer preferences; macroeconomic risks; climate risk and the Insurance Capital Standard.

Abir’s delegation will also take the opportunity to schedule conference side meetings with insurance supervisors from around the world.

Mr. Huff, former president of the American National Association of Insurance Commissioners, and Ms. Williams-Charles are both former insurance supervisors.

Marc Grandisson, Chairman of Abir and CEO of Arch Capital Group, Ltd, said: “As a global leader in climate risk, natural disaster protection and the management of complex and emerging risks, such as cybersecurity, it is imperative that the Bermuda market has a voice on the global stage of the insurance industry.

“Abir is delighted to represent Bermuda’s leading insurers and reinsurers at these meetings with industry bodies and regulators around the world, and to play a leadership role in addressing global industry, economic and social challenges. .

Mr. Huff added: “The availability of re/insurance will be a key consideration for global insurance regulators and the potential for the Bermuda market’s significant capital capacity to meet global demand will be of great interest.

“Bermuda’s insurers and reinsurers will once again show their value proposition in the face of major natural disasters in the United States, with the Bermuda market set to support billions of dollars in claims from Hurricane Ian victims, extending a experience of three decades in consistently delivering on their ‘promise ‘pay.’

“We look forward to contributing to discussions about the global challenges facing the industry and the unique capabilities of the Bermuda market to address them.”

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