Video: Interview With PWC’s Arthur Wightman
During an interview with AM BestTV at the Rendez-Vous de Septembre reinsurance conference in Monte Carlo, Arthur Wightman, PwC Bermuda managing director and insurance leader, said that insurers are risking their relevancy if they do not find ways cover uninsured risks and continue to play a key role in risk solutions.
During the interview, Mr. Wightman said, “I think, predictably, a lot of the conversation [at the conference] is about the rating environment and also about alternative forms of capital.
“I think some of the more interesting comments that I’ve heard, to a lesser degree, have been about the relevancy of the industry and also uninsured risks that could, and ultimately should, be insured by the industry.
“For example, pandemics, cyber-risk, and so on – we hear a lot about them, but the level of investment that is happening in the market is probably underserving the ultimate bringing to the market of products and services to insure those types of risks.”
When asked about what he was seeing in the Bermuda market specifically, Mr. Wightman said, “We’re seeing a lot of innovation; that’s, I think, what Bermuda is most famous for. The Bermuda players are typically very nimble and agile.”
PWC’s Arthur Wightman is interviewed by AM BestTV:
“At the moment, they’re very focused on not only providing more traditional types of reinsuranse, but also exploring and evolving third-party capital segments.
“We’re seeing a growing number of hedge fund backed vehicles and companies and we’re just seeing the market evolve.
“Bermuda, as you know, in the last year, can quite comfortably state that it’s the leading domicile for insurance-linked securities, but it’s also got a blossoming life for insurance business; it’s clearly a very important reinsurance market, so it’s an exciting place to be at the moment, there’s lots going on.”
When asked what challenges he sees for the industry today, Mr. Wightman said, “I think probably most importantly, we’re seeing transactions that are emanating from people wanting to offload risk, so large corporates.
“And some of those transactions are by passing part or all of the distribution chain and I think some of the challenges that the industry needs to think though is the level of disintermediation that is and could happen in the future.”
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