Highlights of the 2010 World Insurance Forum
The ‘whos who’ of the Reinsurance world descended upon Bermuda for the 2010 World Insurance Forum [WIF], which concluded on March 16. Video footage of WIF is available here for viewing, with a wide variety of interviews and presentations all presented in very high quality.
Below are links, reports, tweets and more about the forum.
Insurers Understand Risk Better Than Banks, WIF Told
John N. Molbeck Jr. president and chief executive officer of HCC Insurance Holdings Inc: The insurance industry is less at risk for failure than banks, he said, “because we understand our perimeters,” adding that the major fault of banks is that they did not understand the extent of their liability, which led to their failure
Bermuda Finance Minister opens World Insurance Forum
In her opening address to the forum, Cox acknowledged the pressure the jurisdiction faced from domestic governments with an increased focus on regulation, but pledged to remain competitive.
McGavick: AIG Not Too Big to Fail
XL Capital chief executive Mike McGavick has criticsed the US government’s continued support of AIG, warning that there have been unintended consequences for the entire market.
McGavick told delegates at the World Insurance Forum in Bermuda that the doctrine that some financial institutions were ‘too big to fail’ was flawed.
Climate Change Action Debated At WIF Session
Speaking at the World Insurance Forum in Bermuda, Peter Hoeppe, head of geo risks for Munich Re, took issue with statements that insurers have not been present in the climate change debate. He cited various initiatives at Munich Re to show that the industry has been involved, including heavy investments in renewable energy to reduce emissions some say are raising temperatures.
Swiss Re boss sees merger wave
Mr. Lippe was answering a question from the floor about how the industry would use its surplus capital, which rose by approximately $20 billion in the space of 12 months up to year-end 2009.
“There will be an M&A wave in the next two years in the insurance market,” Mr. Lippe said.
Did the WIF convince delegates that businesses would be impacted by climate change risks?
The second day of the forum started with a three hour long climate change panel session which looked at the physical risks of climate change. Interestingly, the session kicked-off with an audience poll about climate change risks to insurance companies, and the results were a little surprising.
From Bermuda: Insurers Need to Ink Mergers with Caution
According to Brian Duperreault, president and CEO at Marsh & McLennan (MMC), “You are always going to run into problems during a merger so you need to make sure your interests are aligned. If you are divided when you start you will be still be divided at the end. Aligned management interest is what makes for a successful acquisition.”
Chief Executive of Bermuda MonetaryAuthority highlights importance of enterprise risk management.
Regulation will increasingly focus on risk management as supervisors change the way they approach companies, the chief executive of the Bermuda Monetary Authority Jeremy Cox told the World Insurance Forum.
Holy CEOs, Batman! Day One of the World Insurance Forum 2010 was knee deep in senior industry figures. You could barely walk three feet without tripping over some industry titan from around the globe.
Thanks to XL Capital’s CEO Mike McGavick, the session caused a certain amount of kerfuffle, when he said that if asked today whether or not he would have bailed out AIG, he would have to say that he would not. This threw my media colleagues into a frenzy, from which they will not soon recover
Zurich Risk Debate Tweet #1
There was an announcement about a MoU between the regulators of Bermuda & Switzerland at today’s WIF
Zurich Risk Debate tweet #2
Managing tensions between issues arising from local regulation & the global nature of biz + risks was a much discussed subject at WIF
Zurich Risk Debate Tweet #3
Bermuda now has MoUs with the US, UK and CH, agreement to pursue a common assessment framework & info sharing
Reinsurance Magazine Tweet #1
WIF: Rolfe Tolle plotting his return to insurance markets less than 4 months after departing Lloyd’s…not a year of gardening leave then!
Reinsurance Magazine Tweet #2
WIF: Insurers need to keep an eye on the current 3rd party liability cases in the US as climate change could be the next asbestos – Kyle Danish
Reinsurance Magazine Tweet #3
WIF: The extension of the definition of too big to fail could have severe unintended consequences for the insurance industry
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