BMA: ‘Catastrophe Risk In Bermuda’ Report
The Bermuda Monetary Authority released its first report to highlight Bermuda’s reinsurance industry’s resilience to major, but improbable, catastrophic events.
The Authority’s ‘Catastrophe Risk in Bermuda’ Report gives a high level overview of the jurisdiction’s catastrophe reinsurance risk stress testing and modelling practices.
Overall, the Report also underscores the reputation of Bermuda [re]insurers of being well-capitalised, innovative and technically proficient.
Craig Swan [pictured], Managing Director, Supervision at the Authority said, “With such a relatively high concentration of catastrophe risk, a broad understanding of the potential adverse impacts, including identification of any concentration of risks and catastrophe modeling practices in Bermuda is central to the Authority’s supervisory framework.”
“The Authority plays a significant role as a leader in the regulation of the global catastrophe market and in an effort to continue to reemphasise our commitment to high standards of transparency, the Authority has produced this Report,” Mr. Swan said.
The Authority intends to produce the Catastrophe Risk in Bermuda Report annually.
The full report follows below [PDF here]:
