Re/insurers have seat at the table on climate change: Arthur Wightman, PwC Bermuda
Episode 116, Mar 06, 2023, 08:11 AM
Arthur Wightman of PwC Bermuda joined us to discuss the state of the insurance and reinsurance market, both in Bermuda and globally.
The global insurance, reinsurance and insurance-linked securities (ILS) industry has a clear seat at the table on discussions and actions related to climate change, according to Arthur Wightman at PwC Bermuda.
Our latest Artemis Live interview is with Arthur Wightman of PwC, the territory leader for PwC Bermuda and also the firm's lead on markets and for the insurance industry sector across the Caribbean region.
Wightman joined us to discuss the state of the insurance and reinsurance market, both in Bermuda and globally.
We also discussed climate change and the role of the insurance, reinsurance and ILS industry.
Wightman explained that, "There's just a huge volatility in in how climate change is manifesting, in terms of underwriting and the risks that are being underwritten. So there's there's an enormous amount of effort being placed on gathering data, new data that certainly looks different from data ten years ago, using technology to better understand and price risk.
"Because if you think that the risk profile of natural catastrophes is manifestly changing, you're essentially hitting a moving target with underwriting at the moment and that's something that is taking up a lot of focus.
"Particularly at a time when there is increasing pressure for executives to deliver appropriate capital returns to shareholders and, essentially solidifying the long-term value proposition of reinsurance as a whole."
Listen to the full episode for more insights from PwC Bermuda's Arthur Wightman.
Our latest Artemis Live interview is with Arthur Wightman of PwC, the territory leader for PwC Bermuda and also the firm's lead on markets and for the insurance industry sector across the Caribbean region.
Wightman joined us to discuss the state of the insurance and reinsurance market, both in Bermuda and globally.
We also discussed climate change and the role of the insurance, reinsurance and ILS industry.
Wightman explained that, "There's just a huge volatility in in how climate change is manifesting, in terms of underwriting and the risks that are being underwritten. So there's there's an enormous amount of effort being placed on gathering data, new data that certainly looks different from data ten years ago, using technology to better understand and price risk.
"Because if you think that the risk profile of natural catastrophes is manifestly changing, you're essentially hitting a moving target with underwriting at the moment and that's something that is taking up a lot of focus.
"Particularly at a time when there is increasing pressure for executives to deliver appropriate capital returns to shareholders and, essentially solidifying the long-term value proposition of reinsurance as a whole."
Listen to the full episode for more insights from PwC Bermuda's Arthur Wightman.