Bermuda re/insurance market has shown fantastic resilience: Matt Britten, PwC Bermuda

Episode 117,   Mar 08, 2023, 11:07 AM

We spoke with Matt Britten of PwC, a Partner in the PwC Bermuda Insurance and Reinsurance practice, as well as the Risk Assurance practice leader there, to discuss the state of the market in Bermuda, as well as global macro market conditions affecting insurance, reinsurance and ILS.

The Bermuda insurance and reinsurance market has weathered recent global volatility and elevated levels of catastrophe events extremely well, demonstrating its resilience, according to Matt Britten at PwC Bermuda. 

Our latest Artemis Live interview is with Matt Britten of PwC, a Partner in the PwC Bermuda Insurance and Reinsurance practice, as well as the Risk Assurance practice leader there. 

Britten joined us to discuss the state of the market in Bermuda, touching on insurance, reinsurance and also insurance-linked securities (ILS) conditions there. 

We also spoke about the volatile macro environment around the globe and how the Bermuda re/insurance and ILS market has navigated this. 

Britten explained that, "When you think about just how challenging the environment has been for the Bermuda market, the multiple years of cat losses exceeding $100 billion, far-reaching impacts of the global pandemic, and more recently, rampant inflation and the rapid rise in interest rates, I think you have to say that the Bermuda market has weathered extremely well. 

"It's shown fantastic resilience, it continues to innovate and it remains a market that attracts new capital and new entrants." 

On the need for re/insurers and ILS firms to demonstrate they can deliver an acceptable level of returns to their capital providers, Britten feels the newly hardened reinsurance market will make it more feasible for costs-of-capital to be sustainably met. 

He added, "I definitely feel that 1/1 of this year was a turning point, that should start to allow reinsurers to have a platform from which they can start generating those returns that will help them meet their cost-of-capital." 

Listen to the full episode for more insights from PwC Bermuda's Matt Britten.