Access to data key in growing captive insurance market: David Gibbons, PwC Bermuda

Episode 126,   May 31, 2023, 11:07 AM

The global captive insurance marketplace and how it is developing was the focus of our latest Artemis Live video interview and we learned that data is critical to help in effective captive formation. 

Our latest Artemis Live video interview is with David Gibbons of PwC, a Partner and the Captive Insurance Leader at PwC Bermuda. 

David works with some of the largest captive accounts in the world and delivers captive insurance solutions throughout the captive lifecycle. 

In this interview we discussed some current captive insurance market conditions and trends David is seeing, both in Bermuda and globally. 

Asking David how he views the current captive insurance market, he said, "If you gave me one word, I would say active. If you gave me two words, I'd say very active." 

"I think that activity is on really two fronts. One is you're seeing new formations and you're seeing the speed from interest to formation move, from potentially one-to-three years, to a few months once a feasibility study is done," he explained. 

"I think the other area of activity we're seeing is existing captives re-looking at the business they write, not only the lines, but the layers and as they negotiate pricing with reinsurers looking to see what portions of the business they may take that they have traditionally not taken." 

On the Bermuda captive insurance market, Gibbons noted that it remains a leader, thanks to its strong and responsive regulator and regulatory environment, its adjacency to global reinsurance capital, and the abundance of local expertise and service providers. 

He said the captive market remains niche, although it is growing and that it's vital to have talent on hand that understands what it means to be at the cutting edge of where the captive insurance industry has been and where it's going, while access to data is seen as a critical feature for effective captive insurer formation.

Watch the full video interview for more insights from PwC Bermuda's David Gibbons.