From the sky to the ground
As spring turns to summer eyes turn from the results season to the natural
catastrophe season. The 2019 hurricane season is upon us, albeit after a mild
start—so far there have been two named storms.
Andrea formed in May, before the start of the usual storm season, and as
Bermuda:Re+ILS went to press Barry formed off the coast of Louisiana. This will not last,
however, and the market would do well to avoid complacency.
Nature being a fickle creature, the market has also been reminded of a different sort
of natural catastrophe. At the start of July California was rocked by not one but two
major earthquakes near Ridgecrest, North of Los Angeles. Fortunately, the area affected
is relatively rural, but homes and businesses were badly shaken, power was disrupted and
roads buckled, all reminders of the damage that an earthquake can do. Many eyes will be
on the state as it braces for any aftershocks.
Turning to the Island, in this issue of Bermuda:Re+ILS we take our annual look at women
in Hamilton. For 2019 we profile eight female executives who work in the Bermuda risk
transfer industry, highlighting what they do and how they do it.
We also meet a new group of Bermuda’s unsung heroes, the people who do the quiet
behind-the-scenes work for the re/insurance industry on Bermuda, and who should be
celebrated for what they do for their companies.
In addition we investigate the life reinsurance industry on the Island, an area of the
market that has been quietly growing behind the scenes and which is gaining importance
at the moment.
The future of this area on the Island is an issue that more poeple are discussing. This is
just as well, because the future is a topic of some concern for many in the global market.
More than three years after the UK electorate voted to leave the EU, Brexit has not yet
happened and its resolution continues to bedevil the British government.
It’s hard for re/insurers to plan to react to something that has not happened, and even
harder to plan for something that remains as nebulous as Brexit.
Will the UK have a ‘hard’ Brexit, a ‘soft’ Brexit, a Brexit with a deal or without one
… the uncertainties continue. It might occur on October 31—the irony is, presumably,
unintentional. How Bermuda reacts to the impact of Brexit on the UK remains to be seen,
but it would be nice for the Island to get some details.
In the meantime, Bermuda continues to hone its capacity for innovation. Blockchain
and crypto assets are making headlines on the Island as companies push the envelope
The future there is bright, although there are always the occasional technological hiccups
as the wrinkles are ironed out.
The horizon is perhaps murkier than the sector might like, but no-one can deny that
Bermuda will deal with whatever challenges lie ahead.
Marc Jones, deputy editor
Bermuda:Re+ILS is published by Newton Media Ltd.
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Managing editor: Wyn Jenkins
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Cover photo courtsey of ILS Capital