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Bermuda Says Catastrophe Reinsurance Market 'Resilient'

by Mike Godfrey, Lowtax.net, Washington
07 December, 2016

The Bermuda Monetary Authority, the island's financial services sector regulator, has released a report that reassures stakeholders of the resilience of Bermuda's reinsurance industry to major, but improbable, catastrophic events.

In its "Catastrophe Risk in Bermuda" report, the Authority gives a high-level overview of the jurisdiction's catastrophe reinsurance risk stress testing and modeling practices. Overall, the report underscores the reputation of Bermuda (re)insurers of being "well-capitalized, innovative, and technically proficient".

Craig Swan, Managing Director of Supervision at the Authority, said: "With such a relatively high concentration of catastrophe risk, a broad understanding of the potential adverse impacts ... 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 reemphasize our commitment to high standards of transparency, the Authority has produced this report," Swan said.

The Authority said that it intends to produce the Catastrophe Risk in Bermuda report annually.

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