**Title: Bermuda and British Markets Forge a Strong Partnership for Global Insurance**
Introduction:
In today’s globalized economy, collaboration and cooperation between different markets play a crucial role in maintaining the stability and growth of various industries. One such partnership that has recently been solidified is between the Association of Bermuda Insurers and Reinsurers (ABIR) and the Association of British Insurers (ABI). These two leading global reinsurance and insurance hubs have signed a Memorandum of Understanding (MoU) to work together on matters of mutual interest. This article will explore the significance of this partnership, its key areas of focus, and the potential benefits it brings to the insurance industry.
1. Strengthening the Bond between Bermuda and British Markets:
The agreement between ABIR and ABI aims to build upon the existing strong working partnership between the Bermuda and UK insurance markets. As leaders in global reinsurance and insurance, both markets bring significant expertise and resources to the table. By collaborating more closely, they can enhance cooperation, foster the exchange of opinions and information, and address common industry challenges. This partnership not only benefits the respective markets but also contributes to the stability and growth of the global insurance ecosystem.
2. Areas of Focus:
The MoU specifies six key areas in which ABIR and ABI will exchange information to promote mutual understanding. These areas are climate change, cyber risks, diversity, equity, and inclusion (DEI), broader insurance and reinsurance issues, internal regulation of respective markets, and taxes. By focusing on these crucial topics, the two associations can work together to develop effective strategies, address emerging risks, and ensure the sustainability of the insurance industry in a rapidly changing world.
– Climate Change: The insurance industry is particularly exposed to the impacts of climate change. By collaborating on climate-related issues, ABIR and ABI can foster a better understanding of the risks involved and explore innovative solutions to mitigate and manage these risks.
– Cyber Risks: In an increasingly digital world, cyber risks pose a significant threat to insurers and reinsurers. By sharing information and collaborating on cybersecurity measures, ABIR and ABI can collectively strengthen their defenses and protect the industry from cyber threats.
– Diversity, Equity, and Inclusion: Promoting diversity, equity, and inclusion within the insurance sector is crucial for fostering a fair and representative industry. ABIR and ABI’s joint efforts in this area aim to champion equal opportunities and create a more inclusive work environment that reflects the diverse needs of policyholders and society as a whole.
– Broader Insurance and Reinsurance Issues: Collaboration on broader insurance and reinsurance issues allows ABIR and ABI to address common challenges facing the industry. By sharing knowledge, insights, and best practices, they can work towards developing solutions that benefit insurers, reinsurers, and policyholders worldwide.
– Internal Regulation: Internal regulation plays a crucial role in maintaining the integrity and stability of insurance markets. By aligning their regulatory approaches and exchanging information on market oversight, ABIR and ABI can contribute to the effective regulation of their respective markets and promote international regulatory cooperation.
– Taxes: Collaboration on tax-related matters enables ABIR and ABI to navigate the complexities of international taxation. By exchanging information and insights, they can develop a better understanding of tax regimes and work towards creating a fair and transparent tax environment for insurers and reinsurers.
3. Mutual Benefits and Cooperation:
The partnership between ABIR and ABI provides a platform for coordination of views and approaches when there is a shared concern about serious harm to cross-border insurance and reinsurance in other markets. This collaboration ensures that both associations can address industry challenges collectively, putting forward a united front in safeguarding the interests of insurers and reinsurers.
– Research Projects: The MoU also opens up opportunities for ABIR and ABI to collaborate on research projects. By combining their resources and expertise, they can undertake joint studies and analysis that benefit the wider insurance industry and drive innovation.
– Executive Visits: Another aspect of the partnership involves executive visits between Bermuda and the UK. These visits provide an opportunity for representatives from ABIR and ABI to engage directly with each other’s markets, strengthen relationships, and foster greater understanding of the unique challenges and opportunities faced by both sides.
4. The Value of the Partnership:
Pina Albo, President of ABIR and CEO of Hamilton Insurance Group, Ltd., highlighted the significance of this partnership, stating that it strengthens both markets by working together. Recognizing the synergy between the Bermuda and UK reinsurance industries, she emphasized the importance of collaboration in addressing the most important challenges facing the global insurance industry. ABIR’s member companies employ over 8,500 people in the UK and have paid a substantial amount in claims to UK customers, demonstrating the interdependence and mutually beneficial nature of the relationship.
Hannah Gurga, CEO of ABI, shares a similar sentiment regarding the partnership. She emphasized the enduring relationship between ABIR and ABI, stating that the collaboration allows for stronger cooperation on issues such as climate change, cyber risks, and DEI. Gurga sees the value in consolidating the partnership through the MoU, enabling both associations to deliver even more value to their respective members.
Conclusion:
The partnership between ABIR and ABI marks a significant milestone in the global insurance industry. By combining the expertise and resources of these leading reinsurance and insurance hubs, the collaboration aims to address industry challenges, foster innovation, and promote cooperation in critical areas. The MoU provides a framework for information exchange, joint research projects, and executive visits, ensuring that both associations can work together effectively. This partnership not only benefits ABIR and ABI but also contributes to the stability and growth of the wider insurance ecosystem. As the industry continues to evolve, it is through collaborations like these that insurers and reinsurers can navigate the challenges ahead and deliver value to policyholders worldwide.
**Summary:**
The Association of Bermuda Insurers and Reinsurers (ABIR) and the Association of British Insurers (ABI) have signed a Memorandum of Understanding (MoU) to strengthen their collaborative efforts in the insurance industry. The partnership focuses on six key areas: climate change, cyber risks, diversity, equity, and inclusion, broader insurance and reinsurance issues, internal regulation, and taxes. Through this partnership, ABIR and ABI aim to address common industry challenges, foster innovation, and promote cooperation. The agreement allows for information exchange, joint research projects, and executive visits, enhancing the relationship between the Bermuda and UK insurance markets. This partnership holds significant value for both associations and contributes to the stability and growth of the global insurance ecosystem.
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Bermuda and British markets working together
The Association of Bermuda Insurers and Reinsurers (ABIR) and the Association of British Insurers (ABI) have agreed to work together on matters of mutual interest detailed in a Memorandum of Understanding (MoU).
The agreement will build on the working partnership that exists between the Bermuda and UK markets, two leading global reinsurance and reinsurance hubs. Promotes cooperation and the exchange of opinions and information on topics of great importance to the industry.
Bermuda’s leading property and casualty reinsurers and reinsurers account for 44% of capacity in the Lloyd’s of London market and provide 32% of reinsurance capacity for UK government-backed terrorism reinsurer Pool Re.
ABIR member companies also employ more than 8,500 people in the UK, while Bermuda Monetary Authority data shows Bermuda reinsurers/reinsurers paid $35.2 billion in claims to UK customers alone between 2016 and 2020.
The ABI is the public voice of the UK long-term savings and insurance sector, representing over 200 member companies.
The MoU specifies six areas in which the two associations will exchange information to promote mutual understanding. These are:
• Climate change
• Cyber risks
• Diversity, Equity and Inclusion
• Broader insurance and reinsurance issues
• Internal regulation of the respective markets.
• Taxes
The agreement allows for coordination of views and approaches where there is a shared concern about serious harm to cross-border insurance and reinsurance in other markets. The MoU also includes opportunities for the associations to work together on research projects and strengthen their relationship through executive visits to each other’s countries.
Pina Albo, President of ABIR and CEO of Hamilton Insurance Group, Ltd., said:
“ABIR and our member companies welcome the signing of this MoU, which sets out ways in which our markets can be strengthened by working together.”
“We recognize that the synergy between the Bermuda and UK reinsurance industries is critical to the effective functioning of the global insurance markets. The collaboration will help us address the most important challenges facing our industry, as we strive to meet with changes in the world’s risk management needs.”
ABI CEO Hannah Gurga said:
“Our long-standing relationship with ABIR is something ABI deeply values and I am delighted to consolidate it with our memorandum of understanding. Reinsurers operating in the UK and Bermuda face many of the same opportunities and challenges; and “This agreement allows us will help further strengthen our cooperation on issues such as climate, cyber and DEI. “I look forward to continuing to work alongside Pina and John to deliver even more value to our respective members.”
Hannah Gurga will be in Bermuda this week, as a guest at the ABIR@30 Lunch Forum on September 26 at the Hamilton Princess, where she will speak about the industry partnership between Bermuda and the UK.
The theme of the event, on the occasion of the 30th anniversary of ABIRth anniversary, is “Celebrating three decades of leadership and partnership.” Other speakers include the Hon. David Burt, JP, MP, Prime Minister of Bermuda; Mike Yaworsky, Florida Insurance Commissioner; and Justin O’Keefe, Chief Underwriting Officer at RenaissanceRe and President of the Reinsurance Association of America. There will also be a panel discussion moderated by Fiona Luck, nominated member of the Board of Lloyd’s of London.
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About ABIR: The Association of Bermuda Insurers and Reinsurers (ABIR), which represents Bermuda’s leading property and casualty insurers and reinsurers operating in 150 countries, was founded in 1993. For three decades, the risk-bearing capacity of the Bermuda market has played a key role in making insurance accessible and affordable, benefiting consumers around the world. Bermuda is an internationally recognized center of global expertise in underwriting catastrophe, weather, cyber, mortgage and credit risk transfer products, along with other specialized insurance and reinsurance. For more information please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.
About ABI: The Association of British Insurers is the voice of the UK’s world-leading long-term savings and insurance industry. We are a productive, inclusive and thriving sector, providing peace of mind to households and businesses across the UK and driving growth in local and regional economies by enabling trade, risk-taking, investment and innovation. More news and information from the ABI is available at www.abi.org.uk.
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