The 17th annual PwC Insurance Summit, held in collaboration with the Financial Times, gathered over 300 industry leaders and professionals to discuss the latest trends and strategies essential for thriving in the rapidly evolving insurance and reinsurance sectors. Esteemed speakers, including Stephen Catlin, Robert Wiest, Rachel Turk, and Neil Eckert, addressed crucial topics such as strategic growth, the impact of AI, regulatory changes, life reinsurance, climate issues, leadership, and future industry insights for 2025 and beyond.

The day began with opening remarks from Arthur Wightman, followed by a keynote address from Stephen Catlin. Discussions quickly moved to recent news on 777 Re and life and annuities regulation, with Ian Smith and Jeff Poulin emphasising the importance of protecting Bermuda’s reputation. Martin Maringi noted that Bermuda has licensed an average of 10 new life reinsurers annually over the past nine years, managing $1 trillion in assets.

Nadia Beckert highlighted AI’s potential for speed and accuracy but cautioned that it’s still a young technology. In the catastrophe markets, Rob Bredahl predicted profits for catastrophe reinsurers this year and mentioned that Brian Duperreault’s Mereo should be funded by year-end.

Will Bridger stated that “all roads lead to Bermuda,” highlighting new solutions in runoff. During a climate change panel, Neil Eckert raised the question of a “What will be the climate Pearl Harbor moment” in response to an audience survey showing that climate concerns are driving the growth of parametric markets. Eckert emphasised the need for new products to address emerging loss patterns and weather events.

Key takeaways included the importance of trusting regulators, the industry’s potential impact on the energy transition, and the need to invest in nature-based solutions. Stephen Catlin closed by stressing the importance of verifiable data for driving meaningful conversations and actions among insurers, governments, and energy suppliers.