On March 4, NetDiligence® will host “Bermuda Cyber Market: A Jurisdiction Built on Stability and Innovation.” Sponsored by the Bermuda Development Agency this webinar spotlights a small island with big ideas. To give us a sneak preview, NetDiligence® talked to BDA’s Jasmine DeSilva about what participants can expect.
NetD: With NetDiligence’s move to virtual programming, this panel has the potential to reach attendees far beyond the audience that would typically attend a Bermuda-based event. What makes this an important opportunity for those participants?
JD: One of the benefits of moving to a virtual environment for these important discussions is the ability to reach and target those who are interested wherever they are currently located in the world. In fact, it is a mutually-beneficial opportunity – people who might not otherwise be able to attend the event get to hear from the market directly, while we have an opportunity to communicate the strengths of the Bermuda market to a much wider audience and connect with those who want to know more. By partnering with NetDiligence, one of the leaders in the cyber space, the BDA can provide a free and informative resource for our global (re)insurance stakeholders.
NetD: The panelists represent a great cross-section of the cyber industry. How do you see the expertise of each individual coming together to make this a uniquely valuable experience for the audience?
JD: The management of cyber risk is arguably more important now than ever given the accelerated trend towards digital transformation during COVID-19. This panel is an incredibly timely discussion and a must-attend session for those looking to build cyber resilience and understand the latest developments in the market to make informed decisions.
With representatives from some of the key players in the Bermuda market – one of the world’s most important insurance and reinsurance hubs – the audience will hear from both seasoned industry professionals and young leaders operating in this space, with perspectives from both the underwriters and the brokers. Moderated by Suzanne Williams-Charles from the Association of Bermuda Insurers and Reinsurers (ABIR), who heads up the association’s new data and privacy taskforce and also has a regulatory background, you can expect an insightful and engaging discussion.
NetD: What were the most significant developments in the Bermuda market in 2020?
JD: Given the challenges everyone faced during 2020 as a result of COVID-19, the fact that Bermuda remained open for business throughout the pandemic is hugely significant. Thanks to the swift and decisive response from government, supported by the private sector, we were able to move to a remote-working model seamlessly – with zero impact on renewal periods. This demonstrates the resilience of the Bermuda market and, as has happened before after periods of disruption, we saw the wave of 2020 establish itself in Bermuda with new entrants and new capital, upwards of $20 billion, flowing into the sector.
Specific to the cyber market, the rampant ransomware dynamic changed the game from a loss perspective for the industry however the Bermuda market performed very well during a very challenging time due to prudent underwriting.
NetD: From your personal place in the industry, what development or trend will you being keeping your eye on in the next few months?
JD: Having worked as an underwriter myself, I’m incredibly interested in following the innovation that is currently happening in the industry. The wave of new entrants is leading the way when it comes to driving and supporting new ways of operating which is exciting to see. As a result of this innovation, I believe we will start to see carriers and brokers that are flexible, nimble and free of legacy constraints who are focused on providing solutions which help to address the global protection gap.
NetD: Thank you, Jasmine, for your time and your insights! We are all looking forward to the conversation on March 4, and we also want to thank BDA for sponsoring this event.
Click here to register now for “Bermuda Cyber Market: A Jurisdiction Built on Stability and Innovation” or catch the webinar on-demand after March 4 using the same link.