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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance

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The COVID-19 Pandemic: Opportunities and Implications for Captive Insurance explores the challenges presented by today's business and economic upheaval, as well as the hardening insurance market, and what it means for the captive insurance industry.

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Bermuda Insurers and Reinsurers Show Resilience to COVID-19

The Bermuda flag with bunched fabric on a black background
April 16, 2020

Bermuda insurers and reinsurers are demonstrating "operational resilience" as they meet clients' needs during the COVID-19 pandemic, according to the Association of Bermuda Insurers & Reinsurers (ABIR).

"ABIR companies have quickly transitioned to remote working protocols in response to the coronavirus pandemic," Albert Benchimol, president and CEO of AXIS Capital and chair of the ABIR, said in a statement. "The industry's rapid response demonstrates that technology is enabling business continuity in Bermuda—as it does around the world."

The data-rich insurance and reinsurance industries are particularly well positioned to understand the significance of "flattening the curve," Mr. Benchimol said, and the industry has been quick to adopt remote working protocols and social distancing that support efforts to reduce the spread of the novel coronavirus and the COVID-19 disease it causes.

"The way we are conducting business is becoming a 'table stakes' approach," the ABIR president said. "Moving to a remote working protocol, based on global and local best practices and guidance, has been seamless across ABIR member companies."

In response to the COVID-19 pandemic, ABIR members have enacted precautionary policies to reduce or eliminate nonessential travel and have adopted new health and safety policies for staff who have returned from traveling, the statement said. ABIR member companies remain open for business even as there is less physical interaction with clients, stakeholders, vendors and other partners.

April 1 renewals have been completed successfully and companies are now looking ahead to the next renewal period in June, the statement said.

The ABIR held its most recent board meeting as a virtual gathering with more than 50 member-company executives taking part.
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