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The ILS markets will continue to evolve and flourish with Bermuda front and centre of future development. That was the overall takeaway of the ILS Convergence 2018, held in Bermuda in October.
There was a time when insurance-linked securities (ILS) were new and different, when they were regarded as being something that might enliven the market, but which wouldn’t stay the course—especially given the volatility of big losses and the irrationality of hard and soft markets.
Those attitudes are now in the minority, almost everyone at ILS Convergence 2018, organised by ILS Bermuda, agreed. ILS is here to stay, and Bermuda continues to have the lion’s share of the market. The fact that Bermuda is an important part of not just the ILS market, but the reinsurance world as a whole was also stressed right from the start of the conference.
Opening ILS Convergence, Kathleen Faries, head of Bermuda for Tokio Millennium Re, said that Bermuda’s old nickname of ‘The Rock’ was still just as relevant as it has ever been, as Bermuda continues to transform and evolve and be an important part of the reinsurance industry.
Bermuda, ILS, Convergence, conference, 2018