Bermuda’s insurance and reinsurance market is readily taking steps to embrace ESG within their business models, but there is a lot to do and the work can become very technical, according to Marisa Savage at PwC Bermuda.
Our latest Artemis Live video interview is with Marisa Savage of PwC, a Partner in the PwC Bermuda Insurance practice, as well as leader of the PwC Actuarial Services practice for the Caribbean region.
Also the ESG Leader for PwC Bermuda, in this interview we discussed the importance of environmental, social and governance considerations.
Savage also explained how Bermuda’s insurance, reinsurance and insurance-linked securities (ILS) market is adopting ESG within their business models and the important role regulation is playing in driving these trends.
She laid out the current state of play saying, “What are companies doing to move the ESG needle. So I think most big players, you can see when you talk about the underwriting side of things, they’re making commitments, say, by 2020 or 2030, to stop underwriting coal fired projects or other carbon intensive exposures.
“They’re also looking at the investment side of their balance-sheet to look at the mandates they have for their advisors, to make sure that what they’re investing in is ESG friendly. Those are the two areas that companies are really looking at, to evolve in, and to make their mark on the ESG side of things.”
However, Savage noted that making their mark in ESG-terms requires good governance, something PwC works to assist their clients with.
“We are a trust and solutions based organisation, that is our value proposition and on the trust side, that’s going to mean delivering assurance, on ESG reporting matters. As standards come out, they’re going to be requiring assurance and we are well placed to provide that assurance for our clients.
“On the solutions side of things, working with clients on ESG strategy, on evaluating governance frameworks and things like that.”
The full video interview with PwC Bermuda’s Marisa Savage is embedded below and can also be viewed, along with previous Artemis Live video interviews, on our dedicated video page.
You can also listen in audio to all of our interviews by subscribing to the Artemis Live podcast here.
All of our Artemis Live video interviews have a focus on reinsurance, ILS and the efficiency of risk transfer and can be accessed here.
You can also listen in audio to these interviews by subscribing to the Artemis Live podcast here.
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Re/insurers looking to make their mark on ESG: Marisa Savage, PwC Bermuda was published by: www.Artemis.bm
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