A series of five webcasts produced by the Bermuda Business Development Agency (BDA) highlights the Bermuda insurance market’s world-class talent and major capacity to cover rising global healthcare industry risks.
Over the past five years, Bermuda has become a leading provider of healthcare-liability coverage, with carriers able to provide up to $350-million capacity for any single risk. Insurance buyers also choose the Bermuda market due to the high standard of contract certainty and its ability to create innovative new healthcare-risk products in response to the needs of hospitals, senior care facilities, physicians groups, clinical research organisations, bloodbanks, academic medical centres, and other clients.
“We’re proud to have been able to work closely with industry experts to produce this topical webcast series,” said BDA Business Development Coordinator Mark Darko. “The Bermuda healthcare market is a leader in this sphere and our industry has proven highly responsive in creating new products and providing access to a large volume of needed capacity. Bermuda’s expertise is well reflected in the webcast participants—they are all highly experienced in the sector and represent the strong synergies in our marketplace.”
The five videos, which range in length from over a minute to the longest, at five-and-a-half minutes, will be released starting today throughout September. They can be found on the BDA’s YouTube channel and website. Each details different aspects of the healthcare-liability market, including Bermuda’s advantages over other insurance hubs to cater to this sector, claims paid to date, underwriting experience on the island, and the market’s creativity and innovation. Topics and speakers comprise:
- Bermuda’s global healthcare insurance market: a one-stop-shop for a fast-growing sector—Amy Wolfinger, Vice President, Senior Healthcare Broker, Aon & Douglas Jones, Assistant Vice President, Team Leader, Healthcare Division, Allied World Assurance Company
- The flexibility and creativity of Bermuda’s global healthcare market—Susan Pateras, Senior Vice President, Healthcare Practice Leader, Iron-Starr Excess Agency
- Underwriting experience in Bermuda’s healthcare insurance market—Pateras & Lindsay Roos, Senior Vice President, Healthcare Broker, Bowring Marsh Bermuda
- Claims paid by Bermuda’s healthcare-liability market—Kim Wilkerson, Senior Vice President, Regional Head of Claims, XL Catlin
- Bermuda’s global healthcare market: more than excess medical malpractice—Kirsten Beasley, Senior Vice President, Healthcare, Willis Towers Watson
“Bermuda’s healthcare-liability insurance market is a robust, yet responsive industry that looks for bespoke coverages tailored to fit international demand,” noted Beasley. “I am very happy to play a part in this initiative and appreciate the value of the BDA in drawing together independent industry partners to promote Bermuda as a leading healthcare jurisdiction.”
Added Pateras: “The emerging dynamics of healthcare reform have presented distinct themes that clients are positioning themselves to address. Health systems and providers are facing extraordinary pressure to reduce costs, manage care more effectively across the continuum, and improve patient engagement. I believe the Bermuda market is keeping pace with these changes and continues to reinvent itself as we respond to changing needs of our clients. These videos tell that story and give insight into the strength of our market.”
The webcasts are timed to preview next month’s annual conference of the American Society for Healthcare Risk Management (ASHRM), a personal membership group of the American Hospital Association (AHA). ASHRM has invited a panel of industry experts from the inaugural Bermuda Healthcare Forum—held this past March at Rosewood Tucker’s Point—to present at the conference in Seattle, Washington, October 15–18. Titled “A Peek Behind the Underwriting Curtain,” the panel, featuring Pateras, Kim Morgan, of Sompo International, Eve Adamson of XL Catlin, and Adam Bates, of Allied World, will discuss how insurance carriers price medical professional liability policies.
“We’re proud to have this opportunity to demonstrate the expertise within the Bermuda market,” said Wolfinger, who will moderate the guest panel, “and the webcasts provide a great lead-up to this session. By partnering with the BDA, we’re hoping to educate the next generation of healthcare risk and insurance professionals about the creativity, resourcefulness, and dedication to this class of business the Bermuda re/insurance marketplace offers.”
The successful Forum, which attracted close to 150 industry specialists to the island, is returning April 24–25, 2018, and will be held at the Hamilton Princess. For information, contact: [email protected].
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