News Release: Hamilton, Bermuda – The opioid crisis potentially poses a considerable threat of loss to multiple reinsurance lines of business, according to a conference panel moderator.
Kirsten E Beasley, the head of Healthcare Broking, North America, Willis Towers Watson, is the moderator on a Bermuda Insurance Institute (BII) conference panel looking at the opioids issue.
“This affects casualty, healthcare liability, personal health insurance, Directors and Officers insurance and managed care Errors and Ommissions insurance,” said Ms Beasley.
This multi-line clash exposure necessitates that carriers understand and appropriately address the risk.
“A measured response from the markets requires that they be fully cognizant of the complex interplay of corporate culture and accreditation standards that have driven the crisis,” she added.
As well as the opioid panel, the BII conference on October 3, will also feature panels on Cannabis (How High is the Cost), Wellbeing in the Workforce (The Benefits of a Healthy Workforce), Climate Change (The Storm Approaches), a Bermuda Healthcare panel (The Challenges & Opportunities) and a CEO panel (The View From The Top).
The theme of the conference is ‘Transformation’ and Ms Beasley added: “Systemic risks,like the opioid crisis, have been substantial contributors to the transforming nature of the insurance market.
“That transformation, from a prolonged soft market into a continuously tightening state, is marked by the resurgence of underwriting discipline, a focus on profitability and rate, retrenchment of authority and tightening of insurance policy terms and conditions as markets seek to understand, mitigate and appropriately price their clash exposure.”
The conference takes place October 3 at O’Hara House, on Bermudiana Road, from 8:30am to 4:30pm, and people can register online on the BII website.