The Bermuda Monetary Authority (BMA) framework is a supervisory regime for commercial insurers and insurance groups which has full equivalence with the EU’s Solvency II regime. It has enhanced statutory and prudential reporting requirements for Bermudan entities, promoting transparency. Companies must calculate their capital according to their individual risk profile and produce a forward-looking Solvency Self-Assessment (GSSA/CISSA). This brings increased demand for modelling expertise and sound risk management.
BMA published a Guidance Note outlining their expectations for climate risk management in August 2022. (Re)insurers are expected to address climate change risk in their governance, risk management framework and GSSA/CISSA. Progress on the implementation of the guidance will be monitored during 2023, with full adaptation by 2025. See further information on the new requirements for climate change risk here.
Finalyse offers a comprehensive set of managed services and tailored solutions. Finalyse can assist you in complying with these new regulations, including meeting the recently published climate risk management requirements for 2023.