Insights

The Bermuda Monetary Authority (BMA) release revisions to the "Guidance Note: Management of Climate Change Risks for Commercial Insurers" and outline the responses to the key substantive comments that were received from industry stakeholders on the Guidance Note Consultation Paper issued by the Regulator in August 2022.

The Bermuda Monetary Authority (BMA) proposes extensive enhancements to the regulatory and supervisory regime for long-term commercial insurers, reinsurers and insurance groups, which are expected to take effect from January 1, 2024.

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Incorporating change management into your strategy can enable an organisation to pivot from a prescribed strategy to an emergent strategy and increases the likelihood that you will achieve your strategic objectives.

The speed of change and its magnitude is continuously evolving, which means that individuals and organisations need to be adaptable to survive – just look back at the pandemic! For change to work and be sustained, it needs to be driven from the inside out, reflecting an organisations’ leadership, culture, values, beliefs and practices.