Bermuda played key role during economic crisis

15-07-2015

Bermuda played a key role in helping the world escape the clutches of the 2008 world credit crunch.

This is the finding of a new report, ‘Bermuda in the World Economy’, released yesterday (July 13, 2015) by the Bermuda Government. 

The report focuses on the role that Bermuda plays in the world economy as a leading supplier of insurance and financial services and as an innovative financial centre.

During the five year period between 2008 and 2013, major economies increased their investment into Bermuda financial markets significantly, particularly in catastrophic loss risk management.

The Island’s companies supported at least 500,000 jobs in the eight major nations analysed, including 300,000 in the United States, 70,000 in the United Kingdom and 25,000 in Canada, the report noted.

The report, commissioned by the Ministry of Finance and the Washington DS office, was prepared by Transnational Analytics president and economist Charles Ludolph, a former deputy assistant secretary of the US Department of Commerce.

Bob Richards, Deputy Premier and Minister of Finance, said: “This analysis will heighten awareness of the substantial role Bermuda plays in the support of global commerce.”

Bermuda, Financial Crisis, Bermuda Government, Charles Ludolph, Transnational Analytics

Bermuda Re