BDA hails success of the Bermuda Risk Summit

The Bermuda Business Development Agency’s (BDA) Bermuda Risk Summit has been an “immense success”. The BDA says 350 delegates attended, including 80 from overseas, for what was the first major in-person industry event on the island since before the pandemic.

According to the BDA, dozens of additional visitors flew to Bermuda for business meetings around the event. It estimates the event has brought over $1 million to the island and supported around 200 jobs.

“We received fantastic feedback for taking a leadership role in organising the first in-person risk event since 2019,” David Hart, BDA CEO.

“A running theme across the event was how great it was to get off zoom and see each other again in person after such a long absence. Our hope was always that this event would provide an opportunity for Bermuda’s risk industry to start charting a way forward together and meet prior to mid-year renewal season.”

Hart also announced that the second annual Risk Summit will take place from 6 to 8 March 2023, promising an “even bigger and better” event.

Minister of economy and labour Jason Hayward, who attended the event, praised the event.

“Congratulations to the BDA for organising such a successful inaugural event which had a positive impact on Bermuda’s economy and community,” he said. “Bermuda remains the world’s risk capital, and for decades, Bermuda based insurers have been leaders in the global reinsurance industry.

“It was a pleasure to meet and hear first-hand updates from some of the world’s foremost risk and regulatory experts. The Government along with the Bermuda Monetary Authority plays a critical role in the success of Bermuda’s Insurance Industry and remains a partner, committed to supporting the growth of the industry.”

The event opened with a “sea-side chat” between Hart and Bermuda’s premier David Burt, who thanked the industry for being “a bedrock of support” during the pandemic.

“The objective of this government as we move beyond the pandemic is to make sure that Bermuda maintains its leadership across the board and remains the most competitive place to deploy capital,” he told those present.

The final day, meanwhile, closed with remarks by Miqdaad Versi, head of ESG for the UK’s Oxbow Partners, about an upcoming Bermuda ESG benchmarking survey.