Bermuda insurers should be goodwill ambassadors: BDA

Bermuda insurers should act as goodwill ambassadors to help promote the region internationally as a respected blue-chip jurisdiction, according to Ross Webber, chief executive officer (CEO) of the  Bermuda Business Development Agency (BDA).

Webber made his comment in a speech to attendees of last week's Bermuda Insurance Market Conference (BIMC).

“I’m of the opinion that as a jurisdiction, we can achieve far more in our overseas business outreach as Team Bermuda than we can as individual companies or separate vested interests,” said Webber.

The CEO said Bermuda insurers need to be as proactive at promoting the region as their rivals; Jersey, Guernsey, Singapore, adding Bermuda “must not be left behind”. He reminded attendees of the island’s strengths when it comes to insurance, citing its convenient geographic location, sophistication, world-class talent and its well-respected regulation.

Webber also talked about catastrophe losses, saying Bermuda companies contributed an estimated $35 billion to US catastrophe losses over the past dozen years.

“We paid $22 billion to rebuild the US Gulf and Florida coasts after horrific hurricane seasons in 2004 and 2005. That included paying nearly 30 percent of insured losses from Hurricanes Katrina, Rita and Wilma,” he said.

Webber also stated that the island supports approximately 25 percent of the US medical liability insurance and reinsurance market and contributes more than a quarter of capacity for Lloyd’s of London

The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in Bermuda.