The Bermuda International Long Term Insurers and Reinsurers (BILTIR), an association of 59 re/insurers and service providers, is aiming to further grow the long-term re/insurance industry in Bermuda and encourage the employment of more local Bermudians within the sector.
"With life expectancies continuing to increase in all mature insurance markets, annuities are becoming a critical insurance product," Ronnie Klein, senior advisor at BILTIR, told Bermuda Re+ILS.
“BILTIR members not only offer annuity products, but also reinsure companies that no longer want the risks associated with this type of product. Bermuda companies reinsure both longevity products and mortality products, thereby forming a natural hedge within the industry.”
Long-term re/insurance is one of the fastest growing industry segment in Bermuda, with 15 new companies licensed in 2018, according to the BMA.
Assets managed by long-term re/insurance increased to over $300 million at the end of 2017, almost doubling in two years.
Last week, the leaders of BILTIR met with Bermuda premier David Burt to discuss how the Bermuda government can work with BILTIR to grow the long-term insurance industry in Bermuda and increase the number of Bermudians employed in the sector.
"The BILTIR board of directors was extremely grateful for the opportunity to be able to brief the premier and cabinet ministers in detail about the current breadth and growth of our long-term insurance and reinsurance sector, as well as our member companies’ many contributions to the local community. The premier was knowledgeable, engaging, and showed a strong desire to learn even more about BILTIR and the long-term industry," said Klein.
He continued: "He was especially interested in the community service our association provides for local youth. BILTIR sincerely thanks the government for hosting this month’s briefing, and hopes it is just the beginning of many more engaging conversations to make certain Bermuda remains a fair, competitive, and well-respected centre of excellence for global insurance and reinsurance."
BILTIR is committed to community service by educating Bermuda youth through its 'lunch & learn' series, summer internship programme, high-school math tutoring, and coordination on courses through Georgia State University. These programmes teach school-aged children about the long-term insurance industry, with the goal of developing more local talent—especially actuaries.
Around 40 percent of BILTIR member company employees are Bermudian or spouses of Bermudians, with more than 540 Bermuda-based staff.
“BILTIR hopes that in the foreseeable future, Bermuda will be an exporter of actuarial talent instead of an importer,” added Klein.
“As more companies begin operations in Bermuda, more local talent will find good jobs.”
BILTIR, David Burt, Long-term insurance, Annuity, Life, Bermuda