It’s vitally important for the future of Bermuda that businesses work with the Government and the regulators to keep the Island at the forefront of the industry, according to Bermuda’s Premier David Burt at the 2018 ILS Convergence conference.
Speaking in a fireside chat moderated by Kathleen Faries, Head of Bermuda for Tokio Millennium Re and with the participation of Sean Moran, CEO of the Bermuda Business Development Agency, the Premier said that it was vital for Bermuda to keep its reputational excellence, which is based on a combination of innovation, the use of fintech and other technologies and regulatory forward thinking.
Burt, who has been attending ILS Convergence since its inception in 2013, said that the Government of Bermuda was sometimes accused of not reaching out enough to business, something that was untrue, as the Government makes a point of consulting with business to assess what it’s most concerned about.
The Premier added that the Government, regulators and the industry are all working together to benefit Bermuda and also protect its reputation and that it was important to recognise the challenges ahead and meet them.
Burt said that the Government has a vision for Bermuda, that it wants the Island to be known as a place for innovation. He cited fintech as one example of this, stressing that Bermuda can be a great test bed for fintech companies which can come in and test their products/services.
Moran added that Bermuda has reached a natural stage in its maturity and that it has proven itself by having survived events like the HIM hurricanes of 2017. “I’m not being complacent about this,” he said, “But I’ve never been more confident of where we are in the business sector in the four decades that I’ve been here.”
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