Delegates gather for risk summit in Bermuda

More than 450 delegates have signed up to the Bermuda Business Development Agency’s (BDA) Bermuda Risk Summit which kicked off yesterday (March 6).

The BDA revealed that 150 of these came from overseas, including the US, Europe and Asia—double the number who flew into last year’s inaugural event.

David Hart, chief executive officer of the BDA, opened the three-day conference, telling the audience at the Fairmont Hamilton Princess: “Last year was an amazing kick-off to our inaugural summit. The energy in the room that morning is something I will never forget.

“But I’m so excited to share with you that we’ve surpassed last year in terms of all the markers that you would measure an event by.”

Bermuda’s premier David Burt joined Hart for a keynote conversation and explained why he believes the British Overseas Territory is the world’s risk capital.

Burt said the Island’s success has been down to the strong relationship between government, industry and regulators, and its ability to innovate to meet challenges.

“Every day we find something new that is attempting to challenge our status as the world’s risk capital,” Burt told those present.

“It means that people and countries are immensely envious of what we’ve been able to build.”

Burt said uncertainty in the global regulatory space “keeps me up at night” but added “our experience shows us that we know how to navigate the challenges by working collaboratively to address these situations”.

He added that he hopes the government and private sector are up to the task of continuing to innovate to “allow for further growth here on-Island”.

Sessions included leading industry figures discussing key trends and strategic opportunities, navigating complex risks, the evolution of partner capital and the future of cyber reinsurance.

The BDA is hosting the summit in partnership with the Association of Bermuda Insurers and Reinsurers, EY and Gallagher Re.