Insurance designated an essential service in Bermuda

The insurance industry has been designated an essential service on the island of Bermuda, following a request by Bermuda International Long Term Insurers and Reinsurers (BILTIR) to the government.

In a statement, BILTIR said it had “requested that the insurance industry be deemed as an essential service, and government has agreed to this request.” It means insurance workers are permitted to go into the office during curfew hours if it is necessary for them to do so.

BILTIR pledged to work with the Bermuda Monetary Authority and other Bermuda government agencies to safeguard its members’ ability to conduct business, despite many businesses on the island being closed.

“The life insurance and reinsurance industries must remain resilient to robustly support policyholders, cedants and local employees,” BILTIR said.

BILTIR added it was fully supportive of the steps David Burt, Bermuda’s Premier, has taken to tackle COVID-19 on the island, describing them as “decisive and compassionate.”

The association recently wrote an open letter to the Premier, in which it stressed the reinsurance industry has been complying with the spirit and letter of government recommendations and requirements.

BILTIR also promised to do what it could to help the broader Bermudian community. “The BILTIR board agreed to donate a very large percentage of its contingency reserve to the Bermuda Hospitals Board and local charities, with the goal of helping families through these tough times,” BILTIR said in its letter to the government.

BILTIR added: “It is during times like these when the importance of life insurance is highlighted.  Life insurers and reinsurers protect families from the financial consequences of premature death or disability.  BILTIR members continue to serve their policyholders and clients well during these difficult times by ensuring members’ businesses remain strong.”