Re/insurance industry will help Bermuda normalise its economy: ABIR
The re/insurance industry specialises in managing catastrophes and can help lead Bermuda though its current crisis as it struggles to normalise its economy following the COVID-19 outbreak, according to John Huff, CEO at the Association of Bermuda Insurers and Reinsurers (ABIR).
Huff said: “Just as Sept 11 forever changed the global economy, the catastrophe of COVID-19 is negatively re-inventing our economy. But managing catastrophes — man-made and natural — is where ABIR business leaders in Bermuda excel. And, just as re/insurers stepped up to lead after 9/11, ABIR is committed to leveraging its global expertise for the benefit of Bermuda’s economic recovery effort.”
ABIR is ready to create jobs and increase financial investment in Bermuda, Huff said, calling on the government to leverage the expertise and international perspective of executives in the re/insurance industry and across the economy as it rebuilds the island’s economy.
ABIR offered a list of suggestions to help Bermuda manage its economic transition out of the shelter in place regime. For example, ABIR member companies could stagger the physical return of their staff to give the retail sector a head start, Huff said. Restaurants could also partner with businesses to jump-start the local food and beverage industry, he added.
Huff also called for Bermuda to reopen and enhance immigration policy and processes to address the backlog and support recovery. “Doing so will add jobs and payrolls to our economy,” he said.
ABIR suggested a global company with its headquarters in Bermuda could provide a full-time, economic recovery project manager to work with the government to help develop business-friendly policies and manage the opening-up of the economy. Bermuda must be ready to ensure it remains a globally competitive jurisdiction for business, as other jurisdictions increase their efforts to attract business and talent, Huff warned.
Huff praised Bermuda’s Premier David Burt, as well as cabinet ministers, career government leaders and other public and private-sector executives, for their response to the COVID-19 pandemic. “A debt of thanks is owed to all of them — as well as to front-line workers — for protecting our community’s health, families and well-being in this uncertain and fast-changing environment,” he said.
“From proactive efforts on testing and contact tracing to its commitment to transparency, the government’s approach has been impressive and the dedication of the island’s essential workers vital,” Huff added.
