Jason Hayward, Bermuda’s Minister of Economy and Labor, is set to participate in a virtual roundtable discussion next month to mark the launch of the Association of Bermuda Insurers and Reinsurers (ABIR)’s free online foundational insurance course.
Titled “Socio-economic Impact of International Business in Bermuda,” the event will kick off the fifth annual “Special Topics in Insurance” program. This initiative is a collaborative effort between Bermuda College and the Maurice R. Greenberg School of Risk Management, Insurance, and Actuarial Science at St. John’s University in New York.
Joining Minister Hayward in the discussion will be Mark Cloutier, incoming ABIR chair and executive chairman and group CEO of Aspen; Craig Simmons, economist and retired senior lecturer at Bermuda College, who will also lead the course; and Collin Anderson, ABIR’s director of policy and regulation, who will moderate the session. The roundtable will be conducted virtually on January 13.
The discussion will delve into the evolution of Bermuda’s re/insurance market over the past 30 years. From its beginnings as a center for captive insurance and natural catastrophe reinsurance, Bermuda has grown into a globally diversified hub. Panelists will explore industry challenges and opportunities while highlighting the sector’s socio-economic contributions to Bermuda.
ABIR member impact
Recent data from ABIR’s 19th Economic Substance Survey highlights the industry’s impact, revealing that ABIR member companies contributed more than $1 billion directly to the Bermuda economy. Contributions included spending on hospitality, travel, business services, construction, and real estate.
Member companies also employed 2,140 full-time staff in Bermuda, nearly 70% of whom are Bermudians, spouses of Bermudians, or permanent resident certificate holders.
The roundtable will be the first of 14 Monday evening sessions in the “Special Topics in Insurance” course. Topics for the program include climate change, catastrophe reinsurance, cyber risk, captive insurance, collateralized reinsurance, life insurance, Bermuda’s ties to the Lloyd’s of London market, artificial intelligence, regulation, careers in re/insurance, diversity, equity, and inclusion, and runoff insurance.
Distinguished speakers from ABIR member companies, the Bermuda Monetary Authority, and St. John’s University faculty will contribute their expertise. New partnerships with Lloyd’s and The Institutes Knowledge Group, a leader in online education and certifications for risk management and insurance, bring additional depth to the program. Both organizations will host dedicated sessions during the 14-week course.
The program aims to provide participants with comprehensive insights into the dynamic world of re/insurance while fostering a deeper understanding of its economic and social impact on Bermuda.
