Dennis Fagundo: I would say that the Bermuda economy is now divided into two distinct sectors. Normally one would think of it in terms of international business and then the domestic economy, but that has shifted. The split is now between businesses that were able to stay open and continue normal operations and those whose demand has been significantly reduced.

Estimates suggest that maybe 10 percent of the economy has taken a hard hit, and the remainder is doing well and stabilising. In that sense, we are in much better shape than most other jurisdictions and are in a strong position from a health perspective.

We believe we are able to maintain that health while continuing to operate and keep the economy moving.

The Chamber of Commerce supports the Work from Bermuda programme and views it as highly successful. We would support the ability to renew those certificates when they expire. We would like those people to become permanent residents and for that process to be smooth and painless.

John Huff: I hope we can capitalise on the next 18 months, because it is a great opportunity—particularly for the P&C global reinsurance market. When there is uncertainty in the world, our industry always does well.

On the positive side, the government has contained COVID-19 and we have probably the strongest record in the world for keeping residents and visitors safe. The question is how to leverage that into new business opportunities.

Work from Bermuda is a fantastic programme, and my slogan is “every dollar counts”. This is all new economic activity for Bermuda, and we should think in terms of being granular enough to count every person that comes to the Island because of that programme. According to the most recent estimates, around 500 have been approved to arrive.

Analysts are predicting a strong, hardening market on the P&C side, which is a great opportunity for us. We are seeing some startup companies, but also a flight to quality with our established Bermuda members being able to go to market and raise capital.

It’s not uncommon for firms to come back with $1 billion of new capital ready to deploy for 2021.

<< Currently, we are in a very interesting position. We are coming out of the darker days of the pandemic, but we are moving into this new situation with massive uncertainty around what will our new business environment look like.

For the Bermuda Stock Exchange (BSX), I am pleased and quite surprised how well Bermuda has held up and how we continue to effectively service our international clients. In terms of ILS we have record numbers of new issuance at the moment. We are busy. Of course, we had to pivot from in-office meetings to a virtual world, but I don’t think we’ve missed a beat.

The interesting question is how we capitalise on that and move forward. Fortunately, it may not be as hard as earlier predictions because an important reason Bermuda continues to be successful is because of the foresight and hard work put in beforehand.

We created a solid infrastructure, a sound regulatory environment, and a reputable product that is respected internationally—whether it’s insurance or financial services. The future is bright, and we must leverage that.

Charles Thresh: I see three recognisable phases: immediate emergency measures, contingency planning, and substantial ongoing fiscal stimulus by the government. Now that we have come out of the dark days, we are trying to claw our way back to normality and create something approaching sustainability.

<< The Work from Bermuda programme has taken up all the inventory that was available on the residential side and now we are struggling to find accommodation that manages the expectations of the international visitor.

Tourists are also staying longer, so they want to have a lifestyle component to match their expectations. They want to cook in their own homes and stay up to 180 days. Factor in the Work from Bermuda programme and it is easy to see why a lot of our sales listings are occupied.

People want to be on the water. They also want to have a certain image and are looking for more modern inventory. The hardest part for us is finding furnished properties.

On the sales side, the market has not been this active for more than a decade in terms of local buyers. Bermudians either think their home doesn’t have enough space, or they have too much space and are thinking about selling or upscaling their home. Others are doing renovations.

We are getting a huge cross-section of activity and the international market is also very busy. People who are leaving the cities and seeking a new quality of life see us as an attractive proposition.