EDITOR’S NOTE
SO MANY REASONS TO BE POSITIVE ABOUT BERMUDA
“Never before have we encountered such demand to embrace the discussion of new types of content.”
Wyn Jenkins
This publication has been running for almost 15 years—time flies when you are having fun. Across that period, the format has remained broadly the same: our roundtables have brought together the most senior decision-makers and executives on Bermuda, and they have shared their insights into what makes different segments of the economy tick.
While the format remained consistent, the debate has, of course, varied. At different times in that period, Bermuda has faced many different challenges—and grasped many opportunities. Surely one of the toughest trials was the global COVID-19 pandemic, which the Island is very much still emerging from. That brought some tough times indeed.
Yet there is a renewed sense of optimism. While challenges in sectors such as hospitality, leisure and tourism remain, some of Bermuda’s other sectors are thriving—and this offers a much-needed boost to the economy.
This is reflected in the breadth of this publication, as well as the quality of the attendees. Never before have we done so many roundtables, featuring so many senior people from all parts of Bermuda.
Never before have we encountered such demand to embrace the discussion of new types of content. We have covered diversity, equity, and inclusion for the first time as well as environmental, social, and corporate governance issues. These topics transcend the big businesses this publication is aimed at—they are relevant to all parts of Bermuda’s society.
We also cover new and fast-growing areas of one of Bermuda’s true economic pillars: the transfer of risk. In addition to reinsurance and ILS, stalwarts of this publication for many years, we cover legacy and the life and annuity sector. These will both bring growth to the Island, as well as perhaps the most exiting of all—Bermuda’s burgeoning insurtech sector.
Such innovation and positive growth stories are an echo of times past when waves of new reinsurers set up shop on Bermuda. Times are different and the economic benefits will be less impactful—but they will last and help ensure Bermuda remains the centre of innovation for all types of risk. Every time Bermuda becomes a market leader in something, it is usually because it moved first and had the expertise and infrastructure to deliver. Before you know it, you become a hub.
That is why the regulatory sandbox and the renewed focus on insurtech are important. Who knows where such initiatives may lead—but that is what Bermuda has always done and it has reaped the rewards as a result.
That said, Bermuda must address a more basic issue: it needs people—a bigger working population. That is less about innovation and more about government policy, although that too can be imaginative, as illustrated by schemes such as Work from Bermuda.
The bottom line is that Bermuda’s economy has again in recent years proved itself to be robust and resilient. As a result, Bermuda looks well-positioned to thrive post-pandemic. There are many reasons to be positive, and most of them are covered in this publication.
Wyn Jenkins, managing editor, Bermuda Finance
Image courtesy of Shutterstock / Guitarfoto
