Furbert sees ‘daunting’ global challenges

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Business Development and Tourism Minister Wayne Furbert described the challenges facing the world as “daunting” at a major insurance conference yesterday.

Mr Furbert was giving the opening remarks at the Bermuda Captive Conference, which has attracted a record attendance of nearly 600 this year.

“The collective global challenges in 2012 are daunting,” Mr Furbert said at the Fairmont Southampton hotel. “As we look to the future, we, the Government of Bermuda, know that the appropriate balance of government policies, relevant regulation frameworks and an innovative and fully engaged private sector can continue to produce positive results for Bermuda and the global economy.”

The Minister spoke about Bermuda’s status as the world’s leading captive domicile with some 862 operating captive insurers.

He also informed delegates of the Island’s 33 tax information exchange agreements (TIEAs), which he said had helped to bolster Bermuda’s reputation as a leading financial centre.

And he stressed the value of the close cooperation between public and private sectors in building a strong insurance industry on the Islabnd.

“The Government of Bermuda recognises that policy issues are most effectively addressed with the involvement of relevant stakeholders on an equal footing,” Mr Furbert said.

“In that regard, it is noted that each component of the insurance sector, through the auspices of the Insurance Advisory Committee, is authorised in law to provide advice to the Government on any matter relating to the development and promotion of the insurance industry in Bermuda.

“This partnership has resulted in an unhindered flow of data and information between the Government and the insurance sector which is essential for business, trade, investors and the people of Bermuda. From its inception, the members of the insurance sector have risen to the occasion by providing the Government with invaluable advice.”

Mr Furbert noted that the registration of 587 people at the conference was a record, beating last year’s 558, and there had been 341 percent more room nights booked for this year’s event.

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