More than $30 billion has gone into specialised insurance linked securities over the last three years alone — and that figure will continue to grow, a Bermuda business chief told a conference yesterday.

Arthur Wightman, a partner and insurance leader for accountants PwC, said the growth in the sector was “staggering”.

And he added: “This is the challenge for all of us — to find the blue oceans of the marketplace that have yet to be exploited.”

He was speaking on the second day of the ILS Bermuda Convergence, which saw industry leaders from around the world gather in Hamilton to discuss the future of the insurance and reinsurance industries.

Premier Craig Cannonier, who opened the conference, said: “The ILS industry has grown dramatically in Bermuda ... we view ILS as an exciting industry because it demonstrates our responsiveness to a changing business environment.

“Bermuda continues to be on the leading edge when it comes to moving forward and staying ahead of the game.”

And he said the Island was “setting a marker down as one of the leaders in this area”.

Mr Cannonier added that the Island offered a high degree of professionalism as well as light-touch regulation and that Government continued to work to make it easier for international investors to set up in Bermuda.

He told delegates: “I can assure you that by the time you leave Bermuda, you will have decided this is the place.

“We thank you for the opportunity and for visiting our shores. As a Government, we realise that gone are the days we put policies in place then came to you and said ‘does this work?’”

Mr Cannonier added: “Bermuda has always been considered a premier financial centre but we realise we cannot be complacent.”

Stephen Lund, the CEO of the Bermuda Business Development Authority (BDA) said: “Having a supportive Government really makes a difference — they know what the industry and it makes a difference.”

He added: “Bermuda has a fantastic reputation around the world, particularly in the insurance and reinsurance sectors and we want to spread that around the world.”

Mr Lund added the BDA had established a concierge service for businesses setting up in Bermuda to ease the challenges of moving to the Island.

“It’s a great time to be here and I want to thank a lot of the guests we have from around the world,” he added. “This is a fantastic conference.......and we want to see more of you back in Bermuda to drive this place as a centre of excellence.”