selling of the Bermuda insurance market.

A year ago last month, formalised strategic planning began, questioning longstanding annual activities, focusing and prioritizing them, with a goal of concluding with a documented and well-articulated plan to gain even greater Government industry support.

By increasing insurance business, the entire Bermuda economy is significantly strengthened. Other non-insurance industries benefit from a higher Bermuda insurance market profile.

The plan is to expand the existing number of companies, especially insurers that will have a physical presence here. And the expansion of the number of insurance conferences attracted to Bermuda will also provide benefits, especially for tourism-related entities.

Closer relationships with current clients and expanded business opportunities for those companies means an increased market share for the Bermuda market.

It also means a higher-profiled and respected industry environment for specific corporate marketing initiatives.

More companies with a physical presence means increased job opportunities for Bermudians, more fees to Government, more business visitors and more business for Bermudian professional service providers (managers, lawyers, accountants, bankers, etc.) More on-Island business conferences means more high-net-worth business visitors and increased use of hotels and other visitor facilities.

More non-physical presence companies also means more business visitors, more fees paid to Government, and more use of local service providers. One idea being discussed is "branding'' and the need for insurance industry clients to be made more aware of the benefits of the "Bermuda label''.

In today's soft market, clients who are considering price when weighing Bermuda companies against those in other jurisdictions, should be shown other benefits of the Bermuda brand.

The committee is also considering beefing up the Premium Club of Bermuda, where Bermuda companies are invited to join in the marketing effort of the insurance industry and forge closer ties with insurers.

Firms providing a significant role in the success of the insurance market can have a formal vehicle for participation that also offers an inside track on industry affairs.

The IAC sees potential in expanding the current Government-industry partnership, strengthening Bermuda's international objectives through collaboration on more marketing initiatives and projects.

The marketing committee also believes it would be more cost efficient if they took over more of the work involved in organising Bermuda's effort at the annual Risk & Insurance Management Society, Inc. (RIMS) Conference.

Some progress was made this year, although that work has been routinely contracted out. More than 130 people from Bermuda were present for this year's conference in April in San Diego.

The IAC marketing committee is already reviewing its budget for the next RIMS event in Dallas in April 1999. It is anticipated the committee will seek agency support services.

The committee has also assumed certain market-oriented tasks normally handled by the Registrar of Companies, such as maintaining the distribution list of the newsletter.

More emphasis will be placed on generic marketing of the reinsurance industry, after most of the focus has been on captives and direct insurers in the past.

In this regard, the committee has already worked with BIBA to organise briefing tours to Paris and Frankfurt earlier this year and hosted a reception for the Reinsurance Association of America.

It is organising a Bermuda presence this November in Boston at the National Association of Independent Insurers (NAII) conference and will be coordinating a return to Paris to present a follow-up insurance/reinsurance briefing.