Every Bermuda resident -- not just the insurance companies -- will benefit in one way or another from the effects of the Bermuda Insurance Symposium, according to Finance Minister the Hon. David Saul.

The symposium will help attract more international businesses to the Island which, in turn, will create new employment and bring in extra foreign currency in the way of visitors, he said.

"When this symposium was being put together a year ago we felt then that it would probably be the biggest insurance conference that we've had in Bermuda,'' said Dr. Saul.

"Several months later, after speaking to people at the recent RIMS conference and also to people on the periphery of the industry, there is no doubt that it will be THE biggest event of its type on the Island.'' The knock-on effect to the average Bermudian was "very considerable'', said Dr. Saul, and will help the Island's balance of payments.

Bermuda's international business community, the majority of which involves insurance, brings in an estimated $450 million worth of foreign currency to the Island annually -- probably more than tourism.

"This conference will eventually lead to new companies registering in Bermuda in the fields of insurance and reinsurance,'' said Dr. Saul. "This will lead to more jobs and will give a spur to the local economy.'' The hospitality industry, in particular, stood to gain a lot from more insurance companies coming to the Island, he said. "All of these international companies have one or even two major meetings here,'' he said.

"Businessmen fly in from all over the world and they tend to spend money when they are here.'' He added: "With the decline in the London insurance markets and in other parts of the world, Bermuda's profile is continuing to rise and, provided we police it correctly, I think this will be to everyone's benefit.'' One of the Island's leading businessmen, Mr. Robert Mulderig, chairman and CEO of Mutual Risk Management, agreed that the symposium could lead to new businesses forming in Bermuda, although he said the effect may not be seen for some time.

"The benefits are probably longer term,'' said Mr. Mulderig, who is heading a symposium seminar: `The Rent-A-Captive Solution: Why own when you can rent?' "The symposium will expose Bermuda to risk managers who may not be familiar with what the Island has to offer. If that risk manager subsequently wants to set up a captive then Bermuda will be at the forefront of his thoughts when he is considering a domicile.''