Key issues for the Bermuda Monetary Authority this year will be cybersecurity, sustainability and the adoption of new regulatory technologies, the assistant director said.

Speaking in a Bermuda Captive Network webinar, Graham Lamb said there were no regulatory changes on the horizon for Bermuda’s captive industry expected this year.

Instead, the BMA will focus on enhancing regulatory frameworks to address emerging risks in the market.

“We have made significant strides in our use of automation and endeavour to implement additional enhancements in the near future that will benefit not only our internal processes but also the market,” Mr Lamb said.

He added that the BMA had recently introduced a new system in the small commercial and long-term space, which was achieving immediate returns and efficiencies.

“We will begin exploring the implementation of it in the captive and in the intermediary space shortly,” Mr Lamb said.

Bermuda is one of the leading domiciles for captive insurance companies, with more than 600 active captive licences on its register generating more than $24 billion in gross written premium, according to the BMA’s 2022 captive report.