Bermuda College offers insurance course opportunity
International business will take on increased importance to the local economy as the Island, like the rest of the world, grapples with the economic fall-out of the Coronavirus pandemic, according to Craig Simmons, Bermuda College senior economics lecturer.
“Now, more than ever, Bermuda’s economy is relying on international business, and re/insurance, in particular, to keep us afloat in these troubled times,” he said, adding that the risks incurred as a result of our current environment are manifold and broad in scope; including risks incurred by healthcare providers while dealing with the pandemic; risk of business failures; lowered consumer purchases; lowered purchases of services; lower guest services provided in the hospitality industry; and risks associated with the public budget – higher costs and lower tourism revenues; as well as any costs drawn from the public purse to help uninsured, under-insured, or unemployed households.
Mr Simmons said: “Now, more than ever, Bermudians need to understand both the contribution re/insurance makes to our economy, as well as the different types of re/insurance produced on-island.”
He will be the instructor for a special 14-week insurance course that includes a virtual lecture series starting on January 18. The course is a part of a collaborative partnership between the College, St John’s University’s Maurice R. Greenberg School of Risk Management Insurance, & Actuarial Science, and the Association of Bermuda Insurers and Reinsurers. The main objective is to develop and encourage diversity, equity, and inclusion initiatives in the talent development pipeline and recruitment of the next generation of re/insurance leaders in Bermuda.
The initiative begins with the foundational course, fully underwritten by Abir, with internship and career opportunities available to those joining the multi-faceted industry. The lecture series will feature guest lecturers from each organisation.
John Huff, chief executive of Abir, said: “Abir member companies are experts in insuring against catastrophic losses, climate and cyber risks around the world while remaining committed to investing in building a diverse and inclusive workforce of Bermudians. This educational partnership will be a lasting legacy for Bermuda’s international re/insurance market.”
The spring insurance course is open to Bermuda College students, including dual enrolment senior high school students and transfer/visiting students, who have completed their college freshman writing course or equivalent.
Students who want to gain academic credit are required to register for the Series, and will be eligible for summer internship opportunities at ABIR. High-performing Bermudian Bermuda College students will also be eligible for scholarship opportunities to complete their risk management education at St John’s University. Adult members of the general community, who are interested in re/insurance may audit the lectures series by signing up for the lectures of their choice.
Dr Phyllis Curtis-Tweed, vice-president academic and student affairs at the college said: “This is a timely and unique opportunity for members of our community to learn more about and to possibly enter the re/insurance industry which is so vital to Bermuda’s economy.”
For more information, to register or to sign-up to audit the lecture series, visit www.college.bm or https://www.college.bm/news-events/35-events/1007-abir-course.