The newly-installed minister responsible for international business is looking forward to his first visit to the annual Risk and Insurance Management Society annual conference and exhibition in San Francisco this week.

Jason Hayward, the Minister of Economy and Labour, has already claimed for Bermuda the title of “the single most important property and catastrophe market globally.”

He said Bermuda’s key attributes are safety and stability; quality and expertise; ease of doing business; global contribution and connections; and, a sophisticated lifestyle.

The minister said: “Our financial regulator, the Bermuda Monetary Authority, has built up a world-renowned reputation.

“Marking 50 years of operation in 2019, the BMA has established an internationally respected, robust yet fit for purpose, regulatory regime. The BMA supports innovation and launched its best-practice innovation tracks, and takes a pragmatic approach to facilitate speed to market.

“Bermuda is one of just two countries holding full equivalence in all three areas of the EU’s Solvency II insurance regulatory regime, one of three jurisdictions holding National Association of Insurance Commissioners – reciprocal status, and one of seven jurisdictions holding NAIC-qualified status (a prerequisite to achieving “reciprocal” status).

“The Government of Bermuda remains committed to supporting international business in Bermuda by ensuring that they have a business ecosystem that allows them to thrive.”

Minister Hayward concluded: “The government’s National Economic Report indicated that 4,411 people worked in international business in 2021, up from 4,240 in 2020, and is now officially the island’s largest employer.

“Our international businesses want to hire qualified Bermudians with the right skill sets, and we must create opportunities to enable Bermudians to achieve these skills.”

“Our international business sector is important to Bermuda. It is an industry that provides great value for us and is the bedrock of Bermuda’s economy and represents over a quarter of our total GDP (27.5 per cent), which is a continuation in the trend of previous years.”