In the face of rapid global change, the world needs stable jurisdictions like Bermuda, the island’s leader has said.

Speaking during the opening of the Bermuda Risk Summit at the Fairmont Hamilton Princess & Club, David Burt, the Premier and Minister of Finance, said the theme of this year’s conference, ‘building what is next’ is fitting.

“The world around us is changing quickly,” Mr Burt said. “There is conflict in the Middle East disrupting shipping and energy markets and, as Minister of Finance, is upsetting my budget.”

He also pointed to the ongoing conflict in the Ukraine, shifting trade patterns and climate change, among other things.

“Communities and economies around the world are becoming harder to ensure, a challenge that impacts everyone,” he said. “There remains a significant gap between economic loss and ensured recovery.”

Mr Burt said when the ground is shifting, businesses need more places like Bermuda that inspire long-term confidence.

“They need places that support continuity and clear decision making,” he said. “That is what Bermuda has been doing for decades.”

The Premier said the question is not whether risk is rising, but whether insurance can keep pace with it.

“That is why this summit exists, and that is why practical dialogue between all the people who are gathered in this room matters,” he said.

Mr Burt said one of Bermuda’s strengths is that it has the resources to convene global expertise to support responsible innovation and provide a stable, well regulated environment for international business.

This is the fifth year for the summit, organised by the Bermuda Business Development Agency. It continues over the next two days.