Recently there has been a lot of bad press about the effects of the international insurance industry on Bermuda's social environment. Most of the discontent arises from the escalation of rents, which has caused the average Bermudian to have great difficulty finding affordable housing. Other gripes come from the widening gap between the haves and have-nots. All of these gripes are legitimate and are ones that the Government and international insurance industry need to work on to somehow create a workable balance.

However, I believe we are forgetting how Bermuda has and continues to benefit from the international insurance industry. The international insurance sector was very instrumental in helping to establish our state of the art telecommunications infrastructure. It is because of the contributions of the international insurance industry that we have been able to develop the necessary infrastructure to implement Internet and telephone systems that rival some of the large cities around the world.

Our public schools have benefited tremendously from the contributions by international insurance companies. How many of you saw the B.TEC supplement which The Royal Gazette recently published. In this supplement, Racquel Rose Green, teacher of Information Technology at CedarBridge Academy says she "believes that the Bermuda Technology Education Collaborative, known as B.TEC, is a remarkable teaching tool. B.TEC's curriculum is superb. Students feel they are capable of doing something that was once regarded as impossible.... The best thing about the B.TEC effort thus far is how it opens students' minds to a whole new world of possibilities." It was put into place through "the generosity and joint funding of the XL Foundation, the Ministry of Education and Corporate and Community Partners". The B.TEC supplement talked about how the public schools are receiving much support from the private sectors.

I am proud to say that my brother, Christopher Swan, a physics teacher at the Berkeley Institute is very involved in B.TEC and says the assistance that the international companies is providing to the public school system is not just beneficial to the students but to teachers as well.

The international sector is also providing scholarships to families who would like to send their children to private schools but can't afford the tuition. Recently, one major insurance company contributed $50,000 to the Bermuda College. This sector has also put into place scholarships for young Bermudians who wish to go abroad to study insurance.

The Bermuda Foundation for Insurance Studies (BFIS) and The Bermuda Insurance Institute (BII), both funded by the international insurance sector, have been developed to provide information to those who want to learn more about the insurance industry. Students are now able to take international insurance exams at the BII without having to travel abroad. They can also attend formal insurance classes there.

The next challenge for the industry is to find a way for students returning from university to gain entry-level positions similar to the management training programmes in place at the banks. This will give students an incentive to stay in the industry because they will see a clear plan for their future within the company hiring them. It will also alleviate the problems faced by many young Bermudians returning who are unable to find employment because they lack experience. However, students and parents alike have to accept that not all returning students will be able to work in their chosen field because there are not enough positions for them all. However for those students that show initiative, there are great opportunities available.

For those Bermudians who are able to get into the industry, they now have the opportunity to work with some of the most respected people in the global insurance industry and gain experience in companies many people around the world would love to have. Bermudians who take advantage of these opportunities will be exposed to much more than they would be if these companies were not here.

The financial contributions to our society by the international insurance sector are significant with some companies having annual charitable budgets well in the millions. The larger companies provide charitable donations in the hundreds of thousands dollars per company to a broad section of charitable organisations. Therefore virtually everyone on the island benefits from these contributions. International Companies have contributed significantly to healthcare in Bermuda by making major contributions to the hospital, senior citizens homes and wellness centres.

The arts have received a major boost including the Bermuda Festival and the Bermuda Film Festival, and the various galleries around town.

These companies have helped to preserve historical monuments and open spaces. The National Trust gets tremendous support from the insurance industry. The renovations which took place at the Maritime Museum were helped in part by international insurance companies.

They are also very supportive of local charities. Look at the newspaper on a daily basis and you will be able to see how much these companies are contributing to our society. The International Insurance Companies are major contributors to the Aquarium. With the renovations that have recently been completed at the Aquarium, it is now in my opinion, a world-class facility. It now boasts animals from around the world and the North Rock tank is something everyone should see. This contribution to our society by the international industry is one for all of us to enjoy.

The End to End walk was initiated by J&H, now a part of Marsh. Many Bermudians look forward to participating in this walk every year. And as a result, the proceeds from this walk now rank in the top bracket of the largest contributions to charities on this Island. Many other sports events have been sponsored by the industry including football, tennis, cricket, sailing and more.

Sometimes it is very easy to gripe about the social ills of our community as a result of the international insurance industry but I find it is more effective to find the benefits in everything. Maybe if we made a step in that direction, we would begin to see how each side is benefitting from the other's existence.

Next week, we'll look at how the benefits of the international insurance industry trickle down to us all.

Cathy Duffy is a Chartered Property Casualty Underwriter (CPCU) and is now a freelance writer. She is a former executive of Zurich Global Energy and has 15 years experience in the insurance industry. She writes on insurance issues in The Royal Gazette every Monday. Feedback is welcome at crduffycwbda.bm