The number of insurance and reinsurance brokers visiting the Island at the moment is three times the amount that came here on similar business trips at the same time last year, a top insurance executive said yesterday.

And AON Insurance and Reinsurance Brokers chairman Paul Markey said the industry boom that was caused largely by the September 11 terrorist attacks was likely to end at some point and so had to be "carefully nurtured, understood and collectively appreciated while it lasts".

"Circumstances will determine that reality," he said, "mostly whether volatility of earnings is insurable for our clients and manageable by our market here."

Mr. Markey told Hamilton Rotarians he believed that another major catastrophe in the world would "further erode unstable foundations in our business outside Bermuda".

He described how Bermuda insurance and reinsurance business was "on a significant roll" in the global marketplace.

"The immediate opportunities are enormous and should be wonderful for the Bermuda economy," Mr. Markey said.

"I believe that this `silver lining' to 9/11 and the many factors inherent in `soft market' results that have collectively devastated Lloyd's and many competitors to the Bermuda market has to be carefully nurtured, understood and collectively appreciated while it lasts.

"This period will evolve and in all likelihood at some future point begin to reverse. We are a cyclical business and it is likely that the highs will be followed by a `low'."

Mr. Markey added that the industry was in strong need for young Bermudians in the brokers side of business who have had experience overseas.

"It should be recognised that some of these skill sets are only available from experience in other markets - London, the United States and Europe. We need to encourage overseas experience as much as is possible.

"School leavers and graduates may have no better opportunity than early in their careers to experience our business in broking operations in other parts of the world. The experience they gain will be of great benefit to their careers and to the Bermuda infrastructure."