The future evolution of the commercial satellite industry and space insurance in Bermuda was discussed at a meeting hosted by the Ministry of Energy, Telecommunications and E-Commerce last week.

Minister of Energy, Telecommunications and E-Commerce Michael Scott said that last Wednesday's meeting provided an opportunity for Government-facilitated industry brainstorming to identify new business for Bermuda's insurance market and determine some of the constraints faced by both the space and insurance sectors.

Minister Scott said his department sought to find steps Government could take to expand the range of insurance offerings to the space industry.

"If Bermuda wants to host both industries, then we have to do all we can to make the environment attractive for both," he said.

"The message we received was that from a regulatory perspective, the Government, including my Ministry, the Ministry of Finance, and the BMA, are doing the right thing. In the main, no change required."

Among the conclusions, he said were recommendations that Government consider facilitating the exchange of technical information between the space insurance and satellite industries, for example, by negotiating waivers to US restrictions on the transfer of satellite technical information with defence applications; giving consideration to inviting a broad range of satellite companies to discuss their requirements with the Island's insurance sector, and assisting with the development of local expertise.

They also included separating launch insurance from the insurance of in-orbit operation, aggregating insurance coverage across whole satellite fleets or subsets of fleets, improving dialogue between experts in satellite operational matters and underwriters, and considering more flexible use of captives by satellite operators.