Representatives of Bermuda's health insurance industry last night urged the public to live healthier lives in order to drive down insurance rates.

The recommendation was made by a panel of insurance company executives, doctors and experts in the field of health insurance at a meeting organised by the Bermuda Industrial Union last night.

The meeting was held at the Heritage Worship Centre on Dundonald Street and was attended by approximately 50 union members, employers and concerned members of the public.

Each panellist was given four minutes to talk before the floor was opened up to questions from the public.

William Madeiros, vice president and general manager of the Freisenbruch-Meyer Group said that the whole of Bermuda has a role to play in lowering insurance costs.

"I have no doubt that insurance companies, Government, health care providers and a number of other entities all have a role to play," he said. "Having said that, where do we as individuals take responsibility for our own health? Sometimes we drink like fish, smoke like chimneys and eat like wild beasts and expect no consequences. But when something goes wrong we expect to be flown to the world's best hospitals and be seen by the world's best specialists. This, ladies and gentleman, all leads to a very expensive proposition, and now, if by surprise, we are challenged by the costs associated."

Mr. Madeiros went on to say that the more a person pays for insurance, the better the service is, adding: "I would respectfully suggest that in business and in life – you get what you pay for."

Other panellists echoed Mr. Madeiros remarks including general practitioner Dr. Burton Butterfield.

"If you want the very best you must be prepared to pay for it," he said.

Linda Merritt, Chair of the Bermuda Health Council, who's mission is to "regulate, coordinate and enhance health care in Bermuda" said she sees a lack of empathy in Insurance companies.

"You have told us to drink water and stay fit but that doesn't stop our premiums from going up every year," she said. "I am not hearing any empathy. Where is the innovation in your industry, where are the new products?"

Allan Peacock, of Colonial Insurance, claimed that the insurance industry is working to lower costs but once again reiterated personal responsibility.

"We are working very hard with overseas partners to lower costs," he said. "Costs are not controlled by insurance companies. It is our job to support you in paying claims."

After being accused by a member of the public of being in business solely to make a profit, the insurance representatives emphasised the fact that a business cannot operate properly if not making a profit.

"Profit runs Bermuda," said Gerald Simons, CEO of Argus Insurance. "Everybody needs money and the drive for profit leads to greater efficiency in insurance – profit gives us a choice. There is only one thing worse than a profitable insurance company – one that is not profitable."

In response to this, one member of the public implied that the system is unbalanced.

"This all sounds like we should not ask what the insurance company can do for us, but what we can do for the insurance company," he said.

But despite a concrete conclusion to the meeting, Jennifer Attride-Sterling of the Bermuda Health Council dubbed the evening a success.

"I was pleased to see the cohesion and willingness to be open from the insurance companies," she said. "We need to see this as the beginning of the path to reform. We need to look at the structure of the industry to see how we can make it more efficient and equitable."

William Madeiros echoed Ms. Attride-Sterling statement.

"The BIU needs to be lauded for organising this meeting," he said. "The next challenge is really getting people around the table to come up with an action plan. Someone needs to say 'this is the way forward'."