Biltir praises Government’s ‘decisive actions’
One of Bermuda's leading insurance industry bodies has praised the “decisive and compassionate actions” of the Government under the leadership of David Burt, during the Covid-19 pandemic.
It has also donated from its contingency fund to the Bermuda Hospitals Board and to charities helping families during the current health emergency.
In a letter to the Premier, the Bermuda International Long Term Insurers and Reinsurers' executive director Ronald Klein, on Friday, said: “The Biltir board is extremely impressed with the leadership and compassion shown by the Bermuda Government under your leadership during these trying times. Biltir members support your actions and have been complying with the spirit and letter of Government recommendations and requirements.
“During an emergency meeting earlier today, the Biltir board agreed to donate a very large percentage of its contingency reserve to the Bermuda Hospitals Board and local charities with the goal of helping families through these tough times.
“Life insurers and reinsurers protect against the financial hardships caused by premature death, disability and outliving one's retirement assets. It is at exactly times like these when life insurance becomes important. We support our millions of respective policyholders and now we would like to support the families in our local community.”
Mr Klein added: “Biltir looks forward to working with the Bermuda Government at its highest levels and helping in any way possible to mitigate the health and financial anguish caused by this pandemic.”
The letter was referenced by Mr Burt during his address to the nation on Friday.
The organisation's board said it hoped that its members, policyholders and the entire Bermuda community are healthy and safe, and that “if any are ill, we wish them a speedy recovery”.
In a statement it said: “It is during times like these when the importance of life insurance is highlighted. Life insurers and reinsurers protect families from the financial consequences of premature death or disability. Biltir members continue to serve their policyholders and clients well during these difficult times by ensuring members' businesses remain strong.”
To support its members companies, the association said it will work the Bermuda Monetary Authority and other Bermuda government agencies to safeguard their ability to conduct business during these difficult times.
Biltir said: “The life insurance and reinsurance industries must remain resilient to robustly support policyholders, cedants and local employees. As such, Biltir requested that the insurance industry be deemed as an essential service, and government has agreed to this request.
“In times like this, associations can be seen like family, who comfort and help each other. Biltir members should contact their board of directors or executive director with any question or issues, and Biltir will seek to assist members wherever possible. The strong collaborative relationships Biltir has forged, both within its membership and with the Bermuda's government and regulator, can provide support to each other in times of need.”
It added that Biltir members are urged to continue to follow the Government's guidelines and to keep in close contact with Biltir.