Africa could be a new horizon for Bermuda’s captive insurance market, according to Jason Hayward, the Minister of Economy and Labour.

“When I look at the Bermuda Monetary Authority’s annual report, I see that there is a lack of coverage on the continent of Africa,” Mr Hayward said. “It is probably where we do our least amount of business, but it presents great levels of opportunity.”

Opening the second day of the Bermuda Captive Conference, Mr Hayward recalled speaking with Zambians at the 2025 Global Entrepreneurship Congress in Indianapolis, Indiana, last week.

The group told him about the country’s insurance struggles.

“Their leading industry is copper mining,” the minister said. “They explained to me the challenges the mining industry was facing with a lack of risk coverage. They also have emerging industry in agriculture, such as barley production.”

Landlocked Zambia sits at the crossroads of Central, Southern and East Africa. Hunger is on the rise there owing to a severe drought. Climate change, and the El Niño weather pattern, have caused massive crop failures in staples such as maize for half of the nation’s planted land.

The Zambians were interested in further conversations with Bermuda.

Mr Hayward promised that when Bermuda’s economic co-operation committees were formed, they would discuss how the island could help Zambia achieve needed risk coverage.

The minister said the world is shifting from climate volatility and geopolitical tensions to technology disruptions and regulatory change.

“Risk is no longer what we consider to be linear,” he said. “It is dynamic, fast-moving and interconnected.”

It is no longer enough for captives to be responsive; they must also be proactive, strategic and digitally enhanced, he said.

Mr Hayward added that Bermuda is uniquely equipped to lead in that transformation.

“We have already incorporated artificial intelligence into enhancing underwriting,” he said. “We are already deploying parametric tools to fill protection gaps, and enabling ESG-aligned, enterprise-wide resilience.”

He praised the Bermuda Captive Conference for serving as a platform for global dialogue.

“With over 65 speakers and 15 sessions, with topics such as spending, geopolitical risk, regulatory updates, climate resilience and emerging markets, like Latin America, this conference offers the kind of real-time, real-world insight the captive industry need,” he said.

The conference continues at the Hamilton Princess & Beach Club.