At the opening of the Association of Bermuda Insurers and Reinsurers Risk Forum at the Hamilton Princess Hotel & Beach Club, Bermuda’s Governor Andrew Murdoch underscored Bermuda’s enduring role as a global hub for risk management.

He told a room of senior executives and regulators that Bermuda was in a unique position in the global market, particularly as it navigates a period defined by rapid geopolitical and economic shifts.

On the island for just over a year, he said he had discovered a Bermuda market that stands apart from its peers.

He said: “It stands apart not only because of its market, scale, and sophistication, but in my view, because of a mindset.

“The mindset of Bermudians, as I've come to learn and appreciate, together with those who work here, is key.”

He said: “Bermuda's size allows it to act with thoughtful regulatory agility. And at a time when the world is confronting unprecedented volatility and increasingly complex risks, few places are better equipped to create the innovative solutions to the challenges facing communities, businesses, and families.

“So during my time as governor, I've seen how Bermuda brings together the very best actuarial, legal underwriting, and risk management, expertise from around the globe. And certainly when I'm talking back to government and others, I do make that pitch and I do it sincerely because I think it is true.

“Talent does not operate in isolation. It works collaboratively across institutions and disciplines, forming a cohesive, trusted market that responds quickly to emerging challenges.

“So Bermuda has a unique opportunity, and I would suggest a responsibility to harness its adaptive spirit and channel it into leadership on the most pressing issues facing its sector. And nowhere is that leadership needed more urgently than in addressing the global protection gap, particularly as it relates to climate and resilience.”

He said while reinsurance has a critical role to play in this endeavour, it is not just an industry challenge, but a societal imperative.

He continued: “I think Bermuda is uniquely positioned to lead. Through innovative risk, transfer solutions, public, private partnerships, parametric, products, catastrophe bonds, and capital market engagement.

“Bermuda's market is, I know, already helping to extend protection to unserved regions and vulnerable communities.

“The island's ability to mobilise capital quickly after major loss events, and there's a good track record on that, demonstrates that where it's possible, expertise, trust, and speed can come together to create that coverage.

“But more needs to be done. And I know this sentiment is shared by those here, today. Parametric 2.0 and other products and partnerships do need creating and as part of that response to deal with these global challenges. And I know that people in this room will be at the forefront of that innovation. It is exciting as a challenge in itself.”