ABIR celebrates 30 year anniversary
The Association of Bermuda International Insurers and Reinsurers (ABIR) has celebrated 30 years of partnership and leadership at the ABIR@30 Lunch Forum.
An audience of industry participants, regulators, representatives of supporting industries, politicians and dignitaries witnessed presentations from ABIR’s key partners highlighting the Bermuda re/insurance market’s development, its value to Bermuda and its role in underpinning the global economy.
Among the guest speakers at the event in the Hamilton Princess hotel was David Burt, the Premier of Bermuda, who reflected on “the collective spirit, innovation and collaboration that makes Bermuda’s insurance industry second to none.”
Premier Burt said: “Every major innovation in insurance that has happened in the last 30 years has happened here in Bermuda. And I'm confident that through the continued partnership between ABIR, the government, our regulator, and everyone in this room today, the next 30 years we will be just as innovative.
“What was once a sector with single-digit Bermudian representation has now evolved into one where Bermudians, their spouses and PRCs make up nearly 70 percent of the workforce. That is incredible growth. That is something that should be applauded, because it doesn’t happen by accident.”
Hannah Gurga, chief executive of the Association of British Insurers (ABI), spoke of the longstanding partnership between the Bermuda and London markets. Bermuda companies today represent 44 percent of the Lloyd’s of London market’s capital. And she referred to the Memorandum of Understanding (MoU) that ABIR and the ABI signed.
“Our MoU means that we can learn from each other, share best practice, and, together, do all that we can to make sure it’s a vibrant, world-lifting industry,” Gurga said.
Gurga also spoke about cyber risk, one of the fastest-growing specialty lines in the Bermuda re/insurance market, and cited projections that by 2031, ransomware is expected to cost businesses more than $265 billion annually. She called for the industry not to step back, but to work together in finding solutions.