What’s Next for Bermuda

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What’s Next for Bermuda

Minister of Finance and BDA Deputy Chair Discuss What’s Next for Bermuda

Hamilton, Bermuda, August 9, 2021 — The Bermuda Business Development Agency’s (BDA) first Bermuda Angle Webinar is now available on the BDA’s YouTube channel.

Top takeaways from this virtual event, viewed by over 100 registrants on July 21, included Bermuda’s Minister of Finance, the Hon. Curtis L. Dickinson, JP, MP, and BDA Deputy Chair, Susan Pateras, discussing how Bermuda is set to become the world’s climate risk finance capital.

“Bermuda is known as being the world’s risk capital and we have a large number of insurance and reinsurance companies here who operate out of Bermuda,” Minister Dickinson said. “Many of these companies, especially in the Property & Casualty (P&C) space, provide coverage for catastrophes all over the world. Climate risk is a natural extension.” 

For example, it was recently announced that Bermuda (re)insurers may end up incurring as much as 20% of the industry losses from Winter Storm Uri, which wreaked havoc in the southern region of the US, particularly Texas, in February 2021.

In relation to a proposed global minimum corporate tax, the Minister said, “We have seen recently, developments at the Organisation for Economic Co-operation and Development (OECD) with respect to global tax. That, of course, is in a fairly early stage and what the final product of that exercise will be, is yet to be determined. We will continue our advocacy with respect to how we think this should be done in a way that makes sense, without creating any undue harm.”

The next edition of the Bermuda Angle Webinar Series, discussing climate risk finance, will air in September 2021. The moderator will be BDA Chair, Stephen Weinstein and will feature panellists from the Association of Bermuda Insurers and Reinsurers (ABIR), Alternative Investment Management Association Limited (AIMA) Bermuda and the Bermuda Monetary Authority (BMA). Click here to register.

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