News Release: HAMILTON, Bermuda – The Minister of Economy & Labour, Jason Hayward, today congratulated the Bermuda Business Development Agency (BDA) on holding its second annual Bermuda Risk Summit on March 6-8, 2023.

The 2023 Bermuda Risk Summit attracted 450 attendees, including 150 from overseas, and the short-term economic impact, including lodging, transportation, food and beverage, retail, and recreation, was estimated at $1.8 million, supporting 266 jobs. This $1.8 million includes approximately 100+ additional visitors who flew to Bermuda for business meetings or ancillary events taking place this week around the Bermuda Risk Summit.

Minister Hayward said: “I wish to congratulate the BDA and its hard-working staff for organising another great event. The BDA’s inaugural event, held on March 14-16, 2022, attracted 350 delegates, 80 from overseas. The BDA and its partners are genuinely doing a yeoman’s service for the local economy by continuing to build out this annual event in every measurable way.” 

“I was fortunate to attend and give remarks at this year’s event and inform this essential gathering of senior business leaders that the Ministry of Economy and Labour remains committed to International Business.

“Coined the world’s risk capital, Bermuda’s insurance and reinsurance sectors are significant to the local economy and critical to the global economy. We want to keep it that way.

“Bermuda is the single most crucial property and catastrophe market in the world and one of the largest reinsurance hubs in the world, alongside London and New York. The island’s insurance risk services account for as much as a third of the world’s reinsurance capacity. Countries and international corporations have relied on Bermuda’s reinsurance services to cover their liabilities for over 50 years, covering billions in losses after significant wildfires, hurricanes and other natural disasters, helping communities to get back up and running.

“I thank all the sponsors and everyone who came to Bermuda to participate in or conduct business around the event.”