Having weathered Covid-19 through a timely and effective containment strategy, followed by an extensive vaccination programme, Bermuda is set to follow a successful 2020 with a stellar 2021. Renowned for its culture of innovation as well as its rock-solid regulatory frameworks, Bermuda is perfectly poised to consolidate its position at the cutting edge of an era of global transformation.
Insurance and re-insurance
Not for nothing is Bermuda known as the world capital of risk.
Bermuda has been offering speciality insurance support to a global audience for over 70 years, and all the big names in global reinsurance and speciality insurance have a presence there. It is one of only three countries that have been deemed equivalent to Europe in terms of insurance oversight and regulation – the other two being Switzerland and Japan – while last year the National Association of Insurance Commissioners in the United States listed Bermuda as a reciprocal jurisdiction.
ILS is a particular area of expertise for Bermuda, which has supported the development of this asset class. Bermuda is also distinguished by its commitment to innovation. The nation is the Silicon Valley for the insurance sector: it is host to the key players, the seeds and the service providers.
Digital assets and fintech
Digital assets and the surrounding technologies are powering the next wave of financial services. Since being elected in 2017, Premier Edward Burt’s priority has been making Bermuda a world leader in the fintech space.
Bermuda’s proximity to key markets and culture of innovation combine to make it extremely attractive to leading blue chip companies. In 2018 the Bermuda Monetary Authority (BMA) promulgated two sets of solid regulatory legislation which speaks to the licensing of digital asset platforms and the operational procedures they should follow, paving the way for an ongoing boom in the space.
Meanwhile, BMA’s regulatory sandbox and innovation hub allow tech developers to come to Bermuda to test new methods and technologies before they venture into the marketplace, ensuring that the nation is at the forefront in the latest developments in fintech.
Digital nomads and roving entrepreneurs
An hour and a half’s flight from New York, Bermuda is an increasingly popular destination for a new generation of digital nomads and remote entrepreneurs. As well as a range of lifestyle benefits, Bermuda has peerless ICT infrastructure: it is one of the few countries in the world that can boast the ability to run fibre into every single one of its homes.
In August 2020, to assist the millions of people transitioning to a remote work environment, the government and Bermuda Tourism Authority launched the Work from Bermuda Digital Nomads one-year residency permit; there have so far been nearly 700 applications, of which some 600 have been approved.