BILTIR: Economic & Social Benefits For Bermuda
Bermuda International Long Term Insurers and Reinsurers [BILTIR] has produced a Fact Sheet showing the “widespread economic and social benefits which the organisation brings to Bermuda.
A spokesperson said, “BILTIR Fact Sheet highlights:
- The Bermuda life re/insurance sector companies hold $667 billion of assets under management
- BILTIR member companies contribute $500 million in direct and indirect expenditure to the Bermuda’s economy
- The life sector employs more than 600 Bermuda-based staff, 60% of whom are Bermudian or spouse of a Bermudian
- BILTIR members contributed more than $4 million to community causes in 2020 and supported more than 50 charitable initiatives, embracing corporate social responsibility and community engagement
“BILTIR, which represents 63 life sector companies, celebrates its 10th anniversary this year. The association was established in 2011 with five founding members and now has 63 members comprising of re/insurance companies and service providers.”
Chart extracted from the document
Sylvia Oliveira, Chair of BILTIR, said: “Life insurance provides security to families in the event of untimely death or disability, and during retirement. As such, a stable, prudent domicile is critically important to the life sector, and the Bermuda jurisdiction provides the long-term robust protection that allows our sector to thrive.
“BILTIR is pleased to support and advocate for the life sector as it continues to grow in Bermuda. I’m especially proud of the positive contributions BILTIR and its members make to Bermuda’s community, in particular the education initiatives.”
Martin Laframboise, Executive Director of BILTIR, said: “Combined with NAIC reciprocal jurisdiction recognition and Solvency II equivalence that puts Bermuda’s strong risk-based regulations in line with international standards and the protection that affords the ultimate policyholder, companies electing to domicile in Bermuda, are benefiting from that growth.
“Thanks also to BILTIR’s contribution over the last 10 years in the sector to advocate for its members on industry developments,” the organisation added. “The BILTIR Fact Sheet was based on research by KPMG Bermuda on the impact of BILTIR members on the Bermuda economy.”
The BILTIR Fact Sheet follows below [PDF here]:
This needs to be in everyone’s mailbox, email inbox, on the back of buses (if they run).
It’s extraordinary, however, that this needs to be spelled out. Just imagine how much bigger these numbers would be if we hadn’t endured 20 years of PLP xenophobia and the demonising of expatriates and “International Business”. Just think of how our ability to pay down the PLP induced debt would be with an extra 5000 jobs here.