ABIR Sponsors Foundational Insurance Course

December 12, 2023 | 0 Comments

For the fourth successive year, the Association of Bermuda Insurers and Reinsurers [ABIR] will sponsor a foundational course providing students and the Bermudian public with free access to education about Bermuda’s re/insurance industry.

A spokesperson said, “ABIR is once again partnering with Bermuda College and the Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science at St. John’s University, New York to offer the Special Topics in Insurance programme.

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“The online course is designed to give participants a foundational knowledge of the Bermuda’s world-class re/insurance sector and to provide a stepping stone towards a career in the industry.

“The series of lectures will be delivered via Zoom each Monday evening between 6pm and 8pm Atlantic, starting on January 15, 2024. The sessions will feature presentations by St. John’s University faculty and re/insurance executives from ABIR member companies.

“Topics covered by the course include the history and evolution of Bermuda’s re/insurance industry and its economic significance. Areas of focus include climate risk and Bermuda’s leading position in providing natural catastrophe reinsurance, Bermuda’s growing legacy run-off industry, life and annuities, collateralised reinsurance, captive insurance and Bermuda’s world-class regulatory framework.

“Prospective participants can sign up for individual sessions, depending on their area of interest, or register for the full course at the Bermuda College website [www.college.bm], free of charge courtesy of ABIR. The course also serves as a strong foundation for students considering application for a summer internship with one of Bermuda’s leading insurers & reinsurers. In 2023, ABIR member companies sponsored a record 103 paid internships for Bermuda students.”

John Huff, ABIR’s President and CEO, said: “ABIR sponsorship of this course is an important part of our members’ commitment to building a diverse and inclusive workforce. By helping young Bermudians to understand this global industry on their doorstep and the possibilities it offers for them, it will help to attract the next generation of Bermudian leaders.

“We are pleased to partner with Bermuda College and St. John’s University once more and we are immensely grateful to the numerous volunteer presenters from ABIR member companies, who give generously of their time to share their knowledge. I’m hopeful we can attract similar levels of interest and enthusiasm as we saw in the course’s first three years.”

Nikkita Scott, Acting Vice President of Academic and Student Affairs at Bermuda College, said: “This collaborative effort continues to give our students the gift of exposure to what many of us consider the mysterious landscape of re/insurance. Beyond the credit earned, our student participants have been empowered to enhance their professional networks as they operate with a confidence founded on real-world knowledge.

“We continue to have a deep appreciation for the partnership with ABIR which has afforded the opportunity to create dynamic learning experiences for our students and the enrichment of our community.”

Dr. Mark Browne, Faculty Chair of the Greenberg School of Risk Management at St. John’s University, said: “St. John’s University’s Greenberg School of Risk Management is delighted to again partner with ABIR and Bermuda College as they advance educational opportunities for those who will become the next generation of leaders in Bermuda’s insurance and reinsurance sector. They all embody the values of ABIR, Bermuda College and St. John’s.”

“The course is aimed not only at college students interested in a career in re/insurance, but also high school students exploring options for further education, career shifters considering a move into re/insurance and members of the public interested in knowing more about the industry. In the first three years, some industry professionals also enrolled.

Craig Simmons, senior lecturer at Bermuda College and the course facilitator, said: “The course will clarify and make accessible the role of international business and re/insurance more specifically in Bermuda.

“Students will get a bird’s eye view of the global reach and role that locally produced re/insurance plays in safeguarding the welfare of people from around the world.

“The course is suitable for secondary school and college students, their teachers and professors, people working in the private and public sectors, and especially those in the re/insurance sector wanting to know what’s going on next door.”

A spokesperson said, “In 2022, ABIR member companies employed 1,585 full-time staff in Bermuda, of which 1,103 [70%] were Bermudians, spouses of Bermudians, or permanent resident’s certificate holders.

“Further training and development of a strong local workforce in Bermuda is a priority for ABIR members, who provided work experience to 103 paid summer Bermudian student interns this year and invested more than $1.1 million in scholarships for Bermudian students in 2022.”

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