Minister Speaks At Bermuda Risk Summit
Minister of Economy and Labour Jason Hayward highlighted Bermuda’s economic growth, leadership in global insurance, and plans for diversification during a Seaside Chat at the Bermuda Risk Summit 2025.
A Government spokesperson said, “On Monday, March 10, the Minister of Economy and Labour, Jason Hayward participated in a Seaside Chat at the Bermuda Risk Summit 2025, highlighting Bermuda’s robust economic growth, leadership in the global insurance industry, and strategic plans for economic diversification.
“During the discussion, Minister Hayward emphasized Bermuda’s strong and resilient economy, which has experienced an average of over 5% year-over-year growth since the pandemic. He noted that Bermuda remains one of the fastest-growing economies in the Latin American and Caribbean region, and against that backdrop, international business, real estate, and financial services collectively account for 58% of the island’s economic activity.”
“Bermuda’s insurance and reinsurance sector is a cornerstone of our economy, contributing $2 billion in value-added, representing 29% of our total real GDP,” Minister Hayward stated. “With $150 billion in gross premiums written and coverage extending to over 150 countries, Bermuda remains a trusted partner in global risk management, particularly in catastrophe and climate-related insurance.”
The Government spokesperson said, “The Minister outlined his vision for continued economic growth and diversification, highlighting opportunities in InsurTech, fintech, digital assets, as well as our green and blue economy. He emphasized the Government’s commitment to regulatory excellence through the Bermuda Monetary Authority [BMA], which maintains a robust yet agile regulatory framework that fosters innovation while ensuring market stability.
“In the face of global competition, Bermuda must continue to ensure that industry is supported as it innovates and progresses. The Minister noted that the business ecosystem provided in Bermuda is appreciated by the company leaders he meets with, and leaders in African nations have taken note and will seek to emulate our success. It is for us to work together – government, business and the regulator – to ensure that success is sustained and grows.
“Minister Hayward also addressed the importance of public-private collaboration in attracting foreign direct investment [FDI] and ensuring Bermuda remains an attractive destination for international business. He discussed initiatives such as youth employment and internship programs, the Finance to Fintech program, and the Bermuda Coders Initiative, all aimed at equipping Bermudians with the skills needed for a dynamic and evolving economy.
“Additionally, the Minister underscored the Government’s commitment to improving immigration processes and investing in infrastructure to support international business. Minister Hayward noted that the first certificate for an Approved Hamilton Residential scheme was being issued, which will add to the housing available in the City of Hamilton, but the government’s investment in housing developments will continue. He highlighted ongoing efforts to strengthen strategic partnerships, maintain Bermuda’s competitive edge in the insurance industry, and promote the island as a premier hub for risk transfer solutions.”
Minister Hayward concluded, “I am confident in the future of Bermuda’s economy and our ability to maintain our leadership in the global insurance industry. By leveraging our strengths in insurance, financial services, and technology, we will drive sustainable growth and innovation, ensuring Bermuda remains at the forefront of global risk solutions.”
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Pity Bermuda and the regular Bermudians who will be crushed by the unrestricted expansion of IB and expats. Grand Atlantic built at $1.5m per unit using taxpayer money and no doubt more such disasters if they try to build more “affordable” housing that are marketed to expats.
This is what Bermudians want.
I do not agree that it is what we “want”, but I accept that it is the result of the last general election.
“Jason Hayward highlighted Bermuda’s economic growth”
Dear Minister, just last week you announced that our economy has contracted (“the economy tapered by an estimated 1.1 per cent year-over-year”). See https://bernews.com/2025/03/minister-q3-2024-gdp-economic-performance/
Economic contraction is NOT the same thing as economic growth. In fact, economic contraction is the opposite economic growth. I can recommend a few beginner’s books on economics if it would help.