Financial Policy Council Holds 29th Meeting
The Financial Policy Council held its 29th meeting on July 24th.
A spokesperson said, “All FPC Members participated in the meeting in person at the Bermuda Monetary Authority.
“The meeting hosted the First Roundtable with the Bermuda-based international commercial property and casualty insurance sector, which benefitted from the participation of senior members of Bermuda International Association of Bermuda Insurers and Reinsurers [ABIR], the formal association representing the sector in Bermuda.
“The purpose of the Roundtables is to address specific sectoral risks and opportunities facing Bermuda in a complex and fast-moving international context, and to foster mutual understanding on issues of concern to both insurers and government. At the Roundtable, participants discussed a wide range of matters, including the role played by Bermuda-based insurers in addressing the protection gap in both developed and emerging economies, developments in critical lines of business like cyber risk and political risk cover and the expected impact of new technologies. The Roundtable also discussed how the uncertainties emerging from the current geopolitical environment affect the sector. ABIR and FPC members agreed on the value of maintaining open and fluid dialogue and looked forward to holding more Roundtables in the future.
“FPC members discussed the island-wide impact of the current geopolitical environment, examining potential financial stability risks faced by Bermuda, and focusing on strengthening the overall island’s resilience.
“FPC Members also discussed recent regulatory and supervisory developments in Bermuda’s international [re]insurance sector. FPC members assessed the impact of recent enhancements to Bermuda’s framework for life reinsurers, including the current sector-wide stress test exercise being carried out by BMA. Members examined the role played by Bermuda-based long-term insurers in addressing the protection gap brought about by demographic and socio-economic developments, as well as the risks faced by the sector in the current uncertain economic and geopolitical environment.
“FPC Members also addressed Bermuda’s plans for crisis management, recovery and resolution in the banking and insurance sectors. Particular attention was paid to strengthening collaboration and coordination among key stakeholders in this regard i.e. Ministry of Finance, BMA and Bermuda Deposit Insurance Corporation [BDIC]. FPC Members’ advice included ensuring effective preparedness in order to move quickly to contain a crisis.
“FPC Members reviewed key risks to Bermuda’s financial stability. They discussed a wide range of issues, including recent developments in the area of international tax.
“The next formal meeting of the FPC, its 30th, is scheduled to take place on Thursday 4th December 2025.”
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