Bermuda's Ministry of Economy and Labour highlights 150bn gross premiums written and diversification priorities at Bermuda Risk Summit

Bermuda's Ministry of Economy and Labour published remarks by Minister Jason Hayward from the Bermuda Risk Summit 2025, outlining recent economic performance, the scale of Bermuda’s insurance and reinsurance market, and the Government’s priorities for economic diversification alongside support for international business. The Minister cited average year-on-year growth of over 5% since the pandemic and said international business, real estate, and financial services account for 58% of economic activity. He described insurance and reinsurance as contributing 2 billion in value-added, representing 29% of total real GDP, and reported 150 billion in gross premiums written with coverage extending to more than 150 countries, with a focus on catastrophe and climate-related insurance. Diversification priorities included InsurTech, fintech, digital assets, and the green and blue economy, supported by “regulatory excellence” through the Bermuda Monetary Authority, as well as initiatives spanning youth employment and internships, Finance to Fintech, the Bermuda Coders Initiative, immigration process improvements, infrastructure investment, and an Approved Hamilton Residential scheme certificate intended to add housing capacity in the City of Hamilton.