ABIR Comments on Bermuda’s 2018-2019 Budget
Hamilton, Bermuda (February 20, 2018) – The Association of Bermuda Insurers and Reinsurers (ABIR) is encouraged by the Bermuda government’s 2018-2019 proposed budget priorities around growing the economy and, by extension, jobs, by developing FinTech and encouraging international investment, as well as by holding the line on payroll taxes. These initiatives signal efforts to enhance Bermuda’s leadership in the global marketplace by broadening and diversifying the economy and ensuring Bermuda’s continued competitiveness.
In his first budget as Premier and Minister of Finance David Burt announced the Government has commenced discussions on the development of the world’s first, Global Risk Management Digital Market in Bermuda. This initiative is proposed to support the Government’s FinTech ambitions and the establishment of a smart island innovation lab. The lab is expected to attract and support entrepreneurs, innovation, new business ventures, growth opportunities and job creation.
The Government of Bermuda has also announced that it aims to stimulate investment in the economy and attract foreign investment by reforming the current laws that limit foreign ownership of businesses to just 40 percent.
“The Bermuda insurance market is interested in working with the Bermuda government to leverage the opportunities in technology and international investment to build upon the growth of Bermuda’s global insurance market,” commented ABIR President and CEO John Huff.
ABIR Chair Kevin O’Donnell said, “ABIR is pleased to see that Bermuda’s government is reducing barriers to trade and foreign investment and encouraging employment growth in its world class international business sector.”
“Bermuda government’s commitment to strengthening the Bermuda economy, reducing the government’s debt, and holding the line on payroll taxes will help ensure Bermuda remains a competitive job market in an increasingly connected, international marketplace” O’Donnell added.
About ABIR: The Association of Bermuda Insurers and Reinsurers (ABIR) represents the public-policy interests of Bermuda’s international property and casualty insurers and reinsurers that protect consumers around the world. With headquarters and operations in Bermuda and with operating subsidiaries in the United States and Europe, these carriers do business in more than 150 countries. ABIR members employ nearly 53,000 people around the globe, including more than 26,000 employees in the US, over 1,600 in Bermuda, more than 10,000 in Europe, and nearly 8,000 in Asia and Oceana. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.