Bermuda could become an exporter of life insurance expertise, says the executive director of an island-based insurance industry body.

Ronnie Klein, executive director of the Bermuda International Long Term Insurers and Reinsurers organisation, was inviting students to apply for a ten-week summer internship with a member company.

Biltir represents the island’s long-term insurers and reinsurers who provide life and annuity products.

Mr Klein said: “The summer intern programme is just one of the initiatives that Biltir engages in to assist local youth to learn about the life insurance industry.

“Our midterm goal is for Bermuda to be an exporter of insurance and actuarial talent instead of an importer. If the growth of Biltir’s summer intern programme is any indication, we will achieve our goal.”

The number of interns has grown from ten when the programme launched in 2017, to 18 last year, the organisation said.

The programme is open to Bermudians and the children of permanent resident’s certificate holders who are attending college or university to study a business-related subject.

Biltir said the paid interns will get hands-on experience of how the life insurance and reinsurance sectors work as well as learning about their products. Placements include roles in accounting, actuarial, finance, operations and investments.

The programme, which begins on June 16, also consists of weekly lunch-and-learn sessions hosted by participating member companies as well as two networking events.

Biltir said the sector is booming; in 2019, the number of member companies grew from 55 to 61, a membership increase of 11 per cent.

By the end of 2018, the organisation said, assets managed by the long-term industry in Bermuda reached nearly $500 billion, with a large majority of them managed by Biltir members.

Biltir said member companies employ 540 people in Bermuda, and they contribute more than $200 million in direct expenditure each year.

The organisation said that companies taking part in the internship programme will vet, interview and select the applicants.

Students can apply for the programme through the Biltir website at www.biltir.bm