The America’s Cup will generate significant extra business for its official healthcare provider BF&M — and the insurer’s boss says the Island needs to grasp this unique opportunity to ensure the whole community benefits from it for years after the sailors have gone home.

John Wight said the world’s most prestigious sailing competition was probably “the biggest event Bermuda will ever host” and the BF&M chief executive officer added that it presented a huge opportunity for the Island to relaunch its tourism industry.

“There is no other event globally that can put the spotlight on Bermuda as hosting the America’s Cup can,” Mr Wight told The Royal Gazette.

As a tiny Island with a population of about 60,000 people, Bermuda did not have the infrastructure to host any other sporting event with such global appeal, he said.

“We will have hundreds of millions of people globally viewing Bermuda in 2017 for the finals and for the lead-up to the finals,” Mr Wight said. “As Bermuda’s success depends upon a strong tourism product, if we can all work together to ensure its success, the financial benefits to Bermuda will be felt not just between now and the end of 2017 but even more importantly beyond 2017.

“The initial focus in the four months or so since we got the news of Bermuda’s selection as host has been on how we get prepared for the event.

“But I think that a dialogue has to take place before 2017 about the America’s Cup legacy that Bermuda wants to realise. It’s a discussion for all of Bermuda to have.”

He said discussion around the economy had been much more positive since the America’s Cup venue announcement last December. “There is no question there will be benefits for every sector of the community, we just need to work collaboratively to make the most of the opportunity,” Mr Wight said.

The event represented a unique chance to showcase the Island’s tourism product and raise awareness of Bermuda’s beauty around the world, he added.

The 112-year-old insurer overcame the challenge of local rivals to be selected as the official healthcare insurer for Oracle Team USA as well as the 35th America’s Cup itself.

Mr Wight said although it was not yet certain how many teams would be participating, the number of new policyholders BF&M would gain from their affiliation with the event would run into the hundreds.

The opportunities go beyond medical coverage as some of those connected with the America’s Cup will also be seeking other types of coverage, such as auto and boat insurance, he added.

“We view the America’s Cup selection of BF&M as an independent validation of the high level of services that demanding groups of customers require of their health insurer,” Mr Wight said. “As you can imagine, sailing teams consist of world-class athletes with high expectations for medical coverage and services.”

The insurer has gone a step further by signing up as a sponsor of the America’s Cup, joining a host of global brands. The value of the deal cannot be disclosed under the terms of the contract.

“As we were selected as the healthcare provider to the event, and because this is the biggest event Bermuda will ever host, we wanted to give something back,” Mr Wight said. “For us, it was a natural extension. It will allow for some corporate hospitality opportunities for policyholders to engage with some prominent people who will be here for the America’s Cup.

“All in all, we’re very excited to be partnering with the America’s Cup Event Authority and the Oracle Team USA for what promises to be a very special event for our Island as we enter the world stage.”