One of the keys to keeping international insurance industry jobs in Bermuda is to show “more red carpet and less red tape” in order to attract and keep job creators on the Island, according to PricewaterhouseCoopers partner Caroline Foulger.Global companies have a wide choice of where to locate their top executives and the support staff jobs that go with them, Ms Foulger said in an interview yesterday.Giving business leaders as few reasons as possible to consider a move elsewhere was critical to keeping jobs and companies on the Island, she added.“If the C suite is happy, then a great deal else flows from that,” said Ms Foulger, whose role as PWC’s insurance and reinsurance leader brings her into regular contact with industry leaders.She cited hypothetical examples which can contribute to low level dissatisfaction which can eventually have a larger effect, such as the importance of obtaining a work permit for a nanny who had been with an executive’s children for several years, and the amount of time an executive might spend getting through formalities at the airport. These could potentially end up being one of the factors, all else being equal, that influence decisions on where company leaders are based.“There are job creators and job executors,” Ms Foulger said. “And it’s the job creators Bermuda has got to focus on more specifically. We need to give them as few reasons as possible to think that moving elsewhere could be a good idea - as has been said by others ‘more red carpet and less red tape’.” Several Bermuda market players have moved their corporate domiciles to Europe in recent years, including Ace, XL, Flagstone and Allied World, but Ms Foulger said redomestications were slowing down.Companies that had moved had been concerned by the potential for changes in tax policy in the US, she said. Firms felt more “tax certainty” in having their headquarters in countries that had a tax treaty in force with the US, which Bermuda does not, and had more freedom to locate senior executives in the US.Any everyday complications for a Bermuda-based CEOcould make redomestication to Switzerland or Ireland seem attractive, as a way of enabling the boss to move to the US.However, some internal Bermuda concerns had lessened in recent times, she said. “The change in Premiership sent a strong, positive message to business, and Premier Cox is engaging much more with business leaders,” Ms Foulger said.“Finding school places is not the challenge it was and housing is also much easier to find than it was a few years ago.“However street crime is now a prominent concern. It is of course also an issue in other locations, such as London, New York and Zurich, however, the impact is more apparent in Bermuda for two reasons.“Firstly, it’s quite a recent phenomenon for Bermuda to be facing, so it receives substantial media focus which heightens awareness, and secondly, we are a small community with everyone living close to each other, so an executive and or their family will likely be living or working close to an area where crime takes place which causes much more focus.”Ms Foulger and Andrew Smith, of PWC’s regulatory advisory team, were talking about the “Insurance Banana Skins 2011” survey, produced by the Centre for the Study of Financial Innovation, in association with PWC.The global survey, carried out in March and April this year, highlighted the main risks cited by nearly 500 respondents, including industry participants, regulators and observers.The top six concerns were regulation, capital, macroeconomic trends, investment performance, natural catastrophes and talent.Bermuda participants’ top five were: investment performance, regulation, natural catastrophes, interest rates, macroeconomic trends and political risk. Capital was at number 19.The impending Solvency II, the new European Union rules for insurers set to take effect in 2013, is a major factor driving regulation to the top of the list. Solvency II, as well as moves to change tax rules in the US, are factors within the high placing of political risk in Bermuda.Bermuda responders were more confident about how prepared the industry was to deal with regulatory change than responders from other countries. Mr Smith said this probably indicated a high level of engagement between the industry and regulators.“It is clear the attention of many chief risk managers is currently on regulatory change,” Mr Smith said. “To gain a competitive advantage, re/insurers need to move the regulatory burden away from dealing with each regulatory challenge individually to something that becomes a natural consequence of the way risk is embedded in the business.”Ms Foulger said: “While natural catastrophes are always a focus for the Bermuda market, the rating at number three, below investment performance at number one, demonstrates the confidence of the Bermuda market in the risks they can control by their own underwriting, versus those where they are more influenced by macroeconomic trends.”