Log In

Reset Password
BERMUDA | RSS PODCAST

Chamber backs gloomy jobs report

The Chamber of Commerce today backed an economic survey which showed a steep decline in employment among the Island's reinsurance sector.The Bermuda Economic Impact Survey, released by the Association of Bermuda Insurers and Resinsurers (ABIR) on Friday showed that staff numbers among the five ABIR members who have has the largest Bermuda-based workforces have fallen by almost a quarter over the last four years.Over the same period, the number of Bermudian citizens on their payrolls fell by a fifth.This morning the Chamber released a statement which again said that immigration reform is a key issue.“The fact that employment in the International Business sector has been in decline since 2007 is borne out by the Chamber's own research, and by job statistics kept by Government,” said Chamber President Ronnie Viera.“There is no question that the growth of the local economy, and the number of jobs available to Bermudians, is directly correlated to the success of international business,” he added. “The Chamber, which represents both the local and international business community, is clearly on record as supporting any measures which promote growth in this sector.”As reported in the ABIR report — the seventh produced on the economic impact of large insurance and reinsurance companies with Bermuda operations — the five firms with historically the largest number of employees on the island have reduced their employment over the past four years by an average of 23 percent. This trend translates into fewer jobs in Bermuda; lower tax revenues; less compounding economic activity from highly compensated executives; and fewer business travellers arriving on the island to use local hotels and restaurants.Mr Viera added: “The Chamber's Economics Advisory Committee has conducted several presentations to its membership outlining the current economic situation and suggesting solutions. Key among these is immigration reform and the need to make the island more welcoming and attractive to international business and foreign investment overall.”