Only five students have applied for the 12 places on offer in an internship programme that offers an insight into the international insurance industry in Bermuda, London or Chicago.

For the second successive year the Bermuda Foundation for Insurance Studies (BFIS) is having to extend the deadline for its Summer Internship Programme to get enough applicants to fill the places up for grabs.

BFIS executive director Catherine Lapsley said she did not understand why more Bermudians were not keen to take the chance of getting a foot in the door of the Island's most lucrative industry.

The programme is open to Bermudian students who are in their junior or senior college year at the time of application and who are interested in working in the Bermuda insurance industry. The new deadline for applications in March 1.

Participants get to shadow underwriters and brokers and network with insurance professionals at all levels.

The positive experiences of those who have participated in the past led to BFIS deciding to double the places available to 12 for 2009.

After the deadline was extended last year, the number of applicants shot up from four to 45. Ms Lapsley is hoping for a similar late surge this year.

The programme sends one group of four to London for two weeks to experience the insurance market there. Another group goes to Chicago for two weeks, while a third group studies the Bermuda insurance market for three weeks.

All travel and accommodation costs are paid for the interns travelling overseas and a stipend is added, if required.

"They get to meet insurance professionals at all levels, even up to the CEOs," Ms Lapsley added. "Where students are employed in summer jobs, we have found that their employers are most supportive of them taking part."

Full details and examples of last year's itinerary are on the BFIS website at www.bfis.bm Application forms can be completed online and e-mailed to BFIS.