A meeting of Latin America's top insurance bosses in Bermuda has been postponed due to the uncertain economic climate.

The standing ALARYS (Asociacion Latinoamericana de Administradores de Riesgos Y Seguros) Committee has agreed with the decision by the Bermuda insurance market to call off the Latin American Risk Management Conference until 2010. Bermuda was the first non-Latin American country to host the event in 2004. The ALARYS event was planned for September 9 to September 11 to be held at the Fairmont Southampton hotel, by a local committee organised under the auspices of the Bermuda Insurance Development Council (IDC).

The standing ALARYS Committee, which includes senior risk management executives from various Latin American countries, met for their annual meeting at Risk and Insurance Management Society (RIMS) in Orlando and considered the position taken by the Bermuda planning committee organising the event.

They agreed that the credit crunch and resulting financial crisis in various countries across the world had forced many executives to re-examine travel expenditures.

The Bermuda Committee had previously resolved to allow corporations and communities to recover from current market conditions, before proceeding with the event next year.