Dublin is keenly eyeing any opportunities that might arise from the political risk which some insurance company bosses are concerned about in Bermuda.

That was the message from the European Insurance Forum in the Irish capital on Monday.

According to a report in Insurance Day, one delegate at the Forum suggested Bermuda poses a considerable political risk, should the insurance industry fall out of favour with the electorate.

The report continued: "Several major Bermudian reinsurers are known to have a 'plan B' if the Bermudian government's attitude to international business changes. And it was suggested that Dublin features in many of those plan Bs."

The Forum was discussing whether Dublin was content to host the European headquarters of insurance groups, or whether it intended to strive for global HQs.

Scott McIntosh, director of Swiss Re Ireland and chairman of the Dublin Insurance Managers Association, said he was surprised there had not been more activity from companies looking to move to Dublin, but he said part of that could be down to the stage in the insurance cycle, which is going through a soft market phase.

"We're not as attractive as Bermuda, which is perceived to have an even lighter regulatory touch and lower tax," Mr. McIntosh conceded. But he added: "There has been some complacency but I feel that in Ireland that complacency is falling away."