Long-time chairman of the Insurance Advisory Committee and new chairman of the Board of Governors of the Bermuda College, Brian R. Hall, has warned that executive job production continues to outstrip supply.

He conceded that his 1996 prediction that 40 new jobs would be produced by the insurance industry annually was wrong. Already, he said, the growth exceeds that today.

He warned: "We need to act expeditiously and decisively to avoid the world passing us by. We are at the end of one millennium and at the beginning of a new one. The one thing essential for the survival of Bermuda's environment as we know it, is to focus on, and invest in, education.'' It was recognised by the insurance industry in 1996 that not enough Bermudians were training academically and professionally to meet the demand. A group of insurers put together a war chest to help fight that trend.

They were so concerned, in fact, nearly $4 million was pledged over five years to a newly-created Bermuda Foundation for Insurance Studies (BFIS).

The BFIS, conceived and founded by Mr. Hall, continues to build the fund and hopes that contributions will be made by all Bermuda insurers. They originally assumed a lofty target goal of $7.5 million.

The BFIS has a stated purpose: to develop, coordinate and generally oversee the availability, direction and funding of training and education facilities specialising in insurance-orientated academic and professional designations.

Mr. Hall said, "We must teach our kids that all aspects of our world are changing more rapidly than we would have ever imagined in our youth. Gone are the days where you can get a job with one company, one industry, for one lifetime.

"To stay employed, one has to learn to be adaptable and flexible. Technology has intensified the pace at which we work, and our skills to accept and work with this "new age'' imperative will need to be continually fine tuned.

"We now live in a world where we can only compete if strict attention is paid to productivity and bottom line. Though we are only 21 square miles in size, with a population of 60,000, we have to understand that global competitiveness and competence must be preserved for us to survive in the next millennium, let alone maintain our current lifestyle.

"All business transactions today are lightning fast, and the notion of virtual offices and shops is upon us, i.e. business does not have to physically be in Bermuda for a business to access and utilise the environment that Bermuda offers.

"Therefore we must do all that we can to create the environment where people can have an opportunity to prepare for, and be part of, future challenges in Bermuda's fragile economy.

"This message must be clearly communicated and understood within our school and college environment.'' The Foundation is offering a scholarship programme for Bermuda students taking the Associate in Business Administration, with an insurance major at the Bermuda College.

Through cooperation between the Bermuda College and the College of Insurance in New York, a smooth and efficient transfer of students to the New York institution's Bachelor of Business Administration can be affected.

Students are also able to advance to the University of Hartford, another institution with a strong insurance programme.

There are currently eight students under scholarship at the Bermuda College, four in the first year and four in the second year, with ages ranging from 18 to 51.

Six students are completing their degrees overseas, at the two US institutions. Students are required to maintain a 3.0 grade point average.

The Foundation also has a Mentor programme for the students, who also get help with obtaining summer internships, providing a chance to work in the exciting Bermuda insurance market.

The BFIS also works with the Bermuda Insurance Institute (BII) to ensure that a broad range of professional development programmes are delivered to those seeking professional designations, including the Bermuda Insurance Diploma, the Chartered Insurance Institution designation, the Chartered Property and Casualty Underwriters and Associates in Risk Management and Reinsurance.