increase the number of insurers or reinsurers with a physical presence here, writes business journalist David Fox A formal strategic planning exercise by the marketing committee of the Insurance Advisory Committee may yield significant added revenues to government, and help ease the Island's tourism woes.

Chairman of the marketing committee, Roger Gillett, said that the planning exercise had been underway for months.

Resolutions have been considered to improve direct revenues to government by encouraging more international companies for the Island, and more with a physical presence.

He was speaking during a reception, hosted by the Premium Club, on Wednesday evening aboard the cruise ship, Song of America , noting that more Bermuda insurers or reinsurers with a physical presence here would bring more quality jobs for Bermudians.

The comments came at the same reception in which Premier Pamela Gordon pledged government support to international business in general and Bermuda's international insurance and reinsurance sectors in particular.

Mr. Gillett said that it was decided to encourage more business travel to the Island and the use of more local service providers.

But the committee has also determined the need for a committed effort to increase the number of business conferences on the island.

Mr. Gillett said: "We truly are an insurance centre now and we should have at least as many conferences as London. That is something that we can look forward to.'' He listed Bermuda's strengths as political stability, a strong and balanced regulatory environment, a worldwide image, a sound infrastructure, a close-knit business community, a creative and skilled work force, a lot of capital and a tax-free environment.

But he listed our weaknesses as the Island's air links, Bermuda's image in international reinsurance circles, a high global profile that puts the Island under the microscope over minor issues and the limited resources available for generic marketing.

The committee did identify as potential threats to the Bermuda market issues such as competition from other domiciles, the potential for US tax changes and broker consolidation.

But in terms of developments that could provide new opportunities, he said there was a long list. They include international deregulation, a worldwide acceptance of alternative risk concepts, securitisation and a changing legal environment worldwide.

Mr. Gillett said: "We believe that we need to do a baseline survey, a product inventory and some true research on some new markets we may be able to break into; a survey of our regulatory systems to make sure there are no improvements that we have missed; a benchmark survey of a probable expansion of the insurance information office to give us a little more resources than we already have.'' The marketing committee is also looking for more of a presence at international insurance/reinsurance conferences; insisting on upgrading promotional materials for the coming year; and, expanding the joint advertising initiative with the Bermuda International Business Association (BIBA).

He said: "We've got together with BIBA now and have at least an in principle agreement to pool our funds so that we can spend our advertising money more productively than we have.

"We want to do more briefing tours of a pure insurance nature, which can be organised with the RIMS chapters in the US and elsewhere.

"We also want to introduce a local awards and recognition programme, through which we can recognise the special efforts of some people.'' Roger Gillett