The value of Bermuda's insurance industry to the US economy means Barack Obama is unlikely to push for legislation that would damage it after he takes office as the US President next January.

That's the view of Association of Bermuda International Business chairman David Ezekiel, who believes that Sen. Obama's campaign promise to "shut down the tax havens" will not necessarily translate into a blow for the Bermuda economy.

"I think there is no doubt that, forgetting any other consideration, probably a John McCain victory would have been safer for Bermuda," Mr. Ezekiel said yesterday.

"But there is a big gap between the political rhetoric and what actually happens when people take a look at the facts and the huge importance of the Bermuda insurance industry to Americans in general."

Billions of dollars in claims paid to the US by Bermuda companies, most recently for hurricanes Gustav and Ike, would bode well for Bermuda amid consideration of policy changes, Mr. Ezekiel said.

The Island is less vulnerable to a change in US tax policy than it once was, Mr. Ezekiel added, as it added more strings to its bow as it has matured as a financial centre.

"Tax is not the only reason why companies are here," Mr. Ezekiel said. "When companies look for a domicile, they consider six or seven reasons, one of which is tax.

"Bermuda has a regulatory environment that offers speed to market that you can't get anywhere else. Bermuda has also become a centre of intellectual capital in the insurance industry, an environment that allows businesses to get on."

The ABIC chairman believes that in the broader context, the election result may also bring a business boost to Bermuda.

"What's good for America is good for us," he said. "About 80 percent of our tourists are Americans and the US is our biggest trading partner. When you have a president with a strong mandate, who can get things moving in America, then that's a good thing."