Bermuda will be in a "socially dangerous space" if Bermudians believe they are not getting a fair careers opportunities in the high-paying insurance industry, Premier Ewart Brown told delegates at the Bermuda Captive Conference yesterday.

Dr. Brown, delivering the opening remarks to an audience of insurance industry representatives at the Fairmont Southampton, said Government was striving to improve the education system and working with the Association of Bermuda Insurers and Reinsurers (ABIR) "to mentor our young people and prepare them for a bright career in the country of their birth".

ABIR had taken its promotion of the industry to local people to the airwaves by providing Bermudians involved in the insurance industry for interviews broadcast on a local radio station, the Premier said.

"Often times the insurance industry is perceived in our community as an unreachable plateau for a select few and everyone else is a spectator to the success," Dr. Brown said.

"I think these incredibly simple radio conversations have begun to put a dent in that perception. I applaud ABIR for taking this innovative step; the objective is important because unless Bermudians feel their country's most lucrative industry can provide them with fair career opportunities we are in a socially dangerous space."

Dr. Brown said Bermuda was proud of its prominent position in the world insurance market. And although rival jurisdictions like Dublin and Dubai were "upping the ante" in terms of competition, he felt they were regional operating hubs that did not pose a threat to the Island.

"We see international insurers using regional hubs to reach local markets," Dr. Brown said. "Dublin is a hub for Europe, Dubai for the Middle East and North Africa and Singapore for Asia.

"Meantime, Bermuda is a hub for the American market. We are uniquely positioned geographically — just like real estate there is no substitute for location. We are also unique in the high number of insurance company headquarters concentrated in a relatively small area."

Bermuda's intellectual capital in the insurance field gave it a reputation as a "high-level centre for the solutions the international marketplace will need going forward", he added.

Dr. Brown said he and Finance Minister Paula Cox were committed to the provision of a low regulatory burden for new companies. Additionally the Island was working closely with the US to clamp down on and investigate financial crime to safeguard its reputation as a financial centre. "We take very seriously our record as a safe and reputable place to do business," he added.