Premier Michael Dunkley opened the door for international business leaders to dialogue with Government on a stronger partnership to foster more benefits for both business and the Island.

Opening the Insurance Day Summit at the Fairmont Hamilton Princess hotel, he told delegates that the insurance sector contributed more than $1 billion to the economy a year, or 19 percent of the gross domestic product.

“That’s a significant contribution to Bermuda’s well-being,” he said. “It supports our people directly through the career opportunities in your companies and through the multitude of services, businesses and jobs that support your corporate operations and daily needs.”

But he made it clear that he was open to new ideas from the insurance industry if they were beneficial to the Island.

He said: “We’re here to support you, to make sure you have the space and freedom to innovate and respond to market conditions as they develop. And we are here to provide the stability you need to succeed in a turbulent and challenging world.

“I see this as a working partnership — a partnership for mutual growth and prosperity, and I look forward to it progressing from strength to strength.

“The Summit will end tomorrow, but the doors of Government are always open to hear your concerns, your needs and your ideas. We need your input to make Bermuda work for all of us.”

The Premier said: “There is synergy at work here — synergy between you and us that works to our mutual benefit. Part of our mission as Government is to ensure that beneficial relationship continues to flourish.”

He expressed pride at Bermuda’s standing in the insurance world, a platform that provides vital services to the world.

The Premier spoke of the Economic Development Committee to fast-track government approvals for new businesses — a programme that underscores Government’s commitment to foster business development.