Almost a quarter of Bermuda’s population are financial, business, legal and regulatory experts in capital markets, insurance, finance and banking.

A survey puts the number who fall into those categories at more than 15,000, according to Ross Webber, chief executive officer of the Bermuda Business Development Agency.

That number was highlighted by Mr Webber as he shone a spotlight on Bermuda’s ability to innovate and pioneer in the arena of insurance, reinsurance and risk management.

Speaking at the start of the two-day Insurance Day Bermuda Summit at the Hamilton Princess, he said the Island is one of the world’s top three insurance markets, along with New York and London, and the leading captive insurance domicile with 900 captives.

Bermuda has captured a large portion of the growing healthcare sector, with 25 per cent of US medical liability insurance and reinsurance supported by Island-based captives and carriers.

The Bermuda Stock Exchange lists $16 billion of catastrophe bonds, insurance-linked securities and other collateralised reinsurance vehicles, an estimated 60 per cent of the world’s total, Mr Webber told conference delegates.

He said three reasons why Bermuda has been able to build and maintain a competitive edge in the market were depth, sophistication and access.

He pointed out the depth of talent the Island possesses in underwriting, broking, claims, actuarial science, modelling, auditing and law.

“The depth of service provision to this industry, physically here on the Island, is unquestionably impressive,” said Mr Webber.

“A recent study noted that more than 15,000 residents of Bermuda are financial, business, legal and regulatory experts in transatlantic capital markets, banking, finance and insurance, mostly at the wholesale level. 15,000. That’s almost a quarter of our Island’s total population.”

On sophistication he said Bermuda was “an innovation hub, an incubator of trailblazing solutions to evolving industry challenges.

“Our long-established market truly appreciates the culture of insurance. This is a place where you have the sophistication of underwriting talent and the brand of insurance industry knowledge that can only be developed over nigh on a century.”

Mr Webber explained how easy it is to network on the Island, with the majority of international business offices within a square city mile, making it possible to meet and speak with a host of colleagues and associates, from underwriters to brokers, regulators and lawyers, during a stroll along the streets.

He noted that the Island is hosting two major insurance conferences simultaneously, with the three-day Bermuda Captive Conference concluding at the Fairmont Southampton today.

“Both events have drawn hundreds of risk professionals here this week,” said Mr Webber.

The Insurance Day Bermuda Summit, which is now in its ninth year, was opened by Premier Michael Dunkley. Guest speakers lined up for the event include Finance Minister Bob Richards, Axis Capital president Albert Benchimol and Tokio Solution Management’s CEO Kathleen Faries.