The short-term economic impact of the Bermuda Risk Summit has been estimated at $1.8 million, the Bermuda Business Development Agency has reported.

The event, held from Monday to Wednesday at the Hamilton Princess & Beach Club, was presented by the BDA.

The organisation said the second annual conference attracted 450 attendees, including more than 150 business visitors.

The short-term economic impact calculation includes lodging, transportation, food and beverage, retail and recreation, and supported 266 jobs, the BDA said.

The $1.8 million estimate includes the economic impact of the approximately 100-plus additional visitors who flew to Bermuda for business meetings or ancillary events taking place around the conference.

The inaugural summit, held last March, attracted 350 delegates, 80 from overseas, had an economic impact of $1 million and supported about 200 jobs.

The organisation said the conference creates long-term business development growth potential, in terms of deal-making opportunities occurring around the event in front of an extremely important June 1-July 1 renewal season for Bermuda’s reinsurance sector.

David Hart, the BDA chief executive, said: “The BDA thanks all of the companies and leaders from Bermuda’s globally significant risk and insurance solutions industry for their contributions to our event, but more importantly, for their contributions to Bermuda’s economy as a whole.

“We especially want to thank all of the overseas visitors that made the journey to attend our event. The BDA looks forward to continuing to build and improve upon our annual Risk Summit and welcoming you back in 2024.”

The BDA will hold its second annual Bermuda Climate Summit, also at the Hamilton Princess & Beach Club, on June 26 and 27. Registration is open now.