The critical role that Bermuda’s reinsurance industry plays in the lives of ordinary Floridians has been highlighted by a visiting regulator.

Mike Yaworsky, Commissioner of the Florida Office of Insurance Regulation, was speaking during the recent 30th anniversary celebration of the Association of Bermuda Insurers and Reinsurers at the Hamilton Princess and Beach Club.

He described the role that the Bermuda market played in enabling Floridians to insure their homes and businesses against hurricane damage.

It included picking up the tab for an estimated $13 billion, or about a quarter, of insured losses caused by Hurricane Ian in Florida last year.

Mr Yaworsky hailed Florida’s partnership with Bermuda reinsurers and Abir.

“More than anything else, I came here to thank you for standing with us through all those times,” he said.

Industry participants, regulators, representatives of supporting industries, politicians and dignitaries discussed the Bermuda market’s development, its value to Bermuda and its role in underpinning the global economy.

David Burt, the Premier, reflected on “the collective spirit, innovation and collaboration that makes Bermuda’s insurance industry second to none”.

Mr Burt added: “Every major innovation in insurance that has happened in the last 30 years has happened here in Bermuda. And I'm confident that through the continued partnership between Abir, the Government, our regulator, and everyone in this room today, the next 30 years we will be just as innovative.

“What was once a sector with single-digit Bermudian representation has now evolved into one where Bermudians, their spouses and PRCs make up nearly 70 per cent of the workforce. That is incredible growth. That is something that should be applauded, because it doesn’t happen by accident.”

Hannah Gurga, CEO of the Association of British Insurers, spoke of the longstanding partnership between the Bermuda and London markets.

Bermuda companies today represent 44 per cent of the Lloyd’s of London market’s capital and she referred to the memorandum of understanding Abir and Abi signed this week.

“Our MoU means that we can learn from each other, share best practice, and, together, do all that we can to make sure it’s a vibrant, world-lifting industry,” Ms Gurga said.

She also spoke about cyber-risk, one of the fastest-growing specialty lines in the Bermuda (re)insurance market, and cited projections that by 2031, ransomware is expected to cost businesses more than $265 billion annually.

Ms Gurga called for the industry to work together for solutions: “Only the insurance industry sees almost every cyber strike, so we have the knowledge. We want to protect our customers, so we have the incentive, and by our strength through association, by sharing data and working with the intelligence services, we have the capability. So, no, we are not going to step back. We are stepping forward.”

Justin O’Keefe, chairman of the Reinsurance Association of America and chief underwriting officer of RenaissanceRe, said the Bermuda/RAA relationship went back to the formation of ACE and XL Capital in Bermuda in the 1980s in response to the US professional liability insurance crisis, and the wave of new reinsurers incorporated on the island in 1993 in response to the US property insurance crisis.

“It’s grown into a wonderful partnership,” said Mr O’Keefe, who was joined at the event by outgoing long time RAA president Frank Nutter and his successor Lee Covington, who takes over the RAA leadership on January 1.

“We’ve seen how the industry has worked together during major events over the years, such as the 9/11 terrorist attacks and the global financial crisis and in daily advocacy at both federal and state level.”

John Huff, Abir’s president and chief executive, said: “It was fitting to celebrate Abir’s 30th anniversary with the Bermuda and overseas partners who play vital roles in the development of the vibrant and innovative global (re)insurance marketplace that we see in Bermuda today, and we thank them for joining us.

“With our industry-leading talent base, world-class regulator and established track record as the best place to put risk capital to work, we are well positioned to continue providing solutions to manage the world’s largest and most complex risks for many years to come.”

Proceeds from the event were donated to the Bermuda College Foundation.