The immediate economic impact of the Bermuda Risk Summit has been estimated at $3.4 million, conference organisers reported.

The Bermuda Business Development Agency said that the total included lodging, transportation, food and beverage, retail and recreation — and supported 432 jobs.

A BDA spokesman said: “Far more significant were the long-term economic benefits brought about by the additional visitors who flew to Bermuda for business meetings during the week of the summit.”

The BDA said the event, presented in partnership with the Association of Bermuda Insurers and Reinsurers and EY, had strong overseas support, with 40 per cent of its 450-plus delegate list attending from off-island.

The three-day conference was held last Wednesday through Friday at the Hamilton Princess & Beach Club.

Fiona Luck, Lloyd’s Council member, and Convex Group independent non-executive director, said: “I congratulate the BDA on another successful Bermuda Risk Summit, further cementing Bermuda’s position as a globally significant insurance and reinsurance centre.

"It was extremely gratifying to be able to make the exciting announcement at the summit about a commitment made between Lloyd’s of London and the Bermuda Monetary Authority to enhance the sharing of risk expertise between the two markets via education academies and innovation through the Lloyd’s Lab and Bermuda Insurance Sandbox.”

Soraya Wright, global head of Corporate Risk & Claims, Amazon, said: “The Bermuda Risk Summit reminded me of the foundation for which this market was established, and that is, to help clients manage and seek solutions for their most vulnerable global risk.

“The information that was shared was a reminder of the legacy that exists in Bermuda and is more crucial than ever because of the risks that we face today.”

John Huff, chief executive officer of Abir, said: “In three short years, the Bermuda Risk Summit has established itself on the global calendar as the place to be for industry thought leaders, supervisors, stakeholders, and [insurance and reinsurance] media.

“Once again, collaboration contributes to the Bermuda market’s value proposition and Abir was pleased to join EY as a headline sponsor of the 2024 edition.”

David Hart, CEO of the BDA, said: “Each year, the Bermuda Risk Summit grows from strength to strength – this year we had a record number of US insurance regulators attend, including the heads of the US National Association of Insurance Commissioners and the Federal Insurance Office, US Department of Treasury.

“The thought leadership conversations taking place at our summit continue to progress and we were so proud that we were able to share Bermuda’s unparalleled risk expertise with the next generation, including over 20 students and faculty from Eastern Kentucky University, Florida State University and the Bermuda College, who received either complimentary or discounted registrations.”