A former Florida insurance Commissioner has explained in an online publication how Bermuda's long-term insurance industry is helping to close the world's pension protection gap.

David Altmaier states that it is thanks to financial services regulator the Bermuda Monetary Authority.

The pension protection gap is the difference between the money people have saved for retirement, and the amount they need to live comfortably in those later years.

The Global Federation of Insurance Associations believe that gap has ballooned to a trillion dollars.

Mr Altmaier is now an executive adviser to the Bermuda International Long-Term Insurers and Reinsurers, after six years as Florida Commissioner of Insurance Regulation to the end of 2022.

The commentary, “Bermuda, Explained”, has appeared in Think Adviser, a site which features investment news and analysis for financial advisers.

Mr Altmaier writes that the BMA has positioned Bermuda as a place for insurers and reinsurers to create retirement savings solutions, by combining support for innovation with stringent oversight.

His commentary states: “The BMA operates with a high level of transparency, maintaining a consistent, open dialogue with companies' boards, officers and risk executives.

“This approach allows for a dynamic regulatory environment where companies can innovate within a framework that prioritises risk management, regulatory compliance and consumer protection.

“Biltir member companies' assets reflect a high level of diversification. About 77 per cent of the companies' assets have additional layers of protection through mechanisms such as secured trusts.”

Mr Altmaier said Bermuda has a strong regulatory body and has taken a forward-thinking approach to fiscal policy in the passage of a new corporate income tax Act

Mr Altmaier last year became a non-executive director of Aspen Insurance Holdings and has held multiple leadership positions, including within The National Association of Insurance Commissioners, most recently as president.