For yet another year, technology, more specifically artificial intelligence, has been transforming creative and analytical decision-making in the workforce, reshaping industries from manufacturing and healthcare to retail, finance and government.

But just like the smartphone, the internet and everything back to the steam engine, 2024 has shown us that it is much smarter to adopt new technology than ignore its relentless march.

Generative AI is right nowincreasingly helping to streamline workflows, enhance operations and deliver new value for businesses.

In this year alone, it has advanced medical research and provided companies with new network security tools. It has helped the US Government with threat detection and border security, and has helped Nato to combat increasing misinformation campaigns.

That barely scratches the surface.

Jessie Moniz Hardy reports that in the days ahead, it will not be AI machines replacing jobs, but AI-savvy humans pushing out those unfamiliar with the technology.

Investment bank Goldman Sachs predicts 300 million jobs lost or diminished by artificial intelligence in the coming decades, and the World Economic Forum estimated 85 million jobs could be cut by 2030 — and 97 million new jobs created.

The new tech jobs could also bring higher salaries. There are job boards already devoted to these opportunities, one site offering $188,000 a year for prompt engineers.

“If you have not yet made the commitment to be really competent with AI, you are probably putting yourself at risk,” said Stuart Lacey, of the Bermuda Clarity Institute.

He offers AI courses and institutional support through a firm he formed in 2018 to concentrate on team leadership and organisational change. He saw the light two years ago and switched focus.

He said: “It is the fastest-growing technology we have ever seen.”

The power of AI is doubling every 2½ months, meaning that in a decade it will be 240 trillion times more powerful.

“That is incomprehensible,” Mr Lacey said. “As a result, it has been harder for people to adapt to the pace of change, then to the technology itself.”

The island’s largest global insurers, reinsurers and other multinational companies have spent 2024 preparing themselves for the coming “New Bermuda” — not just because of new tech-enabled offerings, but also because of the new corporate income tax.

Jeremy Deacon reports that the corporate income tax comes into effect on January 1, with revenue estimated by the Government to be in the region of $750 million annually.

David Burt, the Premier, has said revenue will be used to wipe out government debt in ten years, after which the Government would establish a sovereign wealth fund “to make strategic investments for Bermuda’s future”.

Sounds like a Bermudian utopia. But will it be, or will outside factors, such as the Trump presidency, tarnish hopes?

Association of Bermuda International Companies president Christian Dunleavy raised the issue of Bermuda’s future competitiveness, which he said needs addressing in the light of the CIT.

“A corporate income tax increases the cost of doing business in Bermuda, a high cost location which previously benefited from tax neutrality to mitigate that,” he said.

“Competitiveness includes tax, but also the ease and speed of doing business.

“Government fees, residential and commercial real estate availability and rents, construction costs, healthcare costs and energy costs are examples of areas where Bermuda can be more competitive.

“Minimising bureaucracy and red tape for international and local businesses while addressing our ability to attract and retain talent are challenged by the slow pace on overdue immigration reform in the face of a shrinking population.

“Giving certainty to long-term residents while developing and promoting our Bermudian talent benefits the economy and the community alike.”

Mr Dunleavy added: “Maintaining our reputation for balanced and pragmatic regulation is also key.

“It is in all of our interests to ensure Bermuda continues to be a great place to live and work while reining in the escalating cost of doing business in a 15 per cent CIT world.

“We are not going to shrink to prosperity through demographic shifts and old ways of doing business in this new tax world.”

It has been suggested that president-elect Donald Trump may lower US corporate tax from 21 per cent to 15 per cent.

Would this be a threat to Bermuda?

“Efforts by any country to lower taxes increases their competitiveness and attractiveness for investment and jobs, which is why we need to continue to lower our overall cost of doing business and increase the ease and speed of doing business in Bermuda,” added Mr Dunleavy.

On whether CIT is here to stay, he said: “We should not expect this to be the end of external pressures on Bermuda’s model, nor should we hope it goes away, either, and avoid enhancing Bermuda’s attractiveness.

“We are competing globally for investment, capital and people. Other countries, including the US, are looking to improve their competitiveness and attractiveness.

“Bermuda should always be looking at sharpening our own value proposition and be on the front foot in telling Bermuda’s story. This has never been more important than this transformative moment.”

As Duncan Hall reports, change at the top was a consistent theme throughout 2024 in Bermuda’s insurance and reinsurance sector.

Bermudian Paul Simons became the chief executive of Convex Group Ltd Bermuda, effective January 1.

John Huff, president and chief executive of the Association of Bermuda Insurers and Reinsurers, said 2024 “brought energising changes in leadership at some of Bermuda’s most significant market participants”.

He added: “The Bermuda market future is well positioned with such a deep bench of talent in these C-suite appointments, including Paul Simons at Convex, Christian Dunleavy at Aspen, Lisa Fontanetta at Mosaic, Justin Keith at Ascot, Nick Moore at Aon and Nicolas Papadopoulo, Maamoun Rajeh and David Gansberg at Arch Capital, and more.”

Mr Dunleavy was appointed group president of Aspen Insurance and chief executive of Aspen Bermuda Ltd in 2024 — and became chairman of the Association of Bermuda International Companies as well.

Ms Fontanetta became chief operating officer at Mosaic Insurance, managing overall operational strategy, efficiency and automation.

Mr Keith succeeded Ian Thompson as president and chief executive of Ascot Bermuda, with Mr Thompson heading home to Britain to take on the role of chief executive and director of Ascot Underwriting Ltd, Ascot Group’s managing agency for Syndicate 1414 at Lloyd’s in London.

Mr Thompson returned to the island to take part in Ascot Bermuda’s tenth anniversary celebrations in September.

On the broking side, Mr Moore took over as chief executive of Aon Bermuda, succeeding Joe Rego.

At Arch Capital, Marc Grandisson retired after a six-year run as chief executive, with Mr Papadopoulo taking the reins as CEO in addition to his duties as president and chief underwriting officer.

Mr Rajeh was promoted to president, Arch Capital Group Ltd, with primary responsibility for Arch’s Mortgage and Reinsurance groups, and Mr Gansberg was promoted to president, Arch Capital Group Ltd, with primary accountability for Arch’s Insurance Group.

Two other prominent organisations on the island appointed leaders.

Suzanne Williams-Charles became chief executive of the Bermuda International Long-Term Insurers and Reinsurers organisation.

Victoria Cunningham was appointed executive director of the Bermuda Foundation for Insurance Studies, the organisation that was founded in 1996 to attract Bermudian talent to the industry.