Belying its size, the ‘world’s risk capital‘ has one of the highest per capita income rates and an A+ long-term issuer rating (KBRA) driven by its buoyant offshore financial services, insurance and reinsurance sectors. It is in the latter two industries where the jurisdiction most conspicuously thrives. Following a decades-long history of regulatory innovation, Bermuda is now the world’s second and third largest centre for captive insurance and reinsurance domiciliation, respectively – as well as the greatest supplier of catastrophe reinsurance coverage to US insurers.

While tourism previously accounted for more than a quarter of the archipelago’s GDP, the pandemic had a predictably devastating effect on visitor numbers. With many of its Caribbean neighbours having already relaxed entry requirements in line with broader global trends in Covid-19 management, Bermuda joined them at the end of October 2022; pre-travel tests will no longer be mandatory. This will come as a relief with rebounding income from tourism expected to shore up the revenue gulf created by the withdrawal of Russian aircraft certification work.