Bermuda Insights: Insurtech & Fintech 2022

INSURTECH IN BERMUDA

Bermuda has established itself as a leading market for insurtech, representing a convergence of the well-established reinsurance market with the burgeoning fintech market.

A number of Bermuda reinsurance companies already partner with, invest in, or are operating insurtech operations that provide disruptive innovations to the traditional reinsurance market cycle. As a result, risk is now better identified and measured in the Bermuda market and pricing is more efficiently calculated, resulting in greater client choice.

In line with Bermuda's history of innovation, the Bermuda government and the Bermuda Monetary Authority ("BMA") aim to make Bermuda the Silicon Valley of the mid-Atlantic. The BMA has introduced legislation to encourage the formation and licensing of insurtech operations, allowing insurtechs to take advantage of the same regulatory environment enjoyed by traditional reinsurers. There are two licensing tracks provided by