Bermuda Provides A Boost To Insurtech Innovation

 Bermuda has established itself as a leading (re)insurance centre, which has one of the world's largest captive and insurance-linked securities ("ILS") markets.

The Bermuda Government and the Bermuda Monetary Authority ("BMA") which regulates the financial sector, recognise the importance of disruptive innovation in the insurance and financial services industry (as was demonstrated by its collaborative approach to the development of Bermuda's ILS regulatory and legislative framework). As a further boost to the insurance industry and to provide protection to policyholders, the Bermuda Government and the BMA recently introduced a new legislative and regulatory framework for establishing insurers and insurance intermediaries that carry on business in an "innovative or experimental manner".