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.
Bermuda has continued to lead the way in the fintech and the digital assets sector, having first announced its Fintech Strategy in 2017. Bermuda was among the first jurisdictions to enact a fit-forpurpose regulatory and legal framework comprising the Digital Assets Business Act, 2018 (“DABA”), which provides for the regulation and licensing of digital assets business activities carried on in Bermuda, and amendments to Bermuda’s Companies Act relating to the approval for public offerings of digital assets from Bermuda.
The Bermuda government and the BMA continue to refine the legal framework with a view to remaining agile in the face of an ever evolving sector.
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This article is taken from the Bermuda Insights: Trends and Opportunities 2022 white paper, available here:
Bermuda Trends 2022