Bermuda Touts Reinsurance Role at Commonwealth Forum
Premier David Burt promoted Bermuda's insurance and reinsurance expertise at a business forum in Antigua and Barbuda.
Updated on Nov. 4, 2026 in Financial Services
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David Burt, Premier and Minister of Finance of Bermuda, promoted the island's role as a global insurance and reinsurance centre at a Commonwealth Business Forum held alongside the Commonwealth Heads of Government Meeting in Antigua and Barbuda. Burt met with stakeholders during the visit.
Why it matters
Bermuda, a small island, presents its catastrophe-risk expertise as a model for other jurisdictions facing climate-driven risks. The visit positions the island's insurance sector as a resource for managing global catastrophe exposure.
The Caribbean Catastrophe Risk Insurance Facility, of which Bermuda is a member, reported record payouts of more than $122 million during the 2024-25 policy year. No agreements or investments from the forum have been identified.
The players
David Burt
Burt is the Premier and Minister of Finance of Bermuda, leading the island's government and its financial policy.
Bermuda Monetary Authority
The Bermuda Monetary Authority is the island's financial regulator, overseeing its banking, insurance and investment sectors.
Caribbean Catastrophe Risk Insurance Facility
The Caribbean Catastrophe Risk Insurance Facility is a regional insurance pool that provides catastrophe coverage to Caribbean governments.
The details
At the Commonwealth Business Forum, held alongside the Commonwealth Heads of Government Meeting, Burt highlighted Bermuda's experience managing global catastrophe exposure as an international re/insurance centre. He also pointed to the island's parametric insurance framework, which supports fully collateralised parametric risk-transfer business.
Timeline
September: The Bermuda Monetary Authority said it planned to introduce a new parametric special-purpose insurer class before the end of the year.
2024-25 policy year: The Caribbean Catastrophe Risk Insurance Facility recorded record payouts above $122 million.
November 4, 2026: Burt promoted Bermuda's reinsurance role at the Commonwealth business forum.
Market Landscape
Bermuda's push to expand parametric insurance builds on the record $122 million in payouts by the Caribbean Catastrophe Risk Insurance Facility in 2024-25. The island is positioning itself to capture a larger share of regional catastrophe-risk business.
Expanded parametric insurance could make catastrophe coverage more available to Caribbean governments and businesses. Residents and businesses in the region may see new products as the Bermuda Monetary Authority finalises its parametric insurer class.
The takeaway
Regional catastrophe insurance is becoming a tool for small island economies, and Bermuda's expertise may shape how other jurisdictions manage climate-driven losses.
Further reading
Explore more Financial Services coverage for context on reinsurance and insurance markets.
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