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Good practice Imported

Insurance Regulatory Sandbox & Innovation Hub — Bermuda's Six-Year InsurTech Testing Ground

Bermuda · Hamilton · See the Bermuda profile · See the Hamilton profile

Evidence: Descriptive / self-reported Top 74% 57/100 · Ask Evidence Copilot about this practice

Since 2018 Bermuda's insurance regulator has run a two-track Sandbox and Innovation Hub for InsurTech: of 70 companies engaged, 12 entered the Sandbox, 7 graduated to full licences and 2 became fully licensed Innovative Insurers.

70
Companies engaged (2018–2024 (6 years))
12
Companies admitted to Sandbox
7
Companies graduated to full licences
2
Companies fully licensed as Innovative Insurers
Insurance Regulatory Sandbox & Innovation Hub — Bermuda's Six-Year InsurTech Testing Ground

Details

Maturity
Established
Promoter
Bermuda Monetary Authority (BMA)
Period
2018–2024
Keywords
insurtech, insurance regulation, fintech, regulatory sandbox

Context

In 2018 the Bermuda Monetary Authority launched a two-track programme for insurance-technology innovation: a Regulatory Sandbox for companies undertaking licensable insurance activities on a supervised basis, and an Innovation Hub for earlier-stage, non-licensable concepts open to firms not yet registered in Bermuda.

Results

By its sixth year, the programme had engaged 70 companies overall, of which 12 were admitted to the Sandbox and 7 graduated into full insurance licence classes, including 2 that became fully licensed Innovative Insurer General Business companies.

Implementation
Indicative cost
Low (< €50k)
Time to results
Long (> 3 years)
Staffing & skills
Bermuda Monetary Authority sandbox and innovation-hub reviewers

Conditions for success

  • running two parallel tracks — a supervised Sandbox for licensable activity and an open Innovation Hub for pre-licensable concepts — so both early- and later-stage firms have an entry point

Common failure modes

  • only 12 of 70 engaged companies were admitted to the Sandbox and just 2 became fully licensed after six years, a modest conversion rate relative to initial interest

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