The BMA plans more supervision of climate risks, global weather and catastrophe protection gaps such as in Hurricane Melissa, which hit Jamaica in October (File photograph by Matias Delacroix/AP)The Bermuda Monetary Authority has outlined a series of supervisory changes planned for 2026. The authority forecasts a year focused on implementation and regulatory consolidation across banking, insurance and financial services. Meanwhile, in the banking sector, the BMA is preparing to put in a place a new Operational Resilience and Outsourcing Code under the Banks and Deposit Companies Act 1999. Planned work includes a discussion paper on climate finance risks, alongside use of catastrophe modelling and stress-testing to assess insurers’ exposure to physical and transition risks. The BMA said it would publish the results of its embedded supervision pilot in 2026, setting out next steps on data, assurance and reporting standards.