Bermuda (in full, the Islands of Bermuda) is a British Overseas Territory in the North Atlantic Ocean. It is approximately east-southeast of Cape Hatteras, North Carolina; south of Cape Sable Island, Nova Scotia; and northeast of Cuba. The capital city is Hamilton. Bermuda is self-governing, with its own constitution and government and a Parliament which makes local laws. The United Kingdom retains responsibility for defence and foreign relations. As of July 2018, it has a population of 71,176, making it the most populous of the British overseas territories. Bermuda's two largest economic sectors are offshore insurance and reinsurance, and tourism. Bermuda had one of the world's highest GDP per capita for most of the 20th century. It has a subtropical climate and lies in the hurricane belt and thus is prone to related severe weather; however, it is somewhat protected by a coral reef that surrounds the island and its position at the north of the belt, which limits the direction and severity of approaching storms.