Over $120 Billion In Gross Premiums Written

April 25, 2014

Craig Swan_Managing Director_Supervision_croppedThe Bermuda Monetary Authority said that recent statistics “demonstrate the continued significance of the Bermuda insurance and reinsurance marketplace and underline its major role as a stable, well-capitalised player in the world’s risk transfer industry.

“The statistics show that Bermuda’s international insurance sector achieved substantial underwriting results, recording over $120 billion in gross premiums written in the latest reporting period,” the BMA said.

Craig Swan, Managing Director, Supervision at the Authority, said Bermuda’s risk transfer industry continued to write significant volumes of premiums, helping buyers to manage exposures in the face of changing market conditions.

In addition, Bermuda’s insurers hold substantial amounts of capital and surplus as well as total assets.

The latest available statistics show that the Bermuda insurance market recorded an increase of aggregate gross premiums written of $120.5 billion, up 12.0% year-on-year from the $107.6 billion recorded the previous year; net premiums written totalled $98.1 billion, up 3.7% year-on-year from the $94.6 billion written the previous year.

Overall, the market recorded aggregate total assets of $505.5 billion, up 11.8% year-on-year from $452.2 billion, and held capital and surplus of $193.0 billion, up 14.4% year-on-year from $168.7 billion.

Gross premiums written by the commercial sector was $74.4 billion. Total assets for the commercial sector were $359.9 billion, while capital and surplus was $135.9 billion. The captive sector wrote $46.1 billion in gross premiums and reported total assets of $145.6 billion; reported capital and surplus for this sector was $57.1billion.

The 12 new insurance companies registered in Q1 2014 ran the whole gamut of insurance: from captives and small commercial insurers; to Long-Term (life) insurers and Special Purpose Insurers.

“Bermuda remains attractive due to our unique ability to service the full spectrum of insurance,” Mr. Swan said. “The robust results of Bermuda’s insurers and continued influx of new firms demonstrates the importance of the Bermuda market and its ability to provide stable capacity.”

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Comments (4)

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  1. It is just a crying shame this govt. Nor the last one …requests nor requires from “any”, of these vast and or many insurance companies as a requirement of doing buisiness here hear?…to give a paltry 60,000 of us…the country in which they are making these profits from…for just one of them …or a combined effort…(wgich would be paltry)…to adhere to an insurance we could adhear to and afford….what is wrong govt.? Can’t you do a thong we require from you?…or do you wish to ignor our needs yet again?!

  2. Pay attention…get to ceo of bb and let them kmow…

  3. Plane to sea says:

    Bermuda monetory authority…this description is not appropriate….I say let us rename them to …i don’t know…how bout Bermuda monetory creedence….we seem to make it up as we go along anyway…let’s be honest about it…let’$ call it bda retro-active monetory…and lend creedence by all getting together and lending creedence by a resounding unison of agrrement…the more who say it …will lend creedence to it’s voracity…there by indicating it’s truth…know what I mean …nudge..nudge…but honestly….

  4. Plane to sea says:

    Is it just me…or …you have the audacity to talk about profits in a country that gives you what they give you but us poor bastards can’t get affordable insurance…are you sure?…are you sure you want us to know this crap?