ABIR Members Contribute $815M To Economy

October 4, 2019 | 7 Comments

Members of the Association of Bermuda Insurers & Reinsurers [ABIR] made a “direct economic substance contribution to Bermuda of nearly $815 million last year,” according to the group’s 14th annual member survey results released.

Data reported for calendar year 2018 from 24 ABIR members showed the group’s aggregate direct economic impact to the Bermuda economy was $814.8 million, including travel, business, charity giving, construction expenses and compensation paid to Bermuda-based employees.

Albert Benchimol, President and CEO of Axis Capital and current chair of ABIR

AXIS Albert Benchimol Bermuda October 3 2019

“ABIR members continue to be the leading contributor of economic activity in Bermuda,” said Albert Benchimol, President and CEO of Axis Capital and current chair of ABIR.

“ABIR members have proudly invested in training and development and the results are clear – they are reporting the highest share of Bermudian team members at their companies in the history of our 14-year survey, with record median salaries for Bermudians.”

Highlights of the 2018 survey results showed ABIR members contributed:

  • $637 million in payroll to Bermuda-based employees
  • $6.5 million in charitable contributions
  • $93.4 million on construction, real estate, housing, and office space in Bermuda
  • $59.3 million on legal, accounting, actuarial, temporary services and other consulting services
  • $18.7 million on hotels, airfare, restaurants, taxis and catering

ABIR Bermuda Oct 3 2019 1

*Results include 13 years [2006-2018] of salary & benefits

“ABIR members employed 1,530 full-time staff in Bermuda [up 35 people from 2017], of which 1,135 were Bermudians, spouses of Bermudians, or permanent residence certificate holders [PRCs]—an increase of 4.4% since 2017. Now at over 74%, the percentage of Bermudians employed in ABIR members’ Bermuda operations is at the highest since 2009,” the organisation said.

“Notably, the median annual salary and benefits paid to Bermudians by ABIR member companies now tops $184,400—the highest since this metric was established in 2007.

“ABIR members continue to invest in a vibrant local workforce and provided 57 internships to Bermudians in 2018. Educational scholarships in Bermuda by ABIR members increased in value by 40% from 2017, to $1,595,400, the highest amount since 2012.

“Five ABIR members offered graduate training programs for Bermudian employees and half have established internships; members also reported other training and development opportunities available, such as tuition reimbursement and leadership training.

ABIR Bermuda Oct 3 2019 2

“All ABIR members have licensed operating companies in Bermuda, and more than 58% have an ultimate holding company in Bermuda. Outside Bermuda, ABIR members reported the top five locations for their global operations were: United Kingdom, United States, Switzerland, Ireland and Luxembourg.

“ABIR members are proud of their investment — economic substance — in Bermuda’s economy. Bermuda is a world-respected platform for global business that welcomes top-quality corporate brands, said John M. Huff, ABIR Chief Executive. “As a global underwriting center, ABIR member companies are committed to delivering economic substance in Bermuda.”

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Comments (7)

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  1. Vortex says:

    Time to open up immigration to those senior staff members wanting status – those who really do create work for dozens of Bermudians. A fraction of the population but a huge part of our income.

  2. Gustav says:

    the grass root bermudians will say :
    not enough , those Evil foreigners have to pay much more…….

  3. Politricks says:

    Good to hear.

    However, the fact that this is down nearly $30mn from the previous year shows further economic downsizing.

    Times are tough hand as far as I (and many others) can see this negative trend will not be reversing anytime soon.

  4. THANK YOU IB says:

    Your contribution to the well being of this island is recognized and appreciated!

    Thank you for giving so many Bermudians an opportunity that they wouldn’t have if you were operating in a different jurisdiction.

    THANK YOU!

  5. Mb says:

    Wow look how the graphs mirror up for bermudian employed when it’s up for expats….hello government, anyone home? Or we going to stay on the race track as that’s really working for the economy
    Bermudians will benefit if we grow intl business … End of

  6. CHRIS says:

    Let’s hope Finance Minister Dickenson, who is the only one on that side of the aisle with a brain, can explain this article and graphs to his cohorts.

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