Timetric Releases Bermuda Insurance Report
A 103-page report “The Insurance Industry in Bermuda, Key Trends and Opportunities to 2017″ which includes an overview and analysis of the Bermuda market and its long-term prospects was published by Timetric earlier this month.
Timetric is an independent economic and business research firm which provides detailed economic and sector intelligence, business insights and independent commentary.
“Bermuda is one of the leading insurance centers in the world,” said a Timetric spokesperson. “The insurance industry is an integral part of the economy, with international business revenues accounting for more than 50 percent of the island’s gross domestic product [GDP].
“A low regulatory burden, attractive tax environment and good infrastructure have been key drivers for the growth of insurance and also for the rise in the number of international companies in the island. The contraction in economic activities during the review period [2008–2012] and uncertain global market conditions had an impact on business revenues. The overall gross written premiums from the industry decreased moderately at a CAGR of 1.7 percent during the review period.
“Over the forecast period [2012–2017], the global economy is expected to improve, bringing with it favorable regulatory developments. The availability of an experienced workforce should, when combined with the low-cost advantage for running a business in the islands, drive the growth of the industry.”
The report provides historical values for the Bermudian insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period.
For more information and to purchase the research report, visit the Timetric website.
