ABIR Release 2015 Global Underwriting Results
The Association of Bermuda Insurers and Reinsurers [ABIR] today released the 2015 global underwriting results for its member [re]insurers.
Nineteen of 22 member [re]insurers participated in this 2015 report. The companies write insurance and reinsurance from underwriting centers in Bermuda, Europe, Asia, North and South America.
The 19 [re]insurers wrote $72 billion [US] in global gross written premium on a capital and surplus base of $96 billion. They reported net income of $8.7 billion. The gross premium to equity ratio for the group was .75 to 1.
Bradley Kading, President and Executive Director of ABIR, said, “Market reports clearly indicate we are in a soft market for commercial insurance and reinsurance.
“Alternative capital continues to provide both an opportunity and a challenge to traditional markets. ABIR members underwrite risk for their own balance sheets and for alternative capital partners.
“The additional capital has focused ABIR members on how to close the Protection Gap – to increase insurance penetration in both the developed and developing world.
“ABIR members will work with the Insurance Development Forum on ways to put this capital to work in partnerships with clients, international organizations and governments.”
“ABIR members continue to be at the forefront in analyzing climate risk and in developing new products in growing fields such as terrorism, cyber risk and liability insurance product needs for new technologies,” Mr Kading noted.
“We have not included year over year comparisons in this press release due to significant changes in the member insurers reporting data. Past reports are available on the ABIR website at www.ABIR.bm.”
ABIR’s [Re] Insurers’ Global Underwriting Report follows below [PDF here]:
