BILTIR: “Spent More Than $77.5M On Island”
Bermuda International Long Term Insurers and Reinsurers [BILTIR] today [July 31] released the results of a survey of its full-member companies, saying that in 2015, the organisation’s members “spent more than $77.5M in direct expenditures on the island, including employee costs, payroll tax and rent.”
“The results highlight the make-up of the organisation’s membership and its impact on Bermuda. The survey was conducted between November 2016 and March 2017,” the BILTIR said.
“BILTIR was created in 2011 to serve as a formal association to represent life insurers and reinsurers in Bermuda. The organisation’s primary focus is to advocate for the island’s life and annuity industry. BILTIR members manage more than $156B in assets.
“The local impact of BILTIR’s member companies is significant, with 50 per cent of their workforce based in Bermuda and more than 70 per cent of locally-based employees being Bermudian or spouse of Bermudian.
“In 2015, the organisation’s members spent more than $77.5M in direct expenditures on the island, including employee costs, payroll tax and rent.
“The local impact expands into charitable work and education-based initiatives. BILTIR members have contributed in total $1.5M towards Bermuda charities through independent activities.
“BILTIR facilitates a math tutorial programme for high school students as they prepare for internationally recognised standardised tests and the organisation awards an annual $30,000 scholarship to a Bermudian student pursuing a math-related post-secondary degree.
Sylvia Oliveira, Director, BILTIR, said: “These survey results show that life reinsurance and insurance companies on the island are a strong contributor to Bermuda’s economy as well as the global economy.
“Through a collaborative effort, BILTIR acts as a consistent and coherent voice for our members and the industry in Bermuda, representing their varied interests and we look forward to increasing our awareness over the course of the coming year.”
“Of those responding, 46 per cent hold a Class C license with total assets of less than $250M, 40 per cent are licensed Class E with total assets of greater than $500M and 13 per cent sit in between with a Class D license and total assets between $250M and $500M.
“The majority – 83 per cent – of respondents cover life risks, followed by deferred annuities at 57 per cent, immediate annuities and other longevity risks at 47 per cent, accident and health at 27 per cent and all others at 20 per cent.
“The survey was answered by 30 of BILTIR’s full-member companies. Full-members are companies that are licensed as long-term insurers by the Bermuda Monetary Authority.
“BILTIR members insure a wide range of risk types across a broad geographic range, proving that they play an important role in the global economy. Geographic origin of risks insured by member companies include: USA, 37 per cent; Caribbean and Bermuda, 14 per cent; the United Kingdom, 8 per cent; Canada and the EU both at 5 per cent; China, 4 per cent; and Japan, 3 per cent.”
For more information on BILTIR, visit www.BILTIR.bm.
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