ABIR releases 2022 global underwriting results with record $US145 billion in written premium
Growth benefited from hardening market, underwriting discipline and increased underwriting in specialty lines - 13% year-over-year increase
Monte Carlo Rendezvous (Sept 11, 2023) — Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) recorded a strong 13% year-over-year increase in premium written in 2022. ABIR’s global underwriting report, released today, comprises data from 24 of 30 member re/insurers for the calendar year 2022. The group generated gross written premium of nearly $US145 billion, up from $US128 billion in 2021, and net premium written of US$111.8 billion, up from US$98.9 billion in 2021.
The participating companies write insurance and reinsurance from underwriting centers in Bermuda, the United Kingdom, Europe, Asia, North and South America. Even with one of the heaviest natural catastrophe seasons punctuated by Hurricane Ian, ABIR members reported net income of US$5.1 billion, demonstrating disciplined portfolio management and diversification into growing specialty lines including cyber, mortgage, political and terrorism risk, transactional liability and financial lines coverage, building on the Bermuda market’s historic global dominance in property coverage.
“Bermuda’s leading insurers and reinsurers capital and capacity demonstrate their leadership role as providers of affordable and accessible insurance protection and peace of mind for consumers around the world.” noted John M. Huff, CEO of ABIR.
“Building on a distinguished three-decade track record of providing global climate risk and natural catastrophe protection through property reinsurance, Bermuda insurers and reinsurers are also becoming the specialty and casualty market of choice.”
As a center of excellence for sophisticated risk management, the Bermuda market is responding to demand driven by trends such as geopolitical volatility, economic uncertainty and social inflation, for war, political risk, terrorism, inflation-triggered financial lines and professional liability coverage. Bermuda re/insurers are also continuing to see growth in mortgage, casualty, agriculture, aviation, marine and renewable energy lines.
“These specialty lines require deep underwriting expertise to protect economies in today’s fast-changing world,” Huff said. “Leveraging a world-class talent base, propriety analytical tools, tailored customer solutions and significant capital and capacity, the Bermuda market is evolving in line with expanding client needs.”
View the full report here.
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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR), which represents Bermuda’s major property and casualty insurers and reinsurers doing business in 150 countries, was founded in 1993 and is the largest collective voice of the international re/insurance employers on island. For three decades, the Bermuda market’s risk-bearing capacity has played a key role in enabling insurance to be accessible and affordable for the benefit of consumers around the world. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, political risk, mortgage, and credit risk transfer products, along with other specialty insurance and reinsurance. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.