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Fact Sheet 

The Association of Bermuda Insurers and Reinsurers (ABIR)

Bermuda's leading property and casualty insurers and reinsurers:

• Generate income from nearly 150 countries
• 88% of gross premium written (GPW) by companies traded on a major stock exchange (76% of GPW by US SEC registrants)ⁱ
• Reported USD$128 billion in global gross written premium (CY 2021) ^xiii 
• Reported aggregate global capital totaling USD$140 billion (CY 2021) ^xiii  
• Assumed $208.3 billion of global gross estimated potential losses from major cat perils (combined) ^iv
• Bermuda re-insurers make up about 36% of the global reinsurance market based on property/casualty net premiums earned, according to the most recent report of credit rating agency AM Best (2018 AM Best)
• Employ 37,600, people in the US, over 1,400 in Bermuda, more than 5,600 in Europe, over 8,500 in the UK, approximately 37,000 in Asia, Oceania and other non-EU countries, and approximately 82,000 worldwide (CY 2021)

In the US, ABIR members and other Bermuda (re)insurers:

• Expected to cover gross losses of more than $13 billion for 2022 Hurricane Ian: "Bermuda (re) insurers may incur as much as 25% of the industry losses' 
• Provide nearly 25% of reinsurance to the Texas Windstorm Pool (CY 2019)
• Paid $9.2B for 2017-2019 California Wildfiresⁱⁱ
• Paid $209.6 billion to US policyholders and cedents for large catastrophes, property and casualty losses and life insurance claims during the five-year period from 2016 to 2020 ⁱⁱⁱ
• During the twenty-year period from 1997 to 2016, Bermuda re/insurers paid out US$ 208.7 billion to US Policyholders and cendants. 
• Bermuda re/insurers have paid out over US$400 billion to US policyholders and cedents since 1997 to the present.
• Contributed more than USD$65 billion between 2001-2017 to U.S. catastrophe losses
• Estimated to pay $2.7 billion or potentially 20% of Texas 2021 Winter Storm Uri losses. ^x
• Estimated to pay 30% ($30 billion) of 2017 Hurricanes Harvey, Irma and Maria losses
• Estimated to pay 23% of 2018 Hurricane Michael losses
• Paid a total of USD$22 billion to rebuild US Gulf and Florida Coasts from seven hurricanes of 2004-2005, including nearly 30% of insured losses from Hurricanes Katrina, Rita and Wilma
• Provide over 50% of reinsurance capacity of U.S. Monoline Mortgage Guaranty insurers playing an increasing role in helping Americans achieve the American dream of home ownership. (CY 2020). This is up from 29.5% in 2016.^ix
• Provide 7% of US crop reinsurance in key states
• Support 25% of US medical liability insurance and reinsurance market
• Paid USD$2.5 billion (10%) of New York City World Trade Center terrorism attack claims
• Would cover 30% and 31% of the claims from a San Francisco Earthquake and a Los Angeles Earthquake, respectively ^iv
• Would cover 36% and 29% of the claims from a Carolinas Hurricane and a Northeast Hurricane, respectively, ^iv
• 16% of reported liabilities for United States’ 2012 Hurricane Sandy

In the UK and Europe, ABIR members and other Bermuda-based (re)insurers:

• Provide 32% of terrorism reinsurance capacity to UK’s Pool Re 2023^v
• Paid US$35.2 billion to UK policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims during the five-year period 2016 to 2020 ⁱⁱⁱ
• Paid US$29.3 billion to European Union policyholders and cedants for property and casualty losses and life insurance claims during the five-year period from 2016 to 2020. ⁱⁱⁱ
• Write 20% of broker-placed European property catastrophe reinsurance.
• Would over 40% of claims from a European windstorm^iv
• Estimated to ultimately pay 62% of the losses for the UK’s largest peacetime fire and explosion-the Buncefield oil terminal fires of 2005.
• ABIR members alone supply nearly half (42% of capacity or £14.4 billion) for Lloyds of London Syndicates in 2020.^vii
• Write 13% of aggregate global reinsurance premium.
• Include 15 of world’s top 50 reinsurers. ^vii
• Supply 40% of UK broker-placed property catastrophe reinsurance market.

In Asia, ABIR members and other Bermuda-based (re) insurers:

• Paid $9.6B for 2017-2018 Japanese Typhoonsⁱⁱ 
• Would cover 35% of claims from a Japanese Typhoon^iv   

Globally, ABIR members and other Bermuda (re)insurers covered:

• 25% of reported reinsurance losses for the 2016 Alberta, Canada wildfires
• 20% of combined global loss estimates for the 2015 Tianjin explosion
• 50% of reported losses for the 2012 Costa Concordia cruise liner sinking
• 29% of reported liabilities for the international reinsured share of the 2011 Japanese earthquake
• 37% of reported liabilities for Europe’s 2010 Windstorm Xynthia
• 38% of reported liabilities for Chile’s 2010 earthquake
• 51% of reported liabilities for New Zealand’s aggregated 2010 and 2011 earthquakes
• 22% of theoretical USD$1 billion market loss for the 2009 Air France crash

Updated January 2023. Statistics compiled from: A.M. Best, Standard and Poor’s, Aon Benfield, Dowling and Partners, Bermuda Monetary Authority, ABIR.

ⁱ Based on gross written premium, ABIR Underwriting Reports and BMA public filings. Major stock exchanges include the following: NYSE, NASDAQ, London Stock Exchange, Euronext, Tokyo Stock Exchange

ⁱⁱ Bermuda Monetary Authority, Wildfire and Typhoon Survey Results, March 2020

ⁱⁱⁱ Bermuda Monetary Authority, Commercial Market Claims Data, June 2021

^iv Bermuda Monetary Authority, Catastrophe Risk in Bermuda, Nov. 2020

^v UK Pool Re

^vii Reinsurance News, 2021

^ix NAIC approved annual financial statement Schedule F filings for US monoline mortgage guaranty premiums ceded.

^x BMA, July 23, 2021, Public Report

^xiii As reported in ABIR 2021 Underwriting Report, March 2020