Skip to content

2021 ABIR Fact Sheet


Download the latest ABIR Fact Sheets here.

The Association of Bermuda Insurers and Reinsurers (ABIR) Bermuda's major property and casualty insurers and reinsurers: 

  • Generate income from nearly 150 countries
  • 96% of gross premium written (GPW) by companies traded on a major stock exchange (72% of GPW by US SEC registrants)i 
  • Wrote USD$109 billion in global gross written premium (CY 2019)
  • Aggregate global capital totaling USD$134 billion (CY 2019)
  • 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 over 43,500 people in the US, nearly 1,600 in Bermuda, more than 8,700 in Europe, over 11,300 in the UK, over 31,000 in Asia and Oceania, and more than 106,300 worldwide (CY 2019)

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

  • Provide over 50% of the 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.
  • Provide nearly 25% of reinsurance to the Texas Windstorm Pool (CY 2019)
  • Paid $9.2B for 2017-2019 California Wildfiresii
  • Paid $208.7 billion to US policyholders and cedents during the past 20 yearsiii
  • Contributed more than USD$65 billion between 2001-2017 to U.S. catastrophe losses 
  • Estimated to pay 30% ($30 billion) of 2017 Hurricanes Harvey, Irma and Maria lossesiii 
  • Estimated to pay 23% of 2018 Hurricane Michael losses 
  • Paid a total of USD$22B 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 more than 60% of the hurricane reinsurance in Florida and Texas. 
  • 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 22% of the claims from a San Francisco Earthquakeiv
  • Would cover 28% of the claims from a Carolinas Hurricane 
  • 16% of reported liabilities for United States’ 2012 Hurricane Sandy 

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

  • Provide 35% of terrorism reinsurance capacity to UK's Pool Re 2020v
  • Paid $72.8 billion to European Union policyholders and cedents during the past 20 yearsvi 
  • Write 20% of broker-placed European property catastrophe reinsurance 
  • 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 (48% of capacity or £14.9 billion) for Lloyds of London Syndicates in 2019.vii
  • Write 13% of aggregate global reinsurance premium 
  • Include 20 of world’s top 50 reinsurersviii 
  • 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 Typhoonsix

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 2021. Statistics compiled from: A.M. Best, Standard and Poor’s, Aon Benfield, Dowling and Partners, Bermuda Monetary Authority, ABIR.

i Based on global gross written premium, ABIR Underwriting Reports. 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, US Claims Data Survey, Nov. 21, 2017
iv Bermuda Monetary Authority, Catastrophe Risk in Bermuda, Nov. 2017
UK Pool Re
vi Bermuda Monetary Authority, Data Call, Sept. 27, 2017 v UK Pool Re

vii RAA Analysis, Dec 2020
viii Reinsurance News, 2020
ix Bermuda Monetary Authority, Wildfire and Typhoon Survey Results, March 2020
x  NAIC approved annual financial statement Schedule F filings for US monoline mortgage guaranty premiums ceded.

Powered By GrowthZone