2023 ABIR Fact Sheet
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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 2023v
- 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 windstormiv
- 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 Typhooniv
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