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Association of Bermuda Insurers and Reinsurers (ABIR)

Fact Sheet 2025

Executive Summary

Bermuda's Leading Property and Casualty Insurers and Reinsurers

• Global Reach: Operating across nearly 150 countries.
• Record Premiums: Reported USD $171 billion in gross written premium for 2023, up from $145 billion in 2022.
• Capital Strength: Total Equity rose to $164 billion in 2023, showcasing strong financial growth.
• Specialized Coverage: Leaders in covering cyber, mortgage, political risks, and catastrophic events.
• Global Impact: Bermuda reinsurers represent ~36% of the global reinsurance market, based on property/casualty net premiums earned.

Bermuda Market Leadership

• Bermuda leads in catastrophe and climate-related insurance
• Between 2016 and 2023, the Bermuda Market paid nearly $1 trillion in claims, helping narrow global protection gaps.
• 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
• For the year 2021, the year-on-year gross loss exposure assumed by Bermuda insurers increased by 8.03%, from $208.30 billion in 2020 to $225.02 billion in 2021
• AM Best’s Bermuda Reinsurers Composite reported shareholders equity growth of 33.7 per cent, on a 23 per cent average return on equity in 2023
• 88% of gross premium written (GPW) by companies traded on a major stock exchange (76% of GPW by US SEC registrants)

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

• Expected to cover gross losses of more than $13 billion for Hurricane Ian (2022)
• Provide nearly 25% of reinsurance to the Texas Windstorm Pool (CY 2019)
• Paid $9.2B for 2017-2019 California Wildfires
• 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
• Contributed more than USD$65 billion between 2001-2017 to U.S. catastrophe 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 more than 60% of the hurricane reinsurance in Florida and Texas
• 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
• 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 (2001)
• Would cover 34% and 35% of the claims from a San Francisco Earthquake and a Los Angeles Earthquake, respectively
• Would cover 38% and 33% of the claims from a Carolinas Hurricane and a Northeast Hurricane, respectively

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

• Provide 32% of terrorism reinsurance capacity to UK’s Pool Re 2022
• 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
• 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
• Write 20% of broker-placed European property catastrophe reinsurance
• Would pay 41% of claims from a European windstorm
• ABIR members alone supply nearly half (42% of capacity or £14.4 billion) for Lloyds of London Syndicates in 2020
• Write 13% of aggregate global reinsurance premium
• Include 15 of world’s top 50 reinsurers
• 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 Typhoons
• Would cover 36% of claims from a Japanese Typhoon
• Global Presence & Local Impact

ABIR Members’ Global Footprint

• Employ approximately 53,380 people worldwide, with:
• 22,400 in the U.S.
• 3,300 in Europe.
• 6,570 in the U.K.
• 17,600 in Asia, Oceania, and other regions.
• Provide 60% of hurricane reinsurance in Florida and Texas.
• Supply 40% of broker-placed property catastrophe reinsurance in the U.K.

Bermuda Economic Impact in 2023

• Direct Impact: Contributed a record-breaking $1.016 billion to Bermuda’s economy, the highest in ABIR’s history.
• Employment Leadership: Employ 2,140 full-time staff in Bermuda, including 1,441 Bermudians, spouses of Bermudians, and PRC holders (~70% of the workforce).
• Educational Outreach: Continued sponsor of a specialized 14-week insurance course in partnership with Bermuda College.
• $115.9 million spent on business services like legal, accounting, and consulting.
• $87.7 million on construction, real estate, and housing.
• $20.3 million on travel, transportation, and entertainment within Bermuda.
• $7.4 million in charitable donations.
• Funded $1.17 million in scholarships and supported 108 internships in 2023.

[1] ABIR Global Underwriting Survey 2024
[2] ABIR Global Underwriting Survey 2024
[3] AM Best 2018
[4] Bermuda Monetary Authority (BMA), Bermuda Insurance Property and Casualty Market, Catastrophe Risk and Stress Testing Analysis Report, Dec. 2022
[5] AM Best Market Segment Report – Global Reinsurance
[6] 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
[7] Bermuda Monetary Authority (BMA), Wildfire and Typhoon Survey Results, March 2020
[8] BMA, Commercial Market Claims Data, June 2021
[9] NAIC approved annual financial statement Schedule F filings for US monoline mortgage guaranty premiums ceded
[10] BMA, Bermuda Insurance Property and Casualty Market, Catastrophe Risk and Stress Testing Analysis Report, Dec. 2022
[11] BMA, Bermuda Insurance Property and Casualty Market, Catastrophe Risk and Stress Testing Analysis Report, Dec. 2022
[12] UK Pool Re
[13] BMA, Commercial Market Claims Data, June 2021
[14] BMA, Commercial Market Claims Data, June 2021
[15] BMA, Bermuda Insurance Property and Casualty Market, Catastrophe Risk and Stress Testing Analysis Report, Dec. 2022
[16] Reinsurance News, 2021
[17] Reinsurance News, 2021
[18] Bermuda Monetary Authority (BMA), Wildfire and Typhoon Survey Results, March 2020
[19] BMA, Bermuda Insurance Property and Casualty Market, Catastrophe Risk and Stress Testing Analysis Report, Dec. 2022
[20] ABIR Economic Substance Survey, Dec. 2024
[21] ABIR Economic Substance Survey, Dec. 2024

For further details, please refer to the full report at www.abir.bm.