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Association of Bermuda Insurers and Reinsurers (ABIR)

Fact Sheet 2026

Executive Summary

Bermuda's Leading Property and Casualty Insurers and Reinsurers

• Global Reach: Operating across nearly 150 countries.
• Record Premiums: Reported USD $188 billion in gross written premium for 2024 
• Capital Strength: Total Equity rose to $178 billion in 2024, 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 2024, the Bermuda Market paid nearly $1.1 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 
• The year-on-year gross loss exposure assumed by Bermuda insurers increased by 7.5%, from $204.51 billion in 2023 to $219.87 billion in 2024 
• AM Best’s Bermuda Reinsurers Composite reported shareholders equity growth of 9.3 per cent in 2024 
• 86% of gross premium written (GPW) by companies traded on a major stock exchange (76% of GPW by US SEC registrants) 
• Bermuda Cyber Market saw aggregated incurred losses reach $1.45 billion in 2024, up from $1.03 billion in 2023 

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

• Expected to cover gross losses of almost $10 billion for January 2025 Southern California wildfires  
• 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 28% and 24% of the claims from a San Francisco Earthquake and a Los Angeles Earthquake, respectively 
• Would cover 39% and 34% 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 2023 
• 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 51% 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 32% of claims from a Japanese Typhoon

Global Presence & Local Impact

ABIR Members’ Global Footprint 

• Employ approximately 122,671 people worldwide, with:
  • 27,654 in the U.S.
  • 5,211 in Europe.
  • 10,218 in the U.K.
  • 18,386 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 2024 

• Direct Impact: Contributed a record-breaking $1.21 billion to Bermuda’s economy, the highest in ABIR’s history.
• Employment Leadership: Employ 2,121 full-time staff in Bermuda, including 1,472 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.
• $117.4 million spent on business services like legal, accounting, and consulting.
• $99.4 million on construction, real estate, and housing.
• $28.2 million on travel, transportation, and entertainment within Bermuda.
• $7.3 million in charitable donations.
• Funded $1.26 million in scholarships and supported 108 internships in 2024.

[1] ABIR Global Underwriting Survey 2025

[2] ABIR Global Underwriting Survey 2025

[3] Bermuda Monetary Authority (BMA), Nov. 2025

[4] AM Best 2018

[5] BMA, Bermuda Insurance Property and Casualty Market, Catastrophe Risk and Stress Testing Analysis Report, Dec. 2025

[6] AM Best Market Segment Report – Global Reinsurance

[7] 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

[8] BMA, Bermuda Cyber Underwriting Report 2025

[9] BMA, Bermuda (Re)insurers Expect to Pay a Significant Portion of the California Wildfire Losses, May 2025

[10] BMA, Wildfire and Typhoon Survey Results, March 2020

[11] BMA, Commercial Market Claims Data, June 2021

[12] NAIC approved annual financial statement Schedule F filings for US monoline mortgage guaranty premiums ceded

[13] BMA, Bermuda Insurance Property and Casualty Market, Catastrophe Risk and Stress Testing Analysis Report, Dec. 2025

[14] BMA, Bermuda Insurance Property and Casualty Market, Catastrophe Risk and Stress Testing Analysis Report, Dec. 2025

[15] UK Pool Re

[16] BMA, Commercial Market Claims Data, June 2021

[17] BMA, Commercial Market Claims Data, June 2021

[18] BMA, Bermuda Insurance Property and Casualty Market, Catastrophe Risk and Stress Testing Analysis Report, Dec. 2025

[19] Reinsurance News, 2021

[20] Reinsurance News, 2021

[21] BMA, Wildfire and Typhoon Survey Results, March 2020

[22] BMA, Bermuda Insurance Property and Casualty Market, Catastrophe Risk and Stress Testing Analysis Report, Dec. 2025

[23] ABIR Economic Substance Survey, Dec. 2024

[24] ABIR Economic Substance Survey, Dec. 2024