Bermuda market posts record $188bn GWP on back of diversification
The Association of Bermuda Insurers and Reinsurers (ABIR) reported that its members grew gross written premiums by 10% year-on-year in 2024, alongside an 8.5% lift in total equity.
ABIR’s global underwriting report comprises data from 25 of 33 member re/insurers for the calendar year 2024. The group generated gross written premium of over $188 billion, up from $171 billion in 2023, driven by organic growth. In 2024, the group’s total equity increased to $178 billion from $164 billion in 2023.
The participating companies engage in insurance and reinsurance activities through underwriting centres located in Bermuda, the United Kingdom, Europe, Asia, as well as North and South America. In 2024, members of ABIR reported a net income of $26.9 billion, compared to $32.2 billion in 2023—a decrease attributed to elevated claims during the year. According to ABIR’s analysis, more than 90% of gross written premium originates from its publicly traded member companies.
Meanwhile, the Bermuda market continues to diversify, expanding into specialty lines such as cyber, mortgage, political and terrorism risk, transactional liability, and financial lines coverage, all while maintaining its historic global leadership in property insurance.
IFRS 17 has been adopted as the reporting standard by a number of ABIR members, and as such, the report has been split into two tables to more accurately reflect the differences in the reporting standards. One table includes members who report on US GAAP, IFRS or Bermuda SAP basis, and the new second table contains the results for members that report on an IFRS 17 basis. Consistent with last year’s report, the current reported results are not directly comparable to the report from the prior years for these reasons.
ABIR’s release of its latest underwriting data closely follows the publication of a report by AM Best, the global credit ratings agency, which also drew attention to the strength and growth of Bermuda’s insurance market. According to AM Best’s study — titled ‘Momentum Remains for Dedicated Reinsurance Capital Beyond the Market Peak’ — Bermudian-based reinsurers increased their capital by 16% in 2024 on a year-on-year basis, outpacing their counterparts in Europe, the United States, and Asia. The report further notes that Bermudian-based companies now account for approximately 15% of global reinsurance capital. As the industry looks ahead, a substantial delegation from Bermuda is preparing to attend the annual Rendez-Vous de Septembre in Monte Carlo, an event that serves as the starting point for important discussions among global reinsurance professionals before January contract renewals.
Mark Cloutier (pictured left), chair of ABIR and executive chair of Aspen Insurance Group, commented: “The results of ABIR’s global underwriting report reflect strong and growing global demand for the risk-transfer expertise and robust capital base of ABIR member companies. With accelerating risk awareness, the Bermuda market relevance has never been more important as it consistently delivers world-class industry talent, a universally recognised supervisor, innovation and industry-leading reliability to deliver risk solutions with unparalleled speed to market.”
John M. Huff (pictured right), CEO of ABIR, said: “The overall organic growth results demonstrate that Bermuda’s leading insurers and reinsurers continue to play a critical role in providing capital and capacity, innovative solutions for customers, and peace of mind for consumers, businesses and communities. Over the past ten years, the Bermuda market has supported over a trillion dollars in claim payments around the world, much of it after a natural disaster.”
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