The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2016 global underwriting results for its member re/insurers.
According to Bradley Kading, president and executive director of ABIR, although soft market conditions prevail at the moment, the resilience of ABIR’s members is demonstrated by their robust underwriting results.
“Members continue to seek new markets in the developed and developing world to put risk capital to work,” said Kading. “ABIR members continue to be focused on reducing expenses and exploring new product opportunities.
“As a representative of global risk underwriters, in its public policy work ABIR focuses on the consumer benefits of increased capacity and reduced price that result from the ability to diversify global risk onto a flagship balance sheet. Protectionism in regulatory or tax public policies harms the ability of these global (re)insurers to diversify risk and thus makes insurance markets less competitive.”
ABIR said that 21 of 23 member (re)insurers participated in the 2016 report, with the companies writing insurance and reinsurance from underwriting centres in Bermuda, Europe, Asia, North and South America. The participants wrote $92.3 billion in global gross written premium on a capital and surplus base of $123.6 billion. Net income came to $10.2 billion for their global businesses and the gross premium to equity ratio for the group was .75 to 1.
However, Kading cautioned against making comparisons of aggregates from this year’s underwriting report with last year’s, noting that the association had three new members and several members completed significant acquisitions during the reporting period. Aggregate growth in premium and surplus year over year can be largely attributed to a combination of the new members and the acquisitions made by existing members.
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Association of Bermuda Insurers and Reinsurers, ABIR, Bradley Kading, Bermuda