ABIR members contribute $8.5bm to the economy in the last decade

03-02-2022

ABIR members contribute $8.5bm to the economy in the last decade

John Huff, CEO, Association of Bermuda Insurers & Reinsurers

Affiliation of Bermuda Insurers and Reinsurers (ABIR) members contributed $8.5 billion to the Bermudian financial system over the decade to 2020, the association has said. The figures from its sixteenth annual ABIR Bermuda Financial Substance Survey show a direct financial contribution of $722 million from member corporations in 2020 alone.

From 2011 to 2020, the group’s aggregate economic impact included $6.4bn in compensation paid to employees in Bermuda with another $2.1bn spending on travel, business services, charitable donations and construction and real estate.

ABIR member companies employed 1,332 people in Bermuda, with the local component of the workforce about 70%. The salary and benefits median for ABIR members’ Bermudian employees in 2020 was $176,401. 

“ABIR members’ commitment to Bermuda has resulted in billions of dollars of direct investment in the island’s economy over the past decade,” said Marc Grandisson, chief executive officer of Arch Capital Group and Chairman of ABIR. 

“During the economic challenges of the COVID-19 pandemic, we are especially proud that our members have continued to contribute substantially through employment, on-island spending and record charitable donations.”

The survey also shows ABIR member companies offering 31 internships in Bermuda in 2020, with over $1 million invested in scholarships to Bermuda students. Six respondents reported having graduate training programmes, while other workforce development initiatives included scholarships, tuition reimbursement, on-the-job training, scholarships and secondments.

“We are proud of how our members, as leaders in the global re/insurance market, have helped over time to build Bermuda’s reputation as the risk capital of the world, while also consistently investing in Bermuda’s economy and its people,” said John Huff, President and chief executive officer of ABIR.

ABIR, Economy, Financial, Insurance, Reinsurance, John Huff, Bermuda

Bermuda Re