Members of the Association of Bermuda Insurers and Reinsurers (ABIR) contributed over $830 million to the Bermuda economy in 2019, up $15 million from calendar year 2018.
The finding came as part of the 15th annual ABIR Bermuda Economic Substance Survey, which details the contributions of its members to the Bermuda economy and workforce.
The report found that Bermudians now represent around 72 percent of ABIR’s member workforce. Members employed 1,515 full-time staff in Bermuda, of which 1,199 were Bermudians, spouses of Bermudians, or permanent residence certificate holders, which represents an increase of 64 Bermudian employees since 2018.
Members paid $624 million in payroll to Bermudian-based employees, the report found.
They offered nearly 60 internships to Bermudians in 2019, as well as educational scholarships in Bermuda totalling over $1.3 million.
ABIR members invested more than $131 million on local construction, real estate, housing and leasing. They also spent $68 million on legal, accounting and actuarial, information technology, temporary services and other consulting services.
In total members spent $20 million on hotels, airfare, restaurants, taxis and catering, supporting the local economy, while over $6 million was donated as charitable contributions to Bermuda organisations.#
The survey data is collected from 26 ABIR member companies and tracks direct economic contributions across travel, business, charity giving, construction expenses and compensation paid to Bermudian-based employees.
Albert Benchimol, chief executive officer of AXIS Capital and chairman of ABIR, said that while member companies serve a global community, they are committed to the training and development of the local Bermuda workforce.
“ABIR made a long-term commitment to diversity, equity, and inclusion, and we are seeing solid progress, as reflected in this year’s survey results,” Benchimol said.
“Our member companies are experts in insuring against catastrophic losses, climate and cyber risks, while remaining committed to investing in the people and economy of Bermuda,” added ABIR chief executive John Huff.
Huff emphasised the importance of ABIR members’ charitable giving. “During the first six months of 2020, ABIR member companies contributed $3.1 million of support for Bermuda charities,” he said. “We are here today, and we’ll be here tomorrow. Regardless of the challenge, ABIR stands ready to meet it with the support of our strong Bermuda workforce.”
Association of Bermuda Insurers and Reinsurers, ABIR, John Huff, Albert Benchimol