Members of the Association of Bermuda Insurers and Reinsurers (ABIR) contributed $901.6 million to Bermuda's economy in 2014.
This is according to ABIR’s tenth annual Bermuda economic impact survey results, which added that the contribution increased $14.8 million from 2013 figures.
Figures also show that ABIR members employ more than 1,500 people in Bermuda, with 66 percent of those employees hired from the local area.
ABIR represents 20 international insurance groups, which have essential underwriting operations in Bermuda. Nineteen of these ABIR members participated in the survey.
Stephen Catlin, executive deputy chair of XL Catlin and chair of the ABIR board of directors, said: “Commercial insurance and reinsurance is the largest private sector driver of the Bermuda economy.
“With the large increase in alternative capital vehicles taking on underwriting risk in Bermuda today, we have aptly demonstrated our capabilities as a global insurance incubator.
“Bermuda’s regulatory innovations and underwriting strength allows ABIR’s members to bring great value to commercial insurance markets globally. Our contribution is to lead market innovation and make global markets more competitive.”
Bradley Kading, ABIR president and executive director, said: “The Bermuda Monetary Authority (BMA) has done an excellent job of creating a regulatory environment that meets international standards with robust prudential supervision.
“We’re confident the BMA will achieve Solvency II equivalency status by yearend and with that plus the US Qualified Jurisdiction status Bermuda will be one of only two jurisdictions which will have met the rigorous bilateral market tests of the US and the EU.”
ABIR, XL Catlin, Stephen Catlin, Bradley Kading, Bermuda