31 July 2019News

ABIR members exceed $100bn in gross written premium

The Association of Bermuda Insurers and Reinsurers (ABIR) has released the 2018 global underwriting results for its member re/insurers reporting record.

Of its 23 re/insurance members, 21 participated in the 2018 report, between them writing $100.3 billion in global gross written premium on a capital and surplus base of $120 billion. They reported a net underwriting profit of $2.6 billion in their global businesses, with a combined ratio of  97.1 percent.

Last year 21 re/insurers wrote $97 billion in global gross written premium, on a capital and surplus base of $122.1 billion. But John Huff, president and CEO of ABIR cautioned against making year on year comparisons, given annual variations in group membership and industry M&A activity. But he insisted members are well capitalised.

“High severity natural catastrophe losses in 2017 and followed on by 2018 wildfires, hurricanes, typhoons and tornados proved the value proposition of global markets and Bermuda re/insurers. Long known as a leader in natural catastrophe coverage, ABIR members are also leveraging capital, expertise and talent in cyber and specialty lines,” he added.