ABIR survey shows how members boost Bermuda

Companies in the Association of Bermuda Insurers & Reinsurers (ABIR) made a direct economic contribution of more than $840 million to Bermuda in 2017, according to the Association’s 13th annual member survey results.

The survey said that ABIR’s aggregate direct economic impact to the Bermuda economy was $842.6 million, including travel, business, charity giving, construction expenses and compensation paid to Bermuda-based employees. The survey was based on data reported for calendar year 2017 from 23 ABIR members.

Looking at the results in more detail ABIR members contributed over $658 million in payroll to Bermuda-based employees, as well as $7.8 million in charitable contributions, $90 million on construction, real estate, housing, and office space in Bermuda, $66 million on legal, accounting, actuarial, temporary services and other consulting services and nearly $20.8 million on hotels, airfare, restaurants, taxis and catering.

“Last year was a significant test for the re/insurance sector with a triple threat of US natural disasters, generational changes in tax policy and soft market conditions,” said John Huff, president and chief executive officer (CEO) of ABIR. “ABIR members passed the test with flying colours—and doubled down on their commitment to the island.”

Kevin O’Donnell, president and CEO of RenaissanceRe Holdings and current chair of ABIR said: “As ABIR marks its 25 years of innovation and continued commitment to business strategies and public policies that enhance physical and financial resilience to growing risk of large catastrophes across the globe, Bermuda-based re/insurers have become the driving force of economic activity at the place we call home—Bermuda.”