28 April 2014News

Bermuda’s insurance market still top of the pile, says BMA

Strong underwriting statistics released recently by the BMA demonstrate the continued importance of the Bermuda market.

According to the statistics, Bermuda’s international insurance sector achieved considerable underwriting results, writing over $120 billion in premium during the latest reporting period.

The information shows that the Bermuda insurance market recorded an increase of aggregate GWP of $120.5 billion, up 12 percent year-on-year from the $107.6 billion recorded the previous year. Net written premiums totalled $98.1 billion, up 3.7 percent from the $94.6 billion written the previous year.

Overall, the market recorded aggregate total assets of $505.5 billion, up 11.8 percent year-on-year from $452.2 billion, and held capital and surplus of $193.0 billion, up 14.4 percent from $168.7 billion.

Craig Swan, managing director, supervision at the authority, said Bermuda’s risk transfer industry continued to write significant volumes of premiums, helping buyers to manage exposures in the face of changing market conditions. In addition, Bermuda’s insurers hold substantial amounts of capital and surplus as well as total assets.

Gross written premiums for the commercial sector reached $74.4 billion. Total assets for the commercial sector were $359.9 billion, while capital and surplus was $135.9 billion. The captive sector wrote $46.1 billion in gross premiums and reported total assets of $145.6 billion; reported capital and surplus for this sector was $57.1billion.

The 12 new insurance companies registered in Q1 of 2014 covered a wide scope of insurance: from small commercial insurers and captives; to long-term life insurers and special purpose insurers.

Swan says: “Bermuda remains attractive due to our unique ability to service the full spectrum of insurance. The robust results of Bermuda’s insurers and continued influx of new firms demonstrates the importance of the Bermuda market and its ability to provide stable capacity.”