Reinsurance: A period of significant expansion
Bermuda’s re/insurance market continues to grow apace, reflecting the scale of global demand and its ability to attract capital and deploy it across international markets.
Bermuda’s re/insurance market has long played an outsized role in the global transfer of risk. Home to many of the world’s largest reinsurers and specialty insurers, the jurisdiction provides capacity to insurers, businesses and governments around the world, helping them manage everything from natural catastrophes to complex liability exposures.
The data displayed provides a snapshot of the market’s recent performance, scale and economic impact based on the most recent available data. Together, the figures illustrate both Bermuda’s importance within the global re/insurance ecosystem and the sector’s contribution to the island itself.
Bermuda’s re/insurance market experienced significant expansion between 2020 and 2024, with gross written premiums increasing by more than 100% over the period. The growth reflects both the scale of global demand for reinsurance protection and Bermuda’s ability to attract capital and deploy it across international markets.
The improvement in underwriting performance is equally striking. After reporting a combined ratio of 105.0% in 2020, the market achieved four consecutive years below that threshold, reaching a low of 86.5% in 2023.
Over the same period, net underwriting profit/(loss) swung by $26 million, moving from a loss of $13.9 million to a profit of $12.1 million, with 2023 topping the table at $14.6 million.
Together, the figures point to a market that benefited from stronger pricing and improved underwriting conditions following a challenging period of losses for the global reinsurance sector.
The gains were also reflected in broader financial performance. Net income in 2024 was more than four times higher than in 2020, despite moderating from the record level achieved in 2023. Meanwhile, total equity ended the period more than 31% above its 2020 level, underlining the market’s ability to rebuild and retain capital while continuing to absorb large-scale risks.
Bermuda’s influence extends far beyond its geographic size. The market is estimated to account for 35% of global reinsurance capacity and 15% of global capital, reinforcing its position as one of the world’s most significant centres for risk transfer. Decisions made in Bermuda therefore have implications not only for the island, but also for insurers, businesses and policyholders around the world.
The sector’s growth has also translated into a larger economic footprint. Economic annual contribution increased by 50% between 2022 and 2024, while the number of employees rose by nearly 34%. This highlights the industry’s importance as both a source of economic activity and a major employer within Bermuda.
At the same time, Bermudians, spouses of Bermudians, or permanent resident certificate holders continued to represent the majority of the workforce throughout the period. Their numbers increased by more than one third between 2022 and 2024, broadly keeping pace with overall employment growth and demonstrating the sector’s continued role in supporting local participation in one of Bermuda’s most internationally connected industries.
Taken together, the data illustrates a market that has grown substantially in scale, strengthened its underwriting performance and increased its contribution to Bermuda’s economy. It also reinforces the jurisdiction’s standing as one of the world’s most important centres for re/insurance and risk transfer.
*Figures displayed are the latest available at the time of press.
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