A global total of $72 billion in gross written premiums was written last year by members of the Association of Bermuda Insurers and Reinsurers.

The survey for 2015 included 19 of the 22 Abir members and also recorded net income of $8.7 billion.

The 19 Abir members also recorded a capital and surplus base of $96 billion.

Bradley Kading, president and executive director of Abir, said: “Market reports clearly indicate we are in a soft market for commercial insurance and reinsurance.

“Alternative capital continues to provide both an opportunity and a challenge to traditional markets.

“Abir members underwrite risk for their own balance sheets and for alternative capital partners.

“The additional capital has focused Abir members on how to close the protection gap — to increase insurance penetration in both the developed and the developing world.”

He added: “Abir members will work with the Insurance Development Forum on ways to put this capital to work in partnerships with clients, international organisations and governments.”

Mr Kading said: “Abir members continue to be in the forefront in analysing climate risk and in developing new products in growing fields such as terrorism, cyber-risk and liability insurance product needs for new technologies.”

The results for 2015 cannot be compared to previous years due to significant changes among the member companies.

Abir represents the island’s major property and casualty insurers and reinsurers.