Bermuda’s economy benefits to the tune of $79 million in a single year from direct expenditure by members of the Bermuda International Long Term Insurers and Reinsurers organisation.

That is one of the findings of a survey done by the group to assess the impact and make-up of the organisation.

Biltir members manage more than $156 billion in assets. The group was formed in 2011 to serve as a formal association to represent life insurers and reinsurers in Bermuda. The organisation’s primary focus is to advocate for the island’s life and annuity industry.

Half of the workforce of the organisation’s member companies are based in Bermuda, and more than 70 per cent of those based locally are either Bermudian or a spouse of a Bermudian.

In 2015, Biltir members spent more than $77.5 million in direct expenditures on the island, including employee costs, payroll tax and rent.

Additionally, a further $1.5 million has gone to charitable work and education-based initiatives on the island.

Biltir conducted its survey between November 2016 and March 2017, and it involved 30 of the organisation’s full-time members.

“These survey results show that life reinsurance and insurance companies on the island are a strong contributor to Bermuda’s economy as well as the global economy,” said Sylvia Oliveira, director, Biltir.

“Through a collaborative effort, Biltir acts as a consistent and coherent voice for our members and the industry in Bermuda, representing their varied interests and we look forward to increasing our awareness over the course of the coming year.”

The organisation also helps through a math tutorial programme for high school students as they prepare for internationally recognised standardised tests and Biltir awards an annual $30,000 scholarship to a Bermudian student pursuing a maths-related postsecondary degree.

Some 83 per cent of respondents to the survey cover life risks, followed by deferred annuities at 57 per cent, immediate annuities and other longevity risks at 47 per cent, accident and health at 27 per cent and all others at 20 per cent.

Biltir members insure a wide range of risk types across a broad geographic range. Geographic origin of risks insured by member companies include the US at 37 per cent Caribbean and Bermuda at 14 per cent; the UK at 8 per cent, Canada and the EU both at 5 per cent, China at 4 per cent, and Japan at 3 per cent.