Bermuda re/insurers paid out $73bn to EU

Make text smaller Make text larger

  • Valuable information: Craig Swan of the BMA

    Valuable information: Craig Swan of the BMA


Bermuda insurers and reinsurers have paid out almost $73 billion in claims to European Union policyholders and claimants over the past 20 years.

Of the total $72.8 billion, some $36.8 billion, or about half, was paid out to UK customers.

The information was published today by financial regulator the Bermuda Monetary Authority, after its first EU data claims survey, which was completed in July this year.

Craig Swan, managing director of supervision at the BMA, said: “The survey results show the significance of the Bermuda re/insurance market’s contribution to Europe over the past two decades.

“European insurers cede risk to Bermuda, making the cost of buying insurance — particularly property-catastrophe insurance — more affordable to customers in the EU.”

The figure show how the Bermuda market has become progressively more significant to the EU over the years.

In the decade from 1997 through 2006, claims payments to the EU totalled around $16.5 billion, of which $7.4 billion was paid out to UK customers.

Between 2007 and 2016, Bermuda re/insurers paid out $56.3 billion in claims to EU customers — $29.4 billion to UK policyholders and $26.9 billion to other parts of the EU.

Mr Swan said the BMA was grateful to the companies that took part in the survey.

He said: “This is very useful information for the Bermuda market as it demonstrates the value of diversifying risk globally in an increasingly competitive worldwide market.”

You must be registered or signed-in to post comment or to vote.

Published Sep 27, 2017 at 12:09 pm (Updated Sep 27, 2017 at 1:46 pm)

Bermuda re/insurers paid out $73bn to EU

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    Today's Obituaries