Abir members wrote nearly $100bn in premiums

  • Catastrophe: Hurricane Irma was among the devastating storms that generated hefty claims for Bermudian re/insurers last year

    Catastrophe: Hurricane Irma was among the devastating storms that generated hefty claims for Bermudian re/insurers last year

A group of the largest commercial re/insurers in the Bermuda market wrote nearly $100 billion in gross premiums last year.

The Association of Bermuda Insurers and Reinsurers released its underwriting survey, in which 21 of its 23 member companies participated.

And despite a year of huge payouts on catastrophe claims related to hurricanes, wildfires and earthquakes, the group reported combined net income of $4.1 billion for their global businesses.

The companies write insurance and reinsurance business out from underwriting centres in Europe, Asia, North and South America, as well as Bermuda. The group wrote $97 billion in global gross written premium on a capital and surplus base of $122.1 billion.

The gross premium to equity ratio for the group was .79 to 1.

John Huff, president and chief executive officer of Abir, said: “2017 natural disaster activity was a significant test for global re/insurers and the Bermuda market passed with flying colours.

“The Bermuda market is estimated to shoulder about $30 billion of losses from Hurricanes Harvey, Irma and Maria.

“Members are capitalised and seek to close the insurance protection gap in developed and emerging markets to put risk capacity to work. Expense reduction and exploring new product development opportunities continue to be a focus of Abir members.”

Abir is preparing to stage a forum to celebrate its 25th anniversary next week.

The July 10 event will feature some of the best-known characters in the industry over the past quarter of a century, including executives past and present, alongside global regulatory leaders.

An impressive who’s who of Bermuda’s global insurance market will discuss the state of the industry and major trends affecting risk management at an upcoming leadership forum marking the 25th anniversary of the Abir. The event, scheduled July 10 in Bermuda, will see high-profile executives past and present alongside global regulatory leaders participate in an afternoon of panel debates focused around big themes impacting the industry.

For more information on the event, please contact Priscilla.Briones@abir.bm. Past reports are available on the Abir website at www.abir.bm

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

Published Jul 3, 2018 at 5:25 pm (Updated Jul 3, 2018 at 5:25 pm)

Abir members wrote nearly $100bn in premiums

What you
Need to
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

    • "What is the most significant reason for Bermuda residents choosing to leave the island?"
    • Too small
    • 3%
    • Different way of life
    • 4%
    • Cost of living
    • 77%
    • Gang activity and general crime
    • 3%
    • Jobs/professional advancement
    • 8%
    • Education
    • 2%
    • Attitudes towards gays
    • 3%
    • Total Votes: 5235
    • Poll Archive

    Today's Obituaries

    eMoo Posts