Member companies of the Bermuda International Long Term Insurers and Reinsurers contribute $500 million in direct and indirect expenditure to the island’s economy annually, research by professional services firm KPMG Bermuda has shown.

Biltir said that the Bermuda life re/insurance sector companies hold $667 billion of assets under management and employ more than 600 Bermudian-based staff, 60 per cent of whom are Bermudian or the spouses of Bermudians.

The industry umbrella body said that its members contributed more than $4 million to community causes in 2020 and supported more than 50 charitable initiatives, embracing corporate social responsibility and community engagement.

The figures are included in a fact sheet produced by Biltir to showcase the economic and social benefits that the organisation brings to the island.

The fact sheet is based on research by KPMG on the impact of Biltir members on the Bermuda economy.

Biltir, which was established in 2011 with five founding members, now represents 63 life sector companies, including re/insurance companies and service providers.

It is a public policy advocate, supporting industry interests in regulatory, government and tax matters.

Sylvia Oliveira, chairwoman of Biltir, said: “Life insurance provides security to families in the event of untimely death or disability and during retirement.

“As such, a stable, prudent domicile is critically important to the life sector, and the Bermuda jurisdiction provides the long-term robust protection that allows our sector to thrive.

“Biltir is pleased to support and advocate for the life sector as it continues to grow in Bermuda.

“I’m especially proud of the positive contributions Biltir and its members make to Bermuda’s community, in particular the education initiatives.”

Martin Laframboise, executive director of Biltir, said: “Combined with NAIC reciprocal jurisdiction recognition and Solvency II equivalence that puts Bermuda’s strong risk-based regulations in line with international standards and the protection that affords the ultimate policyholder, companies electing to domicile in Bermuda are benefiting from that growth.”

The organisation has made a tenth anniversary video: https://biltir.bm/biltir-celebrates-10-years-life-sector-growth.