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Island hits $163bn in gross written premiums

Craig Swan of the BMA

Insurance and reinsurance companies in Bermuda recorded gross written premiums of $163 billion in 2013, an increase of 35.3 per cent year-on-year.

That performance underlines the strength of the Island in the marketplace, according to the Bermuda Monetary Authority’s (BMA) Craig Swan.

The figures from 2013 were the latest complete yearly market statistics available to the BMA through its statutory financial returns.

“These statistics demonstrate the continued significance of the Bermuda insurance and reinsurance marketplace and underline its major role in the world’s risk transfer industry,” said Mr Swan, managing director, supervision, at the BMA.

“Aggregate net premiums written were $138.7 billion, up 41.4 per cent from the $98.1 billion written the previous year.

“Overall, the market recorded aggregate total assets of $607.6 billion and held aggregate capital and surplus of $191.6 billion.”

Looking specifically at Bermuda’s commercial insurers and reinsurers, gross premiums written were $130.1 billion, total assets were $482.2 billion and capital and surplus was $138.3 billion.

Bermuda’s captives wrote $32.9 billion in gross premiums and reported total assets of $125.4 billion.

Reported capital and surplus for Bermuda’s captives was $53.3 billion.

In terms registrations during the first quarter of this year, the BMA registered 14 new insurers and five insurance intermediaries during the first three months of 2015. This compares to 12 new insurers and four new intermediaries recorded during the same period in 2014.

“These statistics clearly demonstrate the market’s continued resilience in the face of increased competition and a prevailing soft market,” said Mr Swan.