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Bermuda re/insurers to support in Ida recovery

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Bermuda’s re/insurance industry stands ready to support Americans in the aftermath of Hurricane Ida, the Bermuda Business Development Agency has declared.

The BDA said Bermuda’s commitment to supporting communities that suffer natural disasters is seen in the $209.6 billion Bermuda re/insurers paid out to United States policyholders and cedants for large catastrophes, property and casualty losses, and life insurance claims from 2016 to 2020.

Overall, the industry has paid out $400 billion since 1997, the BDA said, quoting the Bermuda Monetary Authority.

Stephen Weinstein, chair of the BDA, said: “After Hurricane Ida, our thoughts are with the people of Louisiana, the Gulf Coast, and all who have been affected by this immense storm.

“Bermuda’s re/insurers have a long history of financing post-disaster recovery processes across the world and we stand ready to assist in times of need.

“Building on our decades of experience helping to close the insurance protection gap, Bermuda is also focused on helping our partners address the climate risk protection gap by becoming a capital of climate risk finance.”

John Huff, president and CEO of the Association of Bermuda Insurers and Reinsurers said Bermuda has proven to be a strong ally of the United States over the years and has provided substantial support to Americans after past natural disasters.

He said: “Bermuda’s leading insurers & reinsurers paid a total of $22 billion to rebuild the United States Gulf and Florida Coasts from seven hurricanes between 2004-2005, including nearly 30 per cent of insured losses from Hurricanes Katrina, Rita, and Wilma.

“More recently, the Bermuda market was estimated to pay some 30 per cent ($30 billion) of 2017 Hurricanes Harvey, Irma and Maria losses.

“Hurricane Ida will be no different. Our members will provide full services to affected persons to ensure they receive the support they need following this deadly storm.”

Ida made landfall in Louisiana on Sunday as a Category 4 hurricane packing 150 mile per hour winds and has since been downgraded to a post-tropical cyclone.

Damage caused by Ida is expected to produce insured losses in the billions of dollars.

To date, estimates have ranged from $15 billion to $40 billion. More than 40 people have lost their lives in the storm.

The BDA said Bermuda is a jurisdiction that punches well above its weight on the global stage.

In its just-published Market Segment Report, ratings agency AM Best ranked 14 Bermuda re/insurers in the top 50 worldwide.

Stephen Weinstein, chair of the BDA (Photograph supplied)
John Huff, president and CEO, Association of Bermuda Insurers and Reinsurers (File photograph)

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Published September 07, 2021 at 8:08 am (Updated September 07, 2021 at 1:31 pm)

Bermuda re/insurers to support in Ida recovery

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