Member companies of the Association of Bermuda Insurers and Reinsurers recorded a robust 21 per cent year-over-year increase in net premium written in 2021, the organisation reported.

Abir’s global underwriting report, released yesterday, comprises data from 25 of 29 member re/insurers for the calendar year 2021.

The group generated net premium written of $98.6 billion, up from $81.6 billion in 2020.

The participating companies write insurance and reinsurance from underwriting centres in Bermuda, the United Kingdom, Europe, Asia, North and South America.

Abir said the 25 re/insurers wrote $127.9 billion in global gross written premium on a capital and surplus base of $139.6 billion. They reported net income of $15.5 billion.

The organisation said net premiums written benefited from market growth and improving underwriting conditions with an expectation of additional progress in 2022.

Deployment of some of the approximately $19 billion of risk capital introduced by Bermuda start-ups and scale-ups in 2020-2021 has also contributed to growth.

Abir said one notable trend in the latest results was marked growth since 2020 in specialty and casualty portfolios, with more firms offering products like cybersecurity and financial lines coverage, building on the Bermuda market’s historic global strength in the property sphere.

“Bermuda’s leading insurers and reinsurers remain significant providers of protection and peace of mind for consumers around the world with robust growth since 2020,” said John M Huff, CEO of Abir.

“Building on a distinguished three-decade track record of providing global climate risk and natural catastrophe protection through property reinsurance, Bermuda insurers and reinsurers are also becoming the specialty and casualty market of choice.”

Abir said its members continue to be at the forefront of analysing complex risk and developing new products in expanding lines of coverage, including cyber, financial products and transactional liability.

It added that as a centre of excellence for sophisticated risk management, the Bermuda market is responding to demand driven by trends such as geopolitical volatility, economic uncertainty and social inflation, for war, political risk, terrorism, inflation-triggered financial lines and professional liability coverage.

Bermuda re/insurers are also continuing to see growth in mortgage, casualty, agriculture, aviation, marine and renewable energy lines.

Mr Huff said: “These specialty lines require deep underwriting expertise to protect economies in today’s fast-changing world.

“Leveraging a world-class talent base, propriety analytical tools, tailored customer solutions and significant capital and capacity, the Bermuda market is evolving in line with expanding client needs.”