Member companies of the Association of Bermuda Insurers and Reinsurers recorded a strong 13 per cent year-over-year increase in premium written in 2022.

Abir’s global underwriting report comprises data from 24 of 30 member re/insurers for the calendar year 2022.

The group generated gross written premium of nearly $145 billion, up from $128 billion in 2021, and net premium written of $111.8 billion, up from $98.9 billion in 2021.

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

Even with one of the heaviest natural catastrophe seasons punctuated by Hurricane Ian, Abir members reported net income of $5.1 billion.

An Abir statement said it demonstrated disciplined portfolio management and diversification into growing specialty lines, including cyber, mortgage, political and terrorism risk, transactional liability and financial lines coverage.

The association said this was building on the Bermuda market’s historic global dominance in property coverage.

John Huff, CEO of Abir, said: “Bermuda’s leading insurers and reinsurers capital and capacity demonstrate their leadership role as providers of affordable and accessible insurance protection and peace of mind for consumers around the world.”

He said: “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.”

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, 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.

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

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