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BMA advises insurance industry over quarterly returns

Bermuda Monetary Authority headquarters in Hamilton (File photograph)

As loss estimates continue to develop for the Francis Scott Key Bridge collapse in March, the Bermuda Monetary Authority has asked insurance groups and commercial insurers to report preliminary estimates when filing their quarterly financial return for the period to the end of March.

The financial regulator said quarterly financial return templates are now available on the Authority’s website.

A statement said that the only change from the prior quarter is in relation to general business insurers, which report under International Financial Reporting Standards accounting principles. The liquidity risk calculation has been updated to be consistent with the prescribed Insurance Account Amendment Rules 2024 format.

The BMA added: “The Authority continues to monitor worldwide catastrophe events and Bermuda’s role in providing (insurance and) reinsurance coverage.

“The Authority requests that insurance groups, Class 4, Class 3B and Class 3A insurers who are required to provide quarterly financial returns include their exposure to the Francis Scott Key Bridge collapse on March 26, 2024 (that occurred in Baltimore, Maryland, USA) in the ‘Catastrophe Exposure’ tab return under ‘Underwriting Loss Event #1’.

“The estimated losses should include (but not be limited to) property, liability and contingent business interruption related to such loss.

“The Authority recognises that loss estimates for the aforementioned event may still be in the development phase and require insurance groups and commercial insurers to report their preliminary best estimates available when filing the quarterly financial return.”

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Published April 11, 2024 at 3:54 pm (Updated April 11, 2024 at 7:58 pm)

BMA advises insurance industry over quarterly returns

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