In 2023, the Association of Bermuda Insurers and Reinsurers members’ contribution to Bermuda’s economy exceeded $1 billion for the first time in the organisation’s 31-year history.

This is highlighted in a new Abir social-media campaign, which aims to raise awareness of its members’ importance to the island.

Mark Cloutier, Abir chair and executive chair of Aspen Insurance Group, said: “Abir members are proud that Bermuda’s reinsurance industry has been the driving force behind our local economy for more than 30 years, but many people may not realise just how far the impact reaches.”

Abir’s new animated video, Insuring Bermuda’s Future, illustrates how the island’s international insurers and reinsurers drive Bermuda’s economic growth through local employment, tax contributions and more.

The short video touches on how Abir members are the island’s largest private-sector employers, with 70 per cent of the group’s 2,140 full-time roles held by Bermudians, their spouses, or permanent resident’s certificate holders.

Drawing on details from Abir’s 2023 Economic Substance Survey, the animation also describes how the reinsurance sector supports local industries including real estate, construction and hospitality, detailing statistics such as the $3 million spent on restaurants, $2.3 million on hotels, $2.3 million on catering and $800,000 on taxis.

A series of slides posted on various platforms over the coming weeks will further tell the story of the reinsurance sector’s positive and enduring impact on Bermuda.

One post will focus on corporate income tax, which took effect this year. Abir members are expected to be the largest contributors of CIT revenue. The post refers to the potential for challenges ahead, and opportunities to invest in the island and build a strong future for generations to come.

Another slide touches on Abir’s investments in the community and ongoing commitment to building a strong pipeline of local talent, including $7 million donated to local charities, $1.17 million in scholarships and the record number of 108 paid internships in 2024.

Abir chief executive John Huff said: “Our members find solutions for managing the world’s largest and most complex risks, but we also understand our role in insuring Bermuda’s future.”