Bermuda commercial re/insurers incurred $1.34 trillion in gross claims costs to policyholders and cedants globally during the past decade.

Nearly one fifth of the total — approximately $250 million in claims — was paid out in 2025 alone.

The data was released by the Bermuda Monetary Authority, the island’s financial-services regulator, and was drawn from regulatory filings and periodic claims surveys.

The number includes large catastrophes and other property and casualty losses, life and health claims, accident and health benefits, and policyholder cash flows including dividends, surrenders, maturities and annuity payments.

It does not include Bermuda’s captive insurance or insurance-linked securities markets.

The key findings include:

• United States policyholders accounted for 62 per cent of the decade's total, with $827 billion in claims and policyholder benefits incurred

• European policyholders (including the UK) received $201 billion (15 per cent), with the largest individual country totals in the UK, Germany, Ireland, France, Switzerland and Belgium

• Policyholders in the rest of the world received $309 billion (23 per cent)

• 2025 alone accounts for 19% of the decade's total

Craig Swan, chief executive officer of the BMA, said: “Incurring $1.34 trillion in claims and policyholder benefits over a single decade is a striking measure of the financial strength and resilience of the Bermuda market — but beyond the numbers, this milestone represents something far more significant: a testament to promises kept to individuals, businesses and vulnerable communities in their moment of need.”

“Supported by our robust regulatory framework, Bermuda’s re/insurers maintained the capitalisation and liquidity needed to settle claims and help communities rebuild.”

Gerald Gakundi, deputy managing director, supervision (insurance), added: “Bermuda's commercial re/insurers absorb substantial losses not by chance but because of a dynamic insurance ecosystem built on rigorous capital standards, transparency, sustainable business models, prudent risk management and a sound regulatory approach.

“Looking ahead, the industry faces a complex and evolving risk landscape — driven by unstable climate patterns, shifting demographics, escalating cyber threats and rapid technological change.

“These will inevitably cause significant loss events, but they also present opportunities. In this uncertain environment, the BMA remains deeply committed to a risk-based regulatory regime that champions financial resilience and safeguards policyholder protection, while fostering the responsible innovation needed to cover emerging risks.”