Statistics released by the Bermuda Monetary Authority (BMA) have shown that the country’s international insurance sector achieved substantial underwriting results, recording over $120 billion in gross premiums written in the latest reporting period.
Craig Swan, managing director of supervision at the BMA, said Bermuda’s risk transfer industry continued to write significant volumes of premiums, helping buyers to manage exposures in the face of changing market conditions.
In addition, Bermuda’s insurers hold substantial amounts of capital and
surplus as well as total assets.
The latest available statistics show that the Bermuda insurance market recorded an increase of aggregate gross premiums written of $120.5 billion, up 12.0 percent year-on-year from the $107.6 billion recorded the previous year.
Net premiums written totalled $98.1 billion, up 3.7 percent year-on-year from the $94.6 billion written the previous year. Overall, the market recorded aggregate total assets of $505.5 billion, up 11.8 percent year-on-year from $452.2 billion, and held capital and surplus of $193.0 billion, up 14.4% year-on-year from $168.7 billion.
The 12 new insurance companies registered in Q1 2014 ran the whole gamut of insurance: from captives and small commercial insurers; to long-term (life) insurers and special purpose insurers.
