Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported record gross written premium of nearly $145 billion in 2022, up from $128 billion in 2021.
These figures stem from ABIR’s global underwriting report, which comprises data from 24 of 30 member re/insurers for the calendar year 2022. The participating companies write insurance and reinsurance from underwriting centres in Bermuda, the United Kingdom, Europe, Asia, and North and South America.
The member companies also saw an improved net premium written total of $111.8 billion, up from $98.9 billion in 2021.
“Even with one of the heaviest natural catastrophe seasons punctuated by Hurricane Ian, ABIR members reported net income of $5.1 billion, demonstrating disciplined portfolio management and diversification into growing specialty lines including cyber, mortgage, political and terrorism risk, transactional liability, and financial lines coverage, building on the Bermuda market’s historic global dominance in property coverage,” the association said.
John M. Huff, CEO of ABIR, commented, “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.
“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.”
ABIR went on to note that 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, for 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, the association said.
Huff concluded, “These specialty lines require deep underwriting expertise to protect economies in today’s fast-changing world. 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.”
