The Association of Bermuda Insurers and Reinsurers (ABIR) has recorded a total direct contribution of $815 million to the local economy from member companies in 2022, up 13% over 2021.
ABIR noted that its members’ economic contributions in 2022 include salaries and benefits paid to Bermuda-based employees, spending on travel and entertainment in Bermuda, and nearly $6 million in donations to Bermuda charities.
ABIR also said that its member companies also support on-island employment among service providers such as accounting firms, law firms, banks and advisers.
“Through the taxes, fees and duties they pay, Bermuda re/insurers play a leading role in sustaining the Bermuda Government revenues that fund public services,” ABIR explained.
In 2022, ABIR member companies employed 1,585 people in Bermuda (up by 158 from 2021), of whom 1,103 were Bermudians (up by 145), a category that also includes spouses of Bermudians, and permanent resident certificate holders (PRCs).
As the largest reinsurance employer on the island, ABIR said that over the past 15 years alone, its members have been significant contributors to the local economy with an aggregate, direct economic contribution amounting to $12.84 billion.
Pina Albo, Hamilton CEO and ABIR Chair, commented, “Over 30 years, ABIR members have shown their commitment to Bermuda by building a talent base that is more than two-thirds local and by continuing to drive the local economy.
“In 2022, it was especially pleasing that we were able to better support the island’s hotels, restaurants, caterers, taxi operators, travel services and local businesses, as our spending on travel, transportation and entertainment rose 125% from 2021 to return to pre-Covid levels.”
Kerry Judd, Executive Director of Bermuda College Foundation, said, “As one of the many non-profits that has benefited from the financial contributions of ABIR members and ABIR itself, the Bermuda College Foundation cannot overstate our appreciation for, or the positive impact of, ABIR and its member companies.
“Our ability to develop accessible, state-of-the-art facilities and programmes at Bermuda College would not be possible without their ongoing support.”
John Huff, ABIR’s President and CEO, concluded, “ABIR and our member companies are proud to call Bermuda home. This survey offers some perspective on the scale of the economic substance that ABIR member companies have in Bermuda and how our activities support local organisations across many sectors.
“During these economically challenging times, the $815 million annual injection directly into the local economy is particularly meaningful.”
