The Association of Bermuda Insurers and Reinsurers (ABIR) has announced the results of its 15th annual ABIR Bermuda Economic Substance Survey.
The survey showed that ABIR members contributed over $830 million to the Bermuda economy, up $15 million from calendar year 2018. ABIR members invested more than $131 million on local construction, real estate, housing and leasing.
The data which was collected from 26 ABIR member companies, tracks direct economic contributions across travel, business, charity giving, construction expenses and compensation paid to Bermudian-based employees. ABIR member company contributions include:
1,515 full-time staff were employed by members in Bermuda, of which 1,199 were Bermudians, spouses of Bermudians, or permanent residence certificate holders, which represents an increase of 64 Bermudian employees since 2018. This is a 5% increase.
Each member has licensed operating companies in Bermuda, whilst 42 percent have an ultimate holding company in Bermuda. Outside Bermuda, ABIR members reported the top-five locations for their global operations were the United Kingdom, United States, Switzerland, Ireland and Singapore.
Albert Benchimol, chief executive officer of AXIS Capital and chairman of ABIR commented: “ABIR member companies serve a global community, while being committed to the training and development of the local Bermuda workforce. The results show that our member companies employ a workforce that is nearly 80 percent local, the highest percentage since we started this survey.
“ABIR made a long-term commitment to diversity, equity, and inclusion, and we are seeing solid progress, as reflected in this year’s survey results. We remain very proud to be a leading contributor of economic activity in Bermuda.”
ABIR Chief Executive John Huff said: “Our member companies are experts in insuring against catastrophic losses, climate and cyber risks, while remaining committed to investing in the people and economy of Bermuda. I’m so proud of our 15-year record of success as detailed in this annual survey.
“I want to highlight the additional support that ABIR members have provided through their charitable giving during this global pandemic.
“During the first six months of 2020, ABIR member companies contributed $3.1 million of support for Bermuda charities. We are here today, and we’ll be here tomorrow. Regardless of the challenge, ABIR stands ready to meet it with the support of our strong Bermuda workforce.”
