Members of the Association of Bermuda Insurers & Reinsurers (ABIR) made a direct economy contribution to Bermuda of more than $840 million in 2017, according to the group’s annual survey results.
Data from the 23 ABIR members accounted for impacts from travel, business, charitable giving, construction expenses and compensation paid to Bermuda based employees.
“Last year was a significant test for the re/insurance sector with a triple threat of US natural disasters, generational changes in tax policy and soft market conditions,” said John M. Huff, President and Chief Executive Officer (CEO) of ABIR.
“ABIR members passed the test with flying colors—and doubled down on their commitment to the island.”
Contributions included $658 million in payroll to employees, $7.8 million in charity, $90 million on construction, real estate, housing and office space, $66 million on legal, accounting and consulting services, and $20.8 million on hotels, airfare, restaurants, taxis and catering.
ABIR also reported a year-on-year increase of 2.6% in the number of Bermudian staff employed by the group’s members, as well as a 3% increase in the share of payroll.
The total of 1,044 Bermudian employees also represents an increase of 7% since 2007, and seven ABIR members have also established graduate training programs and development opportunities for Bermudian staff.
Kevin O’Donnell, President and CEO of RenaissanceRe Holdings Ltd. and current Chair of ABIR, stated: “As ABIR marks its 25 years of innovation and continued commitment to business strategies and public policies that enhance physical and financial resilience to growing risk of large catastrophes across the globe, Bermuda-based re/insurers have become the driving force of economic activity at the place we call home—Bermuda.”
