The Association of Bermuda Insurers and Reinsurers (ABIR) members contributed nearly $900 million to Bermuda’s Economy in 2016, according to the 12th annual member survey results published today by ABIR.
This is up $52 million or 6% from 2015, however, the real impact of re/insurers on economy is “a multiple of that nearly billion dollar figure,” said ABIR.
ABIR Chair, Kevin O’Donnell, (President and CEO, Renaissance Re Holdings), commented; “Bermuda remains a great place from which to run a global (re)insurance group.
“Our market leadership continues to build on its strengths, including specialty sector expertise and the sophisticated, fit for purpose regulatory oversight of the BMA.”
However, in noted that continued diligence is required to make progress to conform to additional international tax and regulatory standards from the reinsurance hub’s two largest trading partners in the EU and the U.S.
The $900 million contribution to the Bermuda economy is collated from twenty-three ABIR members’ reported data for 2016.
