Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported a substantial 21% year-over-year increase in net premium written in 2021.
ABIR’s global underwriting report, released earlier this week, comprises data from 25 of 29 member re/insurers for the calendar year of 2021.
The group generated net premium written of US$98.6 billion, a huge increase from US$81.6 billion in 2020.
The participating companies write insurance and reinsurance from underwriting centers in Bermuda, the United Kingdom, Europe, Asia, North and South America. The 25 re/insurers wrote US$127.9 billion in global gross written premium on a capital and surplus base of US$139.6 billion. They reported net income of US$15.5 billion.
Moreover, one notable trend that was recorded in ABIR’s latest results was marked growth since 2020 in specialty and casualty portfolios, with more firms offering products like cybersecurity and financial lines coverage, building on the Bermuda market’s historic global strength in the property sphere.
“Bermuda’s leading insurers and reinsurers remain significant providers of protection and peace of mind for consumers around the world with robust growth since 2020,” said John M. Huff, CEO of ABIR.
“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.”
Furthermore, ABIR members continue to remain at the forefront of analysing complex risks and developing new products in expanding lines of coverage, which includes cyber, financial products and transactional liability.
Additionally, 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.
Huff, added: “These specialty lines require deep underwriting expertise to protect economies in today’s fast-changing world. Leveraging a world-class talent base, propriety analytical tools, tailored customer solutions and significant capital and capacity, the Bermuda market is evolving in line with expanding client needs.”
