Despite continued low investment yields and moderate economic growth in Europe and the US, Bermuda’s insurance industry continued to thrive in 2013. Gross written premium increased at a rate of 7.4% from 2009 to 2013. The growth was primarily driven by low losses from catastrophes and proper reserve development in 2012. As a result, leading industry participants recorded a significant improvement in combined ratio, depicting strong underwriting performance which in turn supported their risk-adjusted capitalization.
- A low regulatory burden, attractive tax environment and solid infrastructure have been key drivers for the growth of insurance, and also for the rise in the number of international companies in Bermuda.
- The number of new insurers rose by 71% in 2013 over 2012, while the overall number of market participants fell from 1,209 in 2012 to 1,206 in 2013.
- Bermuda has evolved as an offshore financial center, due to its minimal and liberal regulatory standards for businesses.
- Growing competition is likely to have an adverse impact on the profitability of insurers and reinsurers in 2014 and 2015, with several operators exhibiting competitive underwriting practices.
- During the review period, the frequency and magnitude of catastrophes increased globally, leading to increased losses and placing greater pressure on reinsurers.
Spanning over 146 pages, 116 Tables and 84 Figures “The Insurance Industry in Bermuda, Key Trends and Opportunities to 2018” report covering Executive Summary, Introduction, Bermudian Insurance Industry Overview, Industry Segmentation, Governance, Risk and Compliance, Competitive Landscape, Economic Indicators, Appendix. This report Covered 10 Companies – Ace Bermuda Insurance, XL Group PartnerRe Ltd, Everest Reinsurance (Bermuda) Ltd, Catlin Group Ltd, Axis Capital Holdings Ltd, Arch Insurance (Bermuda), Allied World Assurance Company Holdings, AG, Endurance Specialty Holdings Ltd, Hiscox Ltd.
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