Bermuda Insurance Industry Shows Strong Growth
by Mike Godfrey, Lowtax.net, Washington
30 April, 2014
The Bermuda insurance industry has reported excellent growth, according to statistics released by the Bermuda Monetary Authority (BMA).
The latest available statistics show that the Bermuda insurance market recorded an increase of aggregate gross premiums written to USD120.5bn, up 12 percent year-on-year from the USD107.6bn recorded the previous year. Net premiums written totaled USD98.1bn, up 3.7 percent year-on-year from the USD94.6bn written the previous year. Overall, the market recorded aggregate total assets of USD505.5bn, up 11.8 percent year-on-year from USD452.2bn, and held capital and surplus of USD193.0bn, up 14.4 percent year-on-year from USD168.7bn.
The BMA also reported that 12 new insurance companies were registered in the first quarter of 2014 ranging from captives and small commercial insurers to long-term life insurers and special purpose insurers.
Craig Swan, MD of Supervision at the BMA said: "Bermuda remains attractive due to our unique ability to service the full spectrum of insurance. The robust results of Bermuda's insurers and continued influx of new firms demonstrates the importance of the Bermuda market and its ability to provide stable capacity."
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