Bermuda Insurance Sector Activity Shrunk In 2015
by Mike Godfrey, Lowtax.net, Washington
25 April, 2017
Bermuda's financial services regulator, the Bermuda Monetary Authority, has released statistics covering the (re)insurance industry in 2015.
The most recent information, based on annual filings, shows that Bermuda's (re)insurers recorded USD108.5bn in net premiums (previously USD116.2bn), held USD200.8bn of capital (USD214.5bn), and had total assets of USD631.7bn (USD583.3bn).
The Authority said year-on-year movement in the statistics – 2015 data compared with 2014 data – was consistent with challenging market conditions over the same period. However, despite a decrease in premiums written and an increase in liabilities held, the (re)insurers' assets increased by nearly USD50bn. Craig Swan, the Authority's Managing Director for Supervision, said: "These statistics illustrate the continued strength of Bermuda's (re)insurance market and highlight the domicile's position of high repute in the world's risk transfer industry."
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