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Bermudian Insurers Report Strong 2015

by Mike Godfrey, Lowtax.net, Washington
22 August, 2016

Members of the Association of Bermuda Insurers and Reinsurers (ABIR) directly contributed BMD834.3m (USD834.3m) to the Bermuda economy in 2015, according to the Association's 11th annual Bermuda Economic Impact Survey.

21 Bermuda-based ABIR member companies participated in the survey, with data reported on how much they expanded during 2015. Employment was up marginally in 2015, by 21, to 1,534 full-time employees.

Stephen Catlin, Chair of the ABIR Board of Directors, welcomed the survey's findings, noting that they come at a challenging time for the industry. He said: "Thanks to the dual success of both the Bermuda Monetary Authority winning regulatory recognition with our two main trading partners – the United States (US) and the European Union (EU) – and the Government keeping pace with evolving international standards on tax transparency, reporting, and cooperation, Bermuda is the best place from which a global commercial insurer and reinsurer can do business. We're glad to be here and proud ABIR's members can make such an enormous contribution to the Bermuda economy."

"There are headwinds towards further employment growth in Bermuda, such as insurers being under enormous expense stress due to declining profitability in core businesses and political risks on the island, in the US, and in the EU, but we are pleased ABIR members can report modest employment growth in 2015," Catlin noted. "ABIR members employ more than 1,500 people in Bermuda and more than 67 percent are Bermudians, their spouses, or permanent resident certificate holders. We're proud of their contribution."

The Survey reported that the main political risks facing ABIR members outside Bermuda were increasing regulatory restrictions on reinsurance market access by other jurisdictions' protectionist policies, coupled with dramatic changes in global tax reporting and disclosure requirements led by the Organisation for Economic Co-operation and Development and the EU. In Bermuda, the main political risks were considered to be the territory's fiscal challenges and domestic political battles over immigration policies and spending priorities.

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