Bermuda’s commercial insurers and reinsurers incurred US$1.1 trillion in gross claims costs to policyholders and cedants globally between 2016 and 2024, according to data released by the Bermuda Monetary Authority (BMA).
The figures, compiled from claims surveys and annual statutory filings, reflect payouts for large catastrophes, property and casualty losses, and life insurance claims, including dividends, surrenders, maturities, annuities, and payments related to financial, biometric, accident, and health risks.
The BMA’s nine-year review shows a steady annual increase in claims incurred, rising from US$46 billion in 2016 to US$211 billion in 2024. The total claims for 2024 alone accounted for 20% of the cumulative total for the entire period.
Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported a 10% year-over-year increase in premium written for 2024, with gross written premium reaching over US$188 billion and total equity rising to US$178 billion. This growth was attributed to organic expansion across insurance and reinsurance operations in Bermuda and other global markets.
Meanwhile, net income for ABIR members was US$26.9 billion in 2024, down from US$32.2 billion in 2023, a decline linked to elevated claims activity during the year.
Over the same period, Bermuda insurers and reinsurers incurred US$831 billion in gross claims costs to policyholders and cedants in the US, Europe, and the UK. This compares to US$282 billion incurred during the previous 20-year period from 1997 to 2016, indicating a substantial increase in claims activity and market reach.
Bermuda’s re/insurance sector is also on track to surpass last year’s registration totals, with 38 new insurer registrations as of July 2025, compared to 63 for all of 2024. The year-to-date registrations include traditional insurers, collateralized vehicles, and special-purpose insurers, which continue to be significant drivers of growth in the market.
Craig Swan (pictured above), chief executive of the BMA, said the Bermuda insurance and reinsurance market “has a long history of demonstrating resilience through major stress events, including the 2007-08 global financial crisis, the COVID-19 pandemic, increased frequency and severity of natural catastrophe events, geopolitical turmoil, high inflation and interest rate volatility.”
He added that the claims data show the market’s ability to maintain adequate capitalization and liquidity, ensuring the settlement of policyholder claims as they arise.
Offshore reinsurance continues to be a major capital management strategy for US life and annuity insurers, with Bermuda accounting for over 40% of total ceded reserves from US life annuity writers in 2024.
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