a boost for
Bermuda’s life reinsurance
market continues to grow,
according to the latest figures
from some of the Island’s trade
takes a closer look.
Bermuda’s life reinsurance market has undergone a year
of continued growth, with a steady increase in company
registrations, driving vital job growth in the jurisdiction.
According to figures collected by Bermuda’s Business
Development Agency (BDA) the number of Bermuda-based companies
in the sector, which provides global coverage of life, annuity and pension
products, more than doubled in 2018, compared to the previous year.
The BDA quotes figures released by the Bermuda Monetary
Authority (BMA) that said that a total of 15 new long-term companies
were licensed in Bermuda in 2018, compared to six registrations in
2017—marking what the BDA says was the greatest year-on-year
growth across all insurance sectors.
Bermuda International Long Term Insurers and Reinsurers (BILTIR)
is also positive about the growth in the market. BILTIR was founded
in 2011 with five members, and has now grown to 43 re/insurance
company members and 16 service provider members.
According to BILTIR’s latest factsheet, in 2014 the Bermuda life
assets owned by insurers totalled $150 billion (Figure 1). In 2015 that
increased to $196 billion and in 2016 to $288 billion.
Looking at assets by insurance sector, in 2014 life was third, behind
captives and property & casualty (P&C). In 2015 life assets were
slightly ahead of captive assets, but still behind P&C, but by 2016, life
assets had overtaken the other two sectors (Figure 2).
SHUTTERSTOCK / ANDREW F KAZMIERSKI