Bermuda life re/insurance sector assets rise to $667bn

Assets under management in Bermuda’s life re/insurance sector grew to $667 billion, according to the Bermuda International Long Term Insurers and Reinsurers (BILTIR) industry association.

BILTIR member companies contribute $500 million in direct and indirect expenditure to Bermuda’s economy.

The figures are given in a new fact sheet based on research by KPMG Bermuda and published by BILTIR to highlight the contribution of its 63 life sector company members to Bermuda. Other key statistics include the 600 Bermuda-based staff employed by the companies and more than $4 million given to community causes in 2020.

“Life insurance provides security to families in the event of untimely death or disability and during retirement. As such, a stable, prudent domicile is critically important to the life sector, and the Bermuda jurisdiction provides the long-term robust protection that allows our sector to thrive,” said BILTIR chair Sylvia Oliveira. “BILTIR is pleased to support and advocate for the life sector as it continues to grow in Bermuda.”

Martin Laframboise, executive director of BILTIR, added: “Combined with NAIC reciprocal jurisdiction recognition and Solvency II equivalence that puts Bermuda’s strong risk-based regulations in line with international standards and the protection that affords the ultimate policyholder, companies electing to domicile in Bermuda, are benefiting from that growth.”