Bermuda’s ABIR says re/insurers absorbed £30bn of cat losses with ‘flying colours’

The Bermuda market passed the tests of 2017, which took the form of heavy losses triggered by large catastrophe claims, with flying colours, according to the CEO of The Association of Bermuda Insurers and Reinsurers (ABIR), speaking in relation to the results of its annual survey and report.

The ABIR has released the 2017 global underwriting results for its member re/insurers ahead of its 25th anniversary leadership forum next week. Twenty-one of 23 member re/insurers participated in this 2017 report. The companies write insurance and reinsurance from underwriting centres in Bermuda, Europe, Asia, North and South America.

The 21 re/insurers wrote $97 billion in global gross written premium on a capital and surplus base of $122.1 billion. They reported net income of $4.1 billion in their global businesses.

“2017 natural disaster activity was a significant test for global re/insurers and the Bermuda market passed with flying colours. The Bermuda market is estimated to shoulder about $30 billion of losses from Hurricanes Harvey, Irma and Maria,” said John Huff, president and CEO of ABIR.

“Members are capitalized and seek to close the insurance protection gap in developed and emerging markets to put risk capacity to work. Expense reduction and exploring new product development opportunities continue to be a focus of ABIR members.”

Meanwhile, a who’s who of Bermuda’s global insurance market will discuss the state of the industry and major trends affecting risk management at an upcoming leadership forum marking the 25th anniversary of the ABIR. The event, scheduled July 10 in Bermuda, will see high-profile executives past and present alongside global regulatory leaders participate in an afternoon of panel debates focused around big themes impacting the industry.

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