Bermuda Association of Insurers and Reinsurers [ABIR] today announced its global underwriting results for 2021.
A spokesperson said: [ABIR] posted a solid 21% year-on-year increase in net premiums written in 2021. ABIR’s Global Underwriting Report, released today, includes data for 25 of its 29 member reinsurers/insurers for calendar year 2021. US$98.6 billion, up from US$81.6 billion in 2020.
“Participating companies write insurance and reinsurance from underwriting centers in Bermuda, the UK, Europe, Asia and the Americas. They underwrote US$127.9 billion in fees and reported a net profit of US$15.5 billion.
“Net premiums written benefited from market growth and improved underwriting conditions, which we expect to see further progress in 2022. Approximately 190% introduced by Bermuda start-ups and scalers in 2020-21. Part of the $100 million risk capital deployment also grew.
“One of the notable trends in the latest results is the significant growth in our specialty and casualty portfolios since 2020, which builds on the Bermuda market’s historical global strength in real estate. , indicating a growing number of companies offering products such as cybersecurity and financial insurance.”
ABIR CEO John M. Huff said, “Bermuda’s leading insurers and reinsurers are poised for strong growth in 2020 and beyond, and will continue to play an important role in providing protection and peace of mind to consumers around the world. We continue to be providers.”
“Bermuda insurers and reinsurers have built on their 30-year strong track record of providing protection against global climate risks and natural catastrophes through property reinsurance, and as a specialty and property and casualty market. You are about to be chosen.”
A spokesperson said:
“As a center of sophisticated risk management, the Bermuda market is well positioned to address geopolitical instability, economic uncertainty, social inflation, war, political risk, terrorism, inflation driven financial instruments, expert reparations Responding to demand driven by trends such as liability coverage, Bermuda reinsurers continue to grow in the mortgage, property and casualty, agricultural, aviation, marine and renewable energy sectors.”
“These specialties require deep underwriting expertise to protect the economy in today’s rapidly changing world,” Huff said. “Leveraging a world-class talent base, well-matched analytical tools, customized customer solutions, and significant capital and capabilities, the Bermuda market is evolving to meet the growing needs of our customers.”
Here is the ABIR report: [PDF here]
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