Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) recorded a solid performance in 2024, showing a 10% increase in premium written, an 8.5% rise in total equity and gross written premium (GWP) increased to over $188 billion, a record figure, according to a recently published report.
ABIR’s Global Underwriting Report, which includes data of 25 of 33 member companies, highlights the Bermuda market’s continued strength and diversification, even as the industry faced elevated claims.
2024’s GWP increased from $171 billion in 2023 and was largely driven by organic growth. Total equity increased to $178 billion, compared to $164 billion in the prior year.
While premiums and equity grew, the report showed that net income for ABIT members dropped to $26.9 billion in 2024 from $32.2 billion in 2023. This decrease was a direct result of elevated claims through the year.
The participating companies operate in key underwriting centres globally, including Bermuda, the United Kingdom, Asia and the Americas, and their analysis indicates that over 90% of their gross written premium is from publicly traded member companies.
ABIR analysis also indicates that over 90% of GWP is attributed to publicly traded member companies. Additionally, the Bermuda market is increasingly diversifying into expanding specialty lines, such as cyber, mortgage, political and terrorism risk, transactional liability, and financial lines coverage.
This expansion builds upon its established global leadership in property coverage.
With the adoption of IFRS17 ad the reporting standard by a number of ABIR members, the report was split in two tables to better reflect the differences in reporting standards, ABIR noted.
One of the tables includes members who report on US GAAP, IFRS, or Bermuda SAP, and the second table contains the results of those reporting on an IFRS17 basis.
Due to these different reporting standards, the current results cannot be directly compared to previous years’ reports, according to ABIR.
Mark Cloutier, Chair of ABIR and Executive Chair of Aspen Insurance Group, commented: “The results of ABIR’s global underwriting report reflect strong and growing global demand for the risk-transfer expertise and robust capital base of ABIR member companies.
“With accelerating risk awareness, the Bermuda market relevance has never been more important as it consistently delivers world-class industry talent, a universally recognized supervisor, innovation and industry-leading reliability to deliver risk solutions with unparalleled speed to market.”
John M. Huff, CEO of ABIR, said: “The overall organic growth results demonstrate that Bermuda’s leading insurers and reinsurers continue to play a critical role in providing capital and capacity, innovative solutions for customers, and peace of mind for consumers, businesses and communities. Over the past ten years, the Bermuda market has supported over a trillion dollars in claim payments around the world, much of it after a natural disaster.”
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