ABIR member companies report record GWP of $171bn in 2023

Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported record gross written premium of over $171 billion in 2023, up from the $145 billion figure that was reported in 2022.

These figures stem from ABIR’s global underwriting report, which comprises data from 25 of 31 member re/insurers for the calendar year 2023. The participating companies write insurance and reinsurance from underwriting centers in Bermuda, the United Kingdom, Europe, Asia, North and South America.

Moreover, the member companies also reported a substantial increase in net income, coming in at $32.3 billion, up from $5.1 billion in 2022. According to ABIR, this increase largely stems from an improved claims environment.

As well as this, ABIR’s analysis indicates 92% of GWP is attributed to publicly traded member companies.

“The Bermuda market continues to diversify into growing specialty lines including cyber, mortgage, political and terrorism risk, transactional liability and financial lines coverage, building on the Bermuda market’s historic global dominance in property coverage,” the association said.

The association importantly noted, that IFRS 17 has been adopted as the reporting standard by a number of ABIR members and, as such, the association’s report was changed in order to more accurately reflect the differences in the reporting standards.

As such, one section included members who report on U.S. GAAP, IFRS or Bermuda SAP basis, while the second section contained results for members that report on an IFRS 17 basis.

Pina Albo, Chair of ABIR and CEO, Hamilton, 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. Bermuda’s enduring relevance as a global re/insurance hub is testament to its world-class industry talent, innovative culture and internationally recognised regulator, unique attributes that enable the Bermuda market to deliver solutions to large and complex risks, with unparalleled speed to market.”

John M. Huff, CEO of ABIR, added: “ABIR is pleased to include Sompo International in its results for this year. The overall 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 around the world.”

This website states: The content on this site is sourced from the internet. If there is any infringement, please contact us and we will handle it promptly.