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Bermuda insurance premiums rise by 12 per cent

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Bermuda’s international insurance sector recorded over USD120 billion in gross premiums written in 2012, up 12 per cent year-on-year, according to statistics released by the Bermuda Monetary Authority (BMA).

Craig Swan, managing director, supervision at the Authority, says Bermuda’s risk transfer industry continued to write significant volumes of premiums, helping buyers to manage exposures in the face of changing market conditions.
 
In addition, Bermuda’s insurers hold substantial amounts of capital and surplus as well as total assets.
 
Net premiums written totalled USD98.1 billion, up 3.7 per cent year-on-year from the USD94.6 billion written the previous year.
 
Overall, the market recorded aggregate total assets of USD505.5 billion, up 11.8 per cent year-on-year from USD452.2 billion, and held capital and surplus of USD193.0 billion, up 14.4 per cent year-on-year from USD168.7 billion.
 
Gross premiums written by the commercial sector was USD74.4 billion. Total assets for the commercial sector were USD359.9 billion, while capital and surplus was USD135.9 billion. The captive sector wrote USD46.1 billion in gross premiums and reported total assets of USD145.6 billion; reported capital and surplus for this sector was USD57.1billion.
 
The 12 new insurance companies registered in Q1 2014 ran the whole gamut of insurance: from captives and small commercial insurers; to long-term (life) insurers and special purpose insurers.
 
“Bermuda remains attractive due to our unique ability to service the full spectrum of insurance,” Swan says. “The robust results of Bermuda’s insurers and continued influx of new firms demonstrates the importance of the Bermuda market and its ability to provide stable capacity.”

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