Members of Assn. of Bermuda Insurers & Reinsurers Provide $840M to Local Economy

Members of the Association of Bermuda Insurers & Reinsurers (ABIR) made a direct economic contribution to Bermuda of more than $840 million in 2017, according to the group’s 13^th annual member survey results.

Data reported for calendar year 2017 from 23 ABIR members showed ABIR’s aggregate direct economic impact to the Bermuda economy was $842.6 million, including travel, business, charity giving, construction expenses and compensation paid to Bermuda-based employees. ABIR noted the economic contribution of its members in Bermuda was a multiple for the significant operations of its major global commercial insurers and reinsurers.

“Last year was a significant test for the re/insurance sector with a triple threat of US natural disasters, generational changes in tax policy and soft market conditions,” said John M. Huff, president & CEO of ABIR. “ABIR members passed the test with flying colors—and doubled down on their commitment to the island.”

Kevin O’Donnell, president and CEO of RenaissanceRe Holdings Ltd. and current chair of ABIR, said: “As ABIR marks its 25 years of innovation and continued commitment to business strategies and public policies that enhance physical and financial resilience to growing risk of large catastrophes across the globe, Bermuda-based re/insurers have become the driving force of economic activity at the place we call home – Bermuda.”

Highlights of the 2017 survey results showed ABIR members contributed:

• More than $658 Million in payroll to Bermuda-based employees
• $7.8 million in charitable contributions (a 4 percent year-over-year increase)
• $90 million on construction, real estate, housing, and office space in Bermuda
• $66 million on legal, accounting, actuarial, temporary services and other consulting services
• Nearly $20.8 million on hotels, airfare, restaurants, taxis and catering.

ABIR members employed 1,495 full-time staff in Bermuda, of which 1,044 were Bermudians, spouses of Bermudians, or permanent residence certificate holders (PRCs) – an increase of 2.6 percent since 2016, and 7 percent since 2007. The share of payroll that went to Bermudians, spouses and PRCs also increased, by 3 percent, in 2017.

ABIR members continue to invest in the local workforce and provided 55 intern jobs to Bermudians in 2017. Seven ABIR members had graduate training programs for Bermudian employees; members also reported other training and development opportunities available, such as tuition reimbursement and leadership training.

Source: Association of Bermuda Insurers & Reinsurers (ABIR)

Topics Carriers Reinsurance Training Development