Bermuda Insurance Industry – Key Trends and Opportunities to 2027
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Bermuda Insurance Industry Report Overview
The total gross written premium (GWP) in the Bermuda insurance industry was BMD286.6 billion in 2022 and is expected to record a CAGR of more than 6% during 2023-2027. Bermuda’s economy is mainly driven by international business and tourism, which contributed to real GDP growth in 2022. With tighter monetary conditions and lower growth potentially affecting financial and debt stability, it is necessary to deploy macroprudential tools and consider debt restructuring strategies.
Bermuda Insurance Industry Outlook 2022-2027 (BMD Billion)
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The Bermuda Insurance Industry Report provides in-depth market analysis, information, and insights into the Bermuda Insurance Industry. The report has a comprehensive overview of the Bermuda economy, government initiatives, and investment opportunities. The Bermuda insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements are covered in this report. Furthermore, the report offers Bermuda’s insurance market structure giving details of lines of business and premiums ceded along with cession rates.
Market Size (2022) | BMD286.6 billion |
CAGR (2023-2027) | >6% |
Key Insurance Sectors | Life Insurance and General Insurance |
Key Trends | Reinsurance and Regulation |
Key Companies | XL Bermuda, AIA Bermuda, Endurance Specialty, Manulife, Zurich, Allied World, ACE INA Overseas, AmTrust International, Ascot Bermuda, and Siriuspoint Bermuda |
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Bermuda Insurance Industry Trends
Some of the key trends influencing the Bermuda insurance industry are reinsurance and regulation.
Reinsurance: In March 2023, investment holding company ReFlex Holdings launched the ReFlex Solutions reinsurance brokerage in Bermuda. The company provides clients with advisory solutions to help them manage and optimize their financial risk.
Regulation: In May 2023, legislation governing recovery plans within the insurance sector was amended by the BMA. Such plans developed by insurers or maintained by any insurance group must have the option to restore the financial position of an insurance institute that comes under stress.
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Bermuda Insurance Industry Segmentation by Sectors
The key sectors in the Bermuda insurance industry are life insurance and general insurance. In 2022, life insurance sector accounted for the highest share. The sector’s growth can be attributed to a surge of US life insurers into Bermuda’s insurance industry. Bermuda’s annual growth rate in the life insurance sector is higher than both the emerging and developed markets averages.
Bermuda Insurance Industry Analysis by Sector, 2022 (%)
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Bermuda Insurance Industry – Competitive Landscape
The key companies in the Bermuda insurance industry are XL Bermuda, AIA Bermuda, Endurance Specialty, Manulife, Zurich, Allied World, ACE INA Overseas, AmTrust International, Ascot Bermuda, and Siriuspoint Bermuda among others. Bermuda’s insurance industry is regulated by the BMA. In 2022 XL Bermuda was the largest insurer in the Bermuda insurance industry, followed by AIA International.
Bermuda Insurance Industry Analysis by Companies, 2022 (%)
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Key Segments Covered in the Report
Bermuda Insurance Industry Sector Outlook (Value, BMD Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Bermuda insurance industry –
- It provides historical values for the Bermuda insurance industry for the report’s 2018–22 review period, and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Bermuda insurance industry and market forecasts to 2027.
- It profiles the top life insurance companies in Bermuda and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Bermuda insurance industry.
- A comprehensive overview of the Bermuda economy, government initiatives, and investment opportunities.
- The Bermuda insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Bermuda insurance industry’s market structure giving details of lines of business.
- Bermuda’s reinsurance business’s market structure giving details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Bermuda insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Bermuda insurance industry.
- Assess the competitive dynamics in the Bermuda insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Endurance Specialty Insurance
Athene Life Re
HSBC Life International
AIA International
Manulife International
Cigna Global Reinsurance
RGA Americas Reinsurance Company
Table of Contents
Frequently asked questions
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What was the gross written premium of the Bermuda insurance industry in 2022?
The gross written premium of the Bermuda insurance industry was BMD286.6 billion in 2022.
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What is the Bermuda insurance industry growth rate?
The insurance industry in Bermuda is expected to achieve a CAGR of more than 6% during 2023-2027.
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What sector dominated the Bermuda insurance industry in 2022?
The life insurance segment dominated the Bermuda insurance industry in 2022.
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What are the key companies in the Bermuda insurance industry?
The key companies in the Bermuda insurance market are XL Bermuda, AIA Bermuda, Endurance Specialty, Manulife, Zurich, Allied World, ACE INA Overseas, AmTrust International, Ascot Bermuda, and Siriuspoint Bermuda among others.
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