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The Insurance Industry in Bermuda Trend, Size and Share 2018

Most up-to-date research on "The Insurance Industry in Bermuda, Key Trends and Opportunities to 2018" to its huge collection of research reports.

Synopsis

The report provides in-depth industry analysis, information and insights of the insurance industry in Bermuda, including:

  • The Bermudian insurance industry’s growth prospects by insurance segments and categories
  • The competitive landscape in the Bermudian insurance industry
  • The current trends and drivers of the Bermudian insurance industry
  • Challenges facing the Bermudian insurance industry
  • Detailed regulatory framework of the Bermudian insurance industry

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Executive summary

Despite continued low investment yields and moderate economic growth in Europe and the US, Bermuda’s insurance industry continued to thrive in 2013. Gross written premium increased at a rate of 7.4% from 2009 to 2013. The growth was primarily driven by low losses from catastrophes and proper reserve development in 2012. As a result, leading industry participants recorded a significant improvement in combined ratio, depicting strong underwriting performance which in turn supported their risk-adjusted capitalization.

Scope

This report provides a comprehensive analysis of the insurance industry in Bermuda:

  • It provides historical values for the Bermudian insurance industry for the report’s 2009–2013 review period and forecast figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Bermudian insurance industry, along with forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Bermuda, and outlines the key regulations affecting them.

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Reasons to buy

  • Make strategic business decisions using in-depth historic and forecast industry data related to the Bermudian insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities within the Bermudian insurance industry.
  • Assess the competitive dynamics in the Bermudian insurance industry.
  • Identify the growth opportunities and market dynamics within key segments.
  • Gain insights into key regulations governing the Bermudian insurance industry and its impact on companies and the industry's future.


Key highlights

  • A low regulatory burden, attractive tax environment and solid infrastructure have been key drivers for the growth of insurance, and also for the rise in the number of international companies in Bermuda.
  • The number of new insurers rose by 71% in 2013 over 2012, while the overall number of market participants fell from 1,209 in 2012 to 1,206 in 2013.
  • Bermuda has evolved as an offshore financial center, due to its minimal and liberal regulatory standards for businesses.
  • Growing competition is likely to have an adverse impact on the profitability of insurers and reinsurers in 2014 and 2015, with several operators exhibiting competitive underwriting practices.
  • During the review period, the frequency and magnitude of catastrophes increased globally, leading to increased losses and placing greater pressure on reinsurers.

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