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Bermuda

Life Report

Product Insurance Market Reports Life Rev Bermuda

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details Bermuda's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Bermuda's economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of Bermuda

The Bermuda life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of Bermuda.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit Bermuda and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about Bermuda’s demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in Bermuda is available.

Axco’s report describes the regulatory framework that applies to the Bermuda domestic life insurance sector, including whether non-admitted insurance is permitted in Bermuda; as well as the legislation necessary to know regarding Bermuda’s healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in Bermuda with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including Bermudian market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in Bermuda, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of Bermudian pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Bermuda report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

Bermuda Life and Benefits Report Extract

Below are brief extracts of information from the Bermuda Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Summary and Trends

Given the relative affluence of many Bermudians and their awareness of the need for protection and longer-term saving, the life market in Bermuda is well developed and offers a wide range of investment-related and risk products, meaning, however, that opportunities for growth are limited. Four local insurance companies offer life insurance products, although there is nothing to prevent cover being purchased from insurers overseas....

Pensions

Summary and Trends

Bermuda has a three-pillar pension system comprising a low-level state pension, mandatory company pension and voluntary private pension.

The National Pension Scheme (Occupational Pensions) Act 1998, effective 1 January 2000, requires...

Healthcare

Summary and Trends

There are no public healthcare providers in Bermuda nor any entitlement to free healthcare, except for children and the needy. All private-sector employers are required by law to provide private medical insurance (PMI) for their employees and their non-working spouses, either with a private insurance company or the government-run Health Insurance Plan (HIP) and FutureCare.

In late 2019, however, the government introduced its proposals for a universal public health insurance system (Bermuda Health Plan - BHP), the implementation for which is intended

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