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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Bermudan non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Bermuda's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Bermudan non-life (P&C) market as well as trends by line of business. Axco analysts also report on Bermuda's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Bermuda's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Bermuda, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Bermuda, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Bermuda with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Total premium income for non-life and life classes is estimated at around BMD 650mn, of which private medical insurance and property are the main sectors. It is likely, however, that the private market for healthcare insurance will reduce in coming years, if the government's policy to introduce a new state-run Bermuda Health Plan for much of the island's healthcare provision is implemented in late 2020, as planned.
The relatively large size of the local premium pool for non-life insurance ....
This is a brief extract of information; more updated information may be available in the latest published report