Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Bermuda Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Bermuda includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Key Benefits
Time-zone Capital city Currency Population Real GDP growth (%) Inflation (% GWP (USD) |
GMT-3 Hamilton BMD 0.06 mn 1.56 1.51% 650 mn (domestic) |
Bermuda is a cluster of islands lying in the North Atlantic. The economy is based on tourism and international financial services and there are over 18,000 international business registrations. Whilst the domestic insurance market is small, Bermuda is the world's leading captive domicile and its international market is one of top three insurance and reinsurance markets. Axco’s Bermuda International report focuses on inwards business, both life and non-life, written by the international (re)insurance sector.
Having originally been largely a domicile for captive insurance companies, for which it remains the world leader, Bermuda developed into a market for international (re)insurance in the 1980s and 1990s. The Bermudian international (re)insurance market is now of global importance and companies based there generate premiums from over 150 countries.
The market today is predominantly one for treaty and facultative reinsurance, with the balance being country-specific direct insurance on a non-admitted basis, multinational risks from large corporations and US excess and surplus lines business. The main non-life business lines underwritten by the international companies are excess layers for property and natural catastrophe, casualty and professional/financial lines. Bermuda is also significant as a major market for professional risks and medical malpractice. Approximately 13% of aggregate global reinsurance premium is written out of Bermuda, and over 35% of the capacity of Lloyds of London is provided by the territory.
Over the years Bermuda has been at the forefront of innovative risk transfer solutions such as finite (re)insurance, financial (re)insurance and the securitisation of insurance risk. It is now a major market for insurance-linked securities (ILS), essentially financial instruments which are sold to investors, the value of which is affected by an insured loss event. This consists mostly of catastrophe bonds.