Record high contract certainty rate: ABIR
The 15 participating members of the Association of Bermuda Insurers and Reinsurers (ABIR) have reported a record high contract certainty rate for insurance contracts at 99 percent.
This is an improvement of year end 2013 results which also showed a strong result for reinsurance contracts at 97.7 percent.
The monitoring of contract certainty results began at the 2008 renewal period with a target of 90 percent compliance against the ABIR Contact Certainty Code of Practice.
Contract certainty for both insurance and reinsurance contracts has been annually reported at higher than 95%, since the 2008 trial run. The six-year average is 96.1 percent for insurance and 95.7 percent for reinsurance.
“We have witnessed high levels of contract certainty compliance since implementing voluntary guidelines in 2008. This demonstrates the ongoing commitment of ABIR’s global insurers and reinsurers to high standards and places the Bermuda market at the forefront of global contract certainty practice,” said Leila Madeiros, senior vice president and deputy director of ABIR.
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