Bermuda re/insurers have paid over $72.8bn to EU policyholders, survey shows

Re/insurers based in Bermuda have collectively paid out $72.8 billion to policyholder and cedants in the European Union over the past 20 years.

This is according to the Bermuda Monetary Authority's (BMA) first EU data claims survey, carried out in July 2017.

The survey showed that from 1997 to 2006, claims payments to the EU totalled around $16.5 billion, of which $7.4 billion was paid to UK policyholders and cedants and $9.0 billion to other EU policyholders and cedants.

Between 2007 and 2016, out of a total of approximately $56.3 billion total claims paid, $29.4 billion was paid to UK policyholders and $26.9 billion to other EU policyholders and cedants.

Craig Swan, managing director, supervision at the BMA said, “The survey results show the significance of the Bermuda (re)insurance market’s contribution to Europe over the past two decades. European insurers cede risk to Bermuda, making the cost of buying insurance – particularly property/catastrophe insurance – more affordable to customers in the EU.

“BMA is grateful to the companies that took part in the survey. This is very useful information for the Bermuda market as it demonstrates the value of diversifying risk globally in an increasingly competitive worldwide market.”

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