HAMILTON, BERMUDA - Bermuda (re)insurers remained profitable and well capitalised in 2016, despite soft pricing, an abundance of capital and competition from the Insurance Linked Securities market according to a new Bermuda Monetary Authority (BMA) Report.
The purpose of the report is to enhance the BMA’s macroprudential surveillance function, increase transparency, and highlighted the size and the importance of the Bermuda commercial insurance market.
Dr. Nikolaos Georgiopoulos, within the Financial Stability Unit at the BMA and who oversaw the production of this report, said: “The report complements the Catastrophe Risk Report by delving deeper into key industry ratios while readers can find a wealth of information that will be useful for understanding the dynamics of Bermuda’s reinsurance market. It also shows the amount of risks taken by Bermuda commercial insurers as well as the amount of claims paid to the rest of the world.”
Highlights from the BMA’s Macroprudential Risk: Annual Statutory Filings Report includes:
The new BMA report aggregated 2016 annual Capital and Solvency Return (CSR) filings from Bermuda’s Class 4 and 3B commercial (re)insurers.