Bermuda Insurance Report Q2 2016
BMI View: At present, we are forecasting relatively slow growth in both the life and non-life sectors ofBermuda's insurance market. The country remains one of the leading offshore insurance markets globally,and slow growth can be attributed largely to pricing softness in the dominant catastrophe insurancesegment, with stronger growth expected in terms of demand for various life insurance products. On a locallevel, rising demand for health insurance will be the primary source of growth in a comparatively smallmarket.
Key Updates And Forecasts
Although currently the smaller of the two segments, life insurance is expected to record slightly healthiergrowth rates over the forecast period leading to a slight gain in market share from 37.6% of totalpremiums in 2016 to 38.3% of total premiums in 2020 when life premiums written are forecast to reachUSD68.7bn.
The short term outlook for the non-life sector is subdued, with premiums expected to show slight falls in2016 and 2017 before returning to growth over the remainder of the forecast period. As a mature market,we do not expect to see particularly rapid growth in the non-life sector, though there is potential for alarge-scale natural disaster in a high value market such as the United States to drive up premiums.
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