Market Research Logo

The Insurance Industry in Bermuda, Key Trends and Opportunities to 2019

The Insurance Industry in Bermuda, Key Trends and Opportunities to 2019

Synopsis

Timetric’s 'The Insurance Industry in Bermuda, Key Trends and Opportunities to 2019' report provides detailed analysis of the Bermudian insurance industry.It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bermudian economy and demographics, and provides detailed information on the competitive landscape in the country.The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'The Insurance Industry in Bermuda, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Bermudian insurance industry, including:

  • An overview of Bermudian insurance industry
  • The Bermudian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Bermudian economy and demographics
  • The detailed competitive landscape in the Bermudian insurance industry
  • The various distribution channels in the Bermudian insurance industry
  • Detailed regulatory policies of the Bermudian insurance industry
  • Analysis of natural hazards in Bermuda
Scope

This report provides a comprehensive analysis of the insurance industry in Bermuda:
  • It provides historical values for the Bermudian insurance industry for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key segments in the Bermudian insurance industry, with market forecasts to 2019.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • It analyzes the various distribution channels in Bermuda.
  • It profiles the top insurance companies in Bermuda and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Bermudian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Bermudian insurance industry.
  • Assess the competitive dynamics in the Bermudian insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Bermudian insurance industry and their impact on companies and the industry's future.
Key Highlights
  • On March 24, 2016, Bermuda was retroactively designated as Solvency II-equivalent by the European Commission in the fields of reinsurance and group supervision.
  • The principal benefit of Solvency II equivalence is that Bermuda’s commercial insurers, reinsurers and insurance groups will not be disadvantaged when competing for and underwriting business in Europe. Additionally, being an early adopter of Solvency II has brought certainty to the future status of commercial reinsurers operating from Bermuda.
  • Captive insurance and reinsurance business has played an important role in the development of Bermuda’s insurance industry. According to Marsh, a Global Leader in Insurance Broking and Risk Management, there were around 7,000 captive insurance and reinsurance companies worldwide in 2015, with the US solely accounting for 3,000.
  • Insurers are adopting rapidly emerging alternative risk-transfer instruments such as insurance-linked securities (ILS) and collateralized reinsurance, which is challenging to traditional reinsurance.
  • The government is planning to increase payroll tax from 5% to 6% during 2016–2017; this will negatively impact low-income workers.
  • Healthcare captives have always been a big business in Bermuda, and currently account for 10% of the captive business in the country.


  • Key Facts and Highlights
    • Table Bermudian Insurance Industry - Key Facts
  • Executive Summary
  • Economy and Demographics
    • Table Bermudian Government Credit Ratings, 2016
  • Bermudian Insurance Industry Overview
    • Bermudian Insurance Industry
      • Table Bermudian Insurance - Gross Written Premium by Segment (US$ Billion), 2010-2014
      • Table Bermudian Insurance - Gross Written Premium by Segment (US$ Billion), 2014-2019
      • Table Bermudian Insurance - Segmentation by Gross Written Premium (% Share), 2010-2019
  • Life Insurance
    • Table Bermudian Life Insurance - Gross Written Premium (US$ Billion), 2010-2014
    • Table Bermudian Life Insurance - Gross Written Premium (US$ Billion), 2014-2019
    • Table Bermudian Life Insurance - Paid Claims (US$ Billion), 2010-2014
    • Table Bermudian Life Insurance - Paid Claims (US$ Billion), 2014-2019
    • Table Bermudian Life Insurance - Incurred Loss (US$ Billion), 2010-2014
    • Table Bermudian Life Insurance - Incurred Loss (US$ Billion), 2014-2019
    • Table Bermudian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
    • Table Bermudian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
    • Table Bermudian Life Insurance - Total Assets (US$ Billion), 2010-2014
    • Table Bermudian Life Insurance - Total Assets (US$ Billion), 2014-2019
    • Table Bermudian Life Insurance - Total Investment Income (US$ Billion), 2010-2014
    • Table Bermudian Life Insurance - Total Investment Income (US$ Billion), 2014-2019
    • Table Bermudian Life Insurance - Net Written Premium (US$ Billion), 2010-2014
    • Table Bermudian Life Insurance - Net Written Premium (US$ Billion), 2014-2019
  • Non-Life Insurance
    • Table Bermudian Non-Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
    • Table Bermudian Non-Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
    • Table Bermudian Non-Life Insurance - Paid Claims(US$ Billion), 2010-2014
    • Table Bermudian Non-Life Insurance - Paid Claims(US$ Billion), 2014-2019
    • Table Bermudian Non-Life Insurance - Incurred Loss (US$ Billion), 2010-2014
    • Table Bermudian Non-Life Insurance - Incurred Loss (US$ Billion), 2014-2019
    • Table Bermudian Non-Life Insurance - Loss Ratio (%), 2010-2014
    • Table Bermudian Non-Life Insurance - Loss Ratio (%), 2014-2019
    • Table Bermudian Non-Life Insurance - Combined Ratio (%), 2010-2014
    • Table Bermudian Non-Life Insurance - Combined Ratio (%), 2014-2019
    • Table Bermudian Non-Life Insurance - Total Assets (US$ Billion), 2010-2014
    • Table Bermudian Non-Life Insurance - Total Assets (US$ Billion), 2014-2019
    • Table Bermudian Non-Life Insurance - Total Investment Income (US$ Billion), 2010-2014
    • Table Bermudian Non-Life Insurance - Total Investment Income (US$ Billion), 2014-2019
    • Table Bermudian Non-Life Insurance - Net Written Premium (US$ Billion), 2010-2014
    • Table Bermudian Non-Life Insurance - Net Written Premium (US$ Billion), 2014-2019
    • Property insurance
      • Table Bermudian Property Insurance - Gross Written Premium (US$ Billion), 2010-2014
      • Table Bermudian Property Insurance - Gross Written Premium (US$ Billion), 2014-2019
    • Liability insurance
      • Table Bermudian Liability Insurance - Gross Written Premium (US$ Billion), 2010-2014
      • Table Bermudian Liability Insurance - Gross Written Premium (US$ Billion), 2014-2019
    • Marine, aviation and transit insurance
      • Table Bermudian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Billion), 2010-2014
      • Table Bermudian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Billion), 2014-2019
  • Personal Accident and Health Insurance
    • Table Bermudian Personal Accident and Health Insurance - Gross Written Premium (US$Billion), 2010-2014
    • Table Bermudian Personal Accident and Health Insurance - Gross Written Premium (US$ Billion), 2014-2019
    • Table Bermudian Personal Accident and Health Insurance - Paid Claims (US$ Billion), 2010-2014
    • Table Bermudian Personal Accident and Health Insurance - Paid Claims (US$ Billion), 2014-2019
    • Table Bermudian Personal Accident and Health Insurance - Incurred Loss (US$ Billion), 2010-2014
    • Table Bermudian Personal Accident and Health Insurance - Incurred Loss (US$ Billion), 2014-2019
    • Table Bermudian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
    • Table Bermudian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
    • Table Bermudian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
    • Table Bermudian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
    • Table Bermudian Personal Accident and Health Insurance - Total Assets (US$ Billion), 2010-2014
    • Table Bermudian Personal Accident and Health Insurance - Total Assets (US$ Billion), 2014-2019
    • Table Bermudian Personal Accident and Health Insurance - Total Investment Income (US$ Billion), 2010-2014
    • Table Bermudian Personal Accident and Health Insurance - Total Investment Income (US$ Billion), 2014-2019
    • Table Bermudian Personal Accident and Health Insurance - Net Written Premium (US$ Billion), 2010-2014
    • Table Bermudian Personal Accident and Health Insurance - Net Written Premium (US$ Billion), 2014-2019
  • Reinsurance
    • Table Bermudian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Billion), 2010-2014
    • Table Bermudian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Billion), 2014-2019
    • Table Bermudian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Bermudian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
    • Table Bermudian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Bermudian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
  • Natural Hazards
    • Storms
    • Exposure
      • Table Bermudian Average Annual Loss by Hazard (US$ Million), 1990-2014
  • Distribution Channel Outlook
    • Table Bermudian Insurance Brokering Companies 2014
  • Competitive Landscape
    • Overview
      • Table Bermudian Insurance - Industry Shares, 2013
    • Leading Companies
      • Ace Bermuda Insurance Ltd - company overview
        • Table Ace Bermuda Insurance Ltd - Key Facts
      • XL Insurance (Bermuda) Ltd - company overview
        • Table XL Insurance (Bermuda) Ltd - Key Facts
      • Partner Re Ltd - company overview
        • Table Partner Re Ltd - Key Facts
      • Everest Reinsurance (Bermuda) Ltd - company overview
        • Table Everest Reinsurance (Bermuda) Ltd - Key Facts
      • XL Catlin Bermuda - company overview
        • Table XL Catlin Bermuda - Key Facts
  • Governance, Risk and Compliance
    • Table Bermuda - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Bermuda - Life Insurance Regulatory Framework
      • Property insurance
        • Table Bermuda - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Bermuda - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Bermuda - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Social security insurance for old age, disability and survivors
      • Motor third-party liability insurance
      • Merchant shipping insurance
      • Workers' compensation insurance
      • Health insurance
      • Professional indemnity insurance
      • Day care center insurance
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Bermuda Monetary Authority
      • Bermuda International Long-Term Insurers and Reinsurers Association
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Stamp duty
      • Corporate tax
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report