Bermudan (re)insurers paid out $25.7bn to UK P&C policyholders between 2016 and 2020, with numbers rising each year, according to figures from the Bermuda Monetary Authority (BMA).
Its figures show that including life claims, Bermuda’s (re)insurers have paid out $35.2bn to UK clients during the period.
The results show a rising contribution from the island’s risk transfer industry, with annual loss payments to UK policyholders and cedants rising from $5.2bn in 2016 to $8.8bn in 2020.
Previous figures from the BMA show that Bermuda’s (re)insurers paid out $36.8bn to UK clients between 1997 and 2016.
Craig Swan, deputy CEO at the BMA, said, “The Bermuda and UK (re)insurance markets are vital to the supply of global risk capacity and are prominent in their own right. However, when these two markets converge, their synergy and complementary access produce outsized results that benefit the global economy. This can be seen by Bermuda (re)insurers’ supply of nearly half of Lloyd’s of London syndicates’ capacity in 2019. The key role that Bermuda plays in the supply of risk capacity to the UK makes a notable contribution to a thriving London (re)insurance market.”
The numbers follow data from the BMA in August showing that its (re)insurers have paid $23.3bn in P&C claims to EU customers since 2016.
Total European payments across life and P&C business stand at $29.3bn. Roughly 22% of this amount was paid to customers in Germany, with other significant claims payments distributed between Ireland, France, Spain, Italy, Belgium, the Netherlands and Austria.