Bermuda (re)insurers have paid $23.3bn in P&C claims to customers in the European Union since 2016, according to data collected by the Bermuda Monetary Authority (BMA) in June.
Total payments across life and P&C business total $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.
The findings show that Bermudan insurers are paying more claims each year, with annual payments rising from $4.4bn in 2016 to $7.2bn last year. And the $29.3bn of payouts during the last five years shows a marked increase on the $35.9bn paid to EU policyholders and cedants by Bermudan carriers between 1997 and 2016.
The data excludes the UK because it is no longer part of the EU.
Gerald Gakundi, director of insurance supervision at the BMA, said the figures show the key role Bermuda plays is supplying risk transfer capacity to EU policyholders.
“The ability of EU insurers to cede risk to Bermuda enables diversification of risk globally, making the cost of buying insurance – particularly property and casualty insurance – more affordable to customers living in the EU,” he added.