Hamilton, Bermuda (December 6, 2023) -- Members of the Association of Bermuda Insurers and Reinsurers (ABIR) recorded a total direct contribution of $815 million to the local economy from member companies in 2022 — representing an increase of 13% over 2021. ABIR members’ economic contributions in 2022 include salaries and benefits paid to Bermuda-based employees, spend on travel and entertainment in Bermuda, including hotels, airfares, restaurants, taxis and catering, and nearly $6 million in donations to Bermuda charities.

ABIR, which represents the island’s leading international property and casualty insurers and reinsurers, is celebrating its 30^th anniversary this year. Over the past 15 years alone, ABIR members have been significant contributors to the local economy with an aggregate, direct economic contribution amounting to $12.84 billion.

ABIR continues to collectively represent the largest re/insurance employment on island.  In 2022, ABIR member companies employed 1,585 people in Bermuda (up by 158 from 2021), of whom 1,103 were Bermudians (up by 145), a category that also includes spouses of Bermudians, and permanent resident certificate holders (PRCs). The local component of the workforce is 70%, maintaining a level that has been achieved consistently in recent years in large part due to member company investment in career training, development and recruitment.  

ABIR member companies also support on-island employment among service providers such as accounting firms, law firms, banks and advisers.

Through the taxes, fees and duties they pay, Bermuda re/insurers play a leading role in sustaining the Bermuda Government revenues that fund public services. With a majority of ABIR members expected to be in scope of Bermuda’s proposed Corporate Income Tax (CIT), due to take effect in 2025, the group’s value to the island may be about to grow further. 

“Over 30 years, ABIR members have shown their commitment to Bermuda by building a talent base that is more than two-thirds local and by continuing to drive the local economy,” said Pina Albo, Hamilton CEO and ABIR Chair.

“In 2022, it was especially pleasing that we were able to better support the island’s hotels, restaurants, caterers, taxi operators, travel services and local businesses, as our spending on travel, transportation and entertainment rose 125% from 2021 to return to pre-Covid levels.”

The survey also highlighted a commitment to support the further education of young Bermudians, with ABIR members allocating more than $1.1 million to educational scholarships on the island in 2022, in addition to the internships, training, mentorship and other career development opportunities provided.

“As one of the many non-profits that has benefited from the financial contributions of ABIR members and ABIR itself, the Bermuda College Foundation cannot overstate our appreciation for, or the positive impact of, ABIR and its member companies,” states Kerry Judd, Executive Director of Bermuda College Foundation. “Our ability to develop accessible, state-of-the-art facilities and programmes at Bermuda College would not be possible without their ongoing support.”

The nearly $6 million in charitable donations from ABIR members in 2022 supported a wide range of organisations addressing social issues, education, the environment, sports and the arts. Among the recipients, in addition to the Bermuda College Foundation, were Age Concern Bermuda, The Eliza Dolittle Society, The Reading Clinic, Elliot Primary School, Family Centre, HOME, P.A.L.S., Bermuda Cricket Board and Kaleidoscope Arts Foundation. 

“ABIR and our member companies are proud to call Bermuda home,” said John Huff, ABIR’s President and CEO. “This survey offers some perspective on the scale of the economic substance that ABIR member companies have in Bermuda and how our activities support local organisations across many sectors. During these economically challenging times, the $815 million annual injection directly into the local economy is particularly meaningful.” 

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About ABIR: The Association of Bermuda Insurers & Reinsurers (ABIR), which represents Bermuda’s major property and casualty insurers and reinsurers doing business in 150 countries, was founded in 1993. For three decades, the Bermuda market’s risk-bearing capacity has played a key role in enabling insurance to be accessible and affordable, to the benefit of consumers around the world. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance. For more information, please visit: www.abir.bm. Follow us on Twitter @ABIR_Bermuda.