Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported record employment of Bermudians and a record annual economic contribution exceeding US$1.2 billion in 2024, according to the group’s 20th Annual Economic Substance Survey.
In 2024, the group employed 1,472 Bermudians, spouses of Bermudians, or permanent resident certificate holders, marking a 46% increase over the past decade. The proportion of Bermudians in the full-time workforce reached nearly 70%, while total employment among ABIR members remained steady year-over-year at 2,121 employees. The five largest employers in the survey accounted for more than 900 jobs.
The survey detailed on-island spending by ABIR companies in areas such as employment, business services, travel, construction, real estate, and charitable donations. For the first time, total spending surpassed US$1.2 billion. Over the last 20 years, ABIR members have contributed a combined US$16.5 billion to the local economy. In 2024, total salary and benefits paid to employees in Bermuda reached the highest level recorded in the survey’s history.
Bermuda’s re/insurance sector continued to expand this year, with three new companies registered in August alone, bringing the year-to-date total to 41 new insurers. This growth follows a trend of increasing registrations, with the market on pace to surpass the 63 new companies recorded in 2024.
In addition to the rise in new market entrants, ABIR member companies saw an 8.5% increase in total equity for 2024, with gross written premium exceeding US$188 billion, up from US$171 billion in 2023. This growth was attributed to organic expansion across Bermuda, the United Kingdom, Europe, Asia, and the Americas.
Spending on goods and services from local businesses also reached a record high, supporting a range of sectors including transportation, hospitality, legal and accountancy services, technology, recruitment, real estate, and construction. ABIR members have also contributed significantly to government revenues through payroll tax, fees, and duties over the group’s 32-year history.
This year, ABIR members are projected to be the largest payers of the new corporate income tax (CIT), a 15% levy on the net income of multinational companies with revenues above €750 million (about US$873 million). The full impact of the CIT will become clearer once Bermuda’s Qualified Refundable Tax Credits regime is finalized.
In 2024, ABIR members spent US$117.4 million on business services, US$99.4 million on construction and real estate, and US$28.2 million on travel and entertainment in Bermuda – a 38% increase from the previous year.
Charitable donations totaled US$7.3 million, with an additional US$1.25 million allocated to Bermudian student scholarships. Nearly 100 paid internships were also provided last summer.
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