Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) reported a 10% year-over-year increase in premium written for 2024, along with an 8.5% rise in total equity.
ABIR’s global underwriting report covers data from 25 of its 33 member re/insurers for the 2024 calendar year.
The group generated gross written premium of over US$188 billion, up from US$171 billion in 2023. This growth was attributed to organic expansion across insurance and reinsurance operations in Bermuda, the United Kingdom, Europe, Asia, and the Americas. Total equity for the group increased to US$178 billion, compared to US$164 billion in the previous year.
Net income for ABIR members was US$26.9 billion in 2024, down from US$32.2 billion in 2023. The decline was linked to elevated claims activity during the year. ABIR’s analysis shows that more than 90% of gross written premium is attributed to publicly traded member companies.
Comparatively, according to Aon’s latest research, the global re/insurance sector achieved a return on average equity (RoAE) of 14.7% in 2024, a six-percentage point increase over the previous decade’s average. The combined operating ratio for the sector was 93.6%, the lowest since 2006, reflecting improved underwriting discipline and profitability across the industry.
John M. Huff (pictured above, left), CEO of ABIR, added that the organic growth results show Bermuda’s insurers and reinsurers continue to play a critical role in providing capital, capacity, and solutions for customers.
“Over the past ten years, the Bermuda market has supported over a trillion dollars in claim payments around the world, much of it after a natural disaster,” Huff said.
The Bermuda market continues to diversify, with ABIR members expanding into specialty lines such as cyber, mortgage, political and terrorism risk, transactional liability, and financial lines coverage. This diversification builds on Bermuda’s established role in global property coverage.
Several ABIR members have adopted IFRS 17 as their reporting standard. The report is now split into two tables: one for members reporting under U.S. GAAP, IFRS, or Bermuda SAP, and another for those using IFRS 17. As a result, the current results are not directly comparable to prior years.
Recently, AM Best found that Bermudian-based reinsurers grew capital by 16% in 2024, outpacing peers in Europe, the United States, and Asia. The report also noted that Bermuda-based companies represent about 15% of global reinsurance capital.
A significant Bermuda contingent is preparing to attend the Rendez-Vous de Septembre in Monte Carlo, an annual event that marks the start of reinsurance contract renewal discussions.
Mark Cloutier (pictured above, right), chair of ABIR and executive chair of Aspen Insurance Group, said, “The results of ABIR's global underwriting report reflect strong and growing global demand for the risk-transfer expertise and robust capital base of ABIR member companies.”
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