The Bermudian commercial insurance and reinsurance sector incurred USD 1.34 trillion in gross claims costs to policyholders and cedants globally between 2016 and 2025, underscoring the island’s role in supporting policyholders in advanced and emerging markets outside the US and Europe.
Data drawn from Bermuda Monetary Authority (BMA) statutory filings and periodic claims surveys, reveals that the market’s reach accelerated sharply toward the close of the decade, with 2025 alone accounting for 19% of the ten-year total.
The data covers large catastrophes and other property and casualty (P&C) losses, life and health claims, accident and health benefits, and policyholder cash flows including dividends, surrenders, maturities and annuity payments.
It does not include Bermuda’s sizeable captive re/insurers or insurance-linked securities market.
Accounting for 62% of all claims and policyholder benefits over the decade, the United States formed the largest share of payments by a substantial margin, totalling US$827 billion.
European policyholders (including the UK) received US$201 billion (15%), with the largest individual country totals in the UK, Germany, Ireland, France, Switzerland and Belgium.
Rest-of-world policyholders received US$309 billion (23%).
Craig Swan, BMA Chief Executive Officer, said: “Incurring US$1.34 trillion in claims and policyholder benefits over a single decade is a striking measure of the financial strength and resilience of the Bermuda market—but beyond the numbers, this milestone represents something far more significant: a testament to promises kept to individuals, businesses and vulnerable communities in their moment of need.
“Supported by our robust regulatory framework, Bermuda’s (re)insurers maintained the capitalisation and liquidity needed to settle claims and help communities rebuild. This decade of support not only demonstrates the market’s strength but reinforces our ongoing commitment to protecting the financial futures of policyholders in the United States, Europe and across the globe for decades to come.”
Gerald Gakundi, Deputy Managing Director, Supervision (Insurance), noted that this loss-absorption capacity relies on strict oversight amid mounting systemic exposures.
“Bermuda’s commercial re/insurers absorb substantial losses not by chance but because of a dynamic insurance ecosystem built on rigorous capital standards, transparency, sustainable business models, prudent risk management and a sound regulatory approach. Looking ahead, the industry faces a complex and evolving risk landscape — driven by unstable climate patterns, shifting demographics, escalating cyber threats and rapid technological change,” Gakundi said.
He continued: “These will inevitably cause significant loss events, but they also present opportunities. In this uncertain environment, the BMA remains deeply committed to a risk-based regulatory regime that champions financial resilience and safeguards policyholder protection, while fostering the responsible innovation needed to cover emerging risks.”
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