Survey Documents Bermuda Insurers', Reinsurers' Economic Contributions

Members of the Association of Bermuda Insurers and Reinsurers (ABIR) contributed $8.5 billion to the Bermudian economy during the decade ending in 2020, according to the results of the latest annual ABIR member survey.

Data collected in the survey showed that from 2011 to 2020, the group of insurers' and reinsurers' aggregate economic impact included $6.4 billion in compensation paid to employees in Bermuda. The remaining $2.1 billion included spending on travel, business services, charitable donations, and construction and real estate spending.

The ABIR survey showed a direct economic contribution of $722 million from member companies in 2020. That included $576 million in total salary and benefits compensation paid to Bermuda-based employees. Bermuda insurers' and reinsurers' 2020 economic contribution also included $6.8 million spent on travel and entertainment in Bermuda, including hotels, airfares, restaurants, taxis, and catering, a figure ABIR said represented a significant decrease compared to recent years because of the COVID-19 pandemic.

"ABIR members' commitment to Bermuda has resulted in billions of dollars of direct investment in the island's economy over the past decade," Marc Grandisson, CEO of Arch Capital Group and chairman of ABIR, said in a statement. "During the economic challenges of the COVID-19 pandemic, we are especially proud that our members have continued to contribute substantially through employment, on-island spending, and record charitable donations."