{"id":1760,"date":"2025-09-15T11:00:20","date_gmt":"2025-09-15T11:00:20","guid":{"rendered":"http:\/\/nerdalertcreative.com\/?p=1760"},"modified":"2025-09-15T11:39:35","modified_gmt":"2025-09-15T11:39:35","slug":"total-claims-costs-from-2016-2024-hit-1-1trn-for-bermuda-commercial-re-insurers-bma","status":"publish","type":"post","link":"http:\/\/nerdalertcreative.com\/index.php\/2025\/09\/15\/total-claims-costs-from-2016-2024-hit-1-1trn-for-bermuda-commercial-re-insurers-bma\/","title":{"rendered":"Total claims costs from 2016-2024 hit $1.1trn for Bermuda commercial re\/insurers: BMA"},"content":{"rendered":"

From 2016 to 2024, Bermuda commercial insurer and reinsurer incurred $1.1 trillion in gross claims costs to policyholders and cedants globally, according to data from the Bermuda Monetary Authority (BMA).<\/p>\n

\"BermudaOver the nine-year period, Bermuda re\/insurers incurred a total of $831 billion in gross claims costs to US, Europe, and UK policyholders and cedants, an increase of 195% compared to the $282 billion incurred during the two decades from 1997 to 2016.<\/p>\n

The BMA\u2019s data highlights a consistent annual increase in claims incurred by Bermudian re\/insurers, rising to $211 billion in 2024 from $46 billion in 2016. In fact, claims incurred by carriers in 2024 represents 20% of the cumulative total for the 2016-2024 period.<\/p>\n

For the nine-year period, the split between P&C and long-term claims incurred is relatively even, at $537 billion and $549 billion, respectively, driven by the US region with a total of $664 billion, split $291 billion P&C and $372 billion long-term.<\/p>\n

The BMA compiled the data from claims surveys and annual statutory filings of commercial insurers. The claims information relates to direct insurance and reinsurance business of 360 commercial re\/insurers but does not include data from Bermuda\u2019s captive re\/insurance linked securities markets.<\/p>\n

\n
\"Brit<\/a><\/div>\n<\/div>\n

These costs comprise of large catastrophes, property and casualty losses, life insurance claims for policyholders\u2019 dividends, surrenders, maturities, annuities (including payments for financial and biometric risks), accident and health benefits, explains the BMA.<\/p>\n

Craig Swan, Chief Executive Officer, BMA, commented, \u201cThe Bermuda re\/insurance market has a long history of demonstrating resilience through major stress events, including the 2007\/08 global financial crisis, the Covid-19 pandemic, increased frequency and severity of natural catastrophe events, geopolitical turmoil, high inflation and interest rate volatility.<\/p>\n

\u201cThe claims data indicate that despite these challenges, Bermuda\u2019s re\/insurance market and robust regulatory framework have enabled re\/insurers to maintain adequate capitalisation and ample liquidity, ensuring the settlement of policyholder claims as they arise.\u201d<\/p>\n

Gerald Gakundi, Deputy Managing Director, Supervision (Insurance), added, \u201cAdvanced technologies, including artificial intelligence, are poised to play a transformative role in the insurance sector, offering material benefits to re\/insurers. Notwithstanding these advancements, significant loss events affecting life and property will inevitably persist, continuing to present substantial challenges.<\/p>\n

\u201cIn such circumstances, policyholders rely on the established strength and reliability of Bermuda\u2019s re\/insurers. The BMA remains committed to the responsible implementation of its regulatory framework to reinforce the resilience of re\/insurers, support the development of sustainable business models, and encourage responsible product innovation.\u201d<\/p>\n

The post Total claims costs from 2016-2024 hit $1.1trn for Bermuda commercial re\/insurers: BMA<\/a> appeared first on ReinsuranceNe.ws<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

From 2016 to 2024, Bermuda commercial insurer and reinsurer incurred $1.1 trillion in gross claims costs to policyholders and cedants […]<\/p>\n","protected":false},"author":1,"featured_media":1762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-1760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reinsurance"],"_links":{"self":[{"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/posts\/1760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/comments?post=1760"}],"version-history":[{"count":3,"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/posts\/1760\/revisions"}],"predecessor-version":[{"id":1765,"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/posts\/1760\/revisions\/1765"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/media\/1762"}],"wp:attachment":[{"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/media?parent=1760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/categories?post=1760"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/nerdalertcreative.com\/index.php\/wp-json\/wp\/v2\/tags?post=1760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}