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Synopsis
Timetric’s 'The Insurance Industry in Bermuda, Key Trends and Opportunities to 2019' report provides detailed analysis of the Bermudian insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bermudian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary
Timetric’s 'The Insurance Industry in Bermuda, Key Trends and Opportunities to 2019' report provides in-depth market analysis, information and insights into the Bermudian insurance industry, including:

- An overview of Bermudian insurance industry

- The Bermudian insurance industry's growth prospects by segment and category

- A comprehensive overview of the Bermudian economy and demographics

- The detailed competitive landscape in the Bermudian insurance industry

- The various distribution channels in the Bermudian insurance industry

- Detailed regulatory policies of the Bermudian insurance industry

- Analysis of natural hazards in Bermuda

Scope
This report provides a comprehensive analysis of the insurance industry in Bermuda:

- It provides historical values for the Bermudian insurance industry for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

- It offers a detailed analysis of the key segments in the Bermudian insurance industry, with market forecasts to 2019.

- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

- It analyzes the various distribution channels in Bermuda.

- It profiles the top insurance companies in Bermuda and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Bermudian insurance industry and each segment and category within it.

- Understand the demand-side dynamics, key market trends and growth opportunities in the Bermudian insurance industry.

- Assess the competitive dynamics in the Bermudian insurance industry.

- Identify the growth opportunities and market dynamics in key segments.

- Gain insights into key regulations governing the Bermudian insurance industry and their impact on companies and the industry's future.

Key Highlights
- On March 24, 2016, Bermuda was retroactively designated as Solvency II-equivalent by the European Commission in the fields of reinsurance and group supervision.

- The principal benefit of Solvency II equivalence is that Bermuda’s commercial insurers, reinsurers and insurance groups will not be disadvantaged when competing for and underwriting business in Europe. Additionally, being an early adopter of Solvency II has brought certainty to the future status of commercial reinsurers operating from Bermuda.

- Captive insurance and reinsurance business has played an important role in the development of Bermuda’s insurance industry. According to Marsh, a Global Leader in Insurance Broking and Risk Management, there were around 7,000 captive insurance and reinsurance companies worldwide in 2015, with the US solely accounting for 3,000.

- Insurers are adopting rapidly emerging alternative risk-transfer instruments such as insurance-linked securities (ILS) and collateralized reinsurance, which is challenging to traditional reinsurance.

- The government is planning to increase payroll tax from 5% to 6% during 2016–2017; this will negatively impact low-income workers.

- Healthcare captives have always been a big business in Bermuda, and currently account for 10% of the captive business in the country.

Table Of Contents

The Insurance Industry in Bermuda, Key Trends and Opportunities to 2019
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 Economy and Demographics
4 Bermudian Insurance Industry Overview
4.1 Bermudian Insurance Industry
5 Life Insurance
6 Non-Life Insurance
6.1 Property insurance
6.2 Liability insurance
6.3 Marine, aviation and transit insurance
7 Personal Accident and Health Insurance
8 Reinsurance
9 Natural Hazards
9.1 Storms
9.2 Exposure
10 Distribution Channel Outlook
11 Competitive Landscape
11.1 Overview
11.2 Leading Companies
11.2.1 Ace Bermuda Insurance Ltd - company overview
11.2.2 XL Insurance (Bermuda) Ltd - company overview
11.2.3 Partner Re Ltd - company overview
11.2.4 Everest Reinsurance (Bermuda) Ltd - company overview
11.2.5 XL Catlin Bermuda - company overview
12 Governance, Risk and Compliance
12.1 Legislation Overview and Historical Evolution
12.2 Latest Changes in Regulations
12.3 Legislation and Market Practice by Type of Insurance
12.3.1 Life insurance
12.3.2 Property insurance
12.3.3 Motor insurance
12.3.4 Liability insurance
12.3.5 Marine, aviation and transit insurance
12.3.6 Personal accident and health insurance
12.4 Compulsory Insurance
12.4.1 Social security insurance for old age, disability and survivors
12.4.2 Motor third-party liability insurance
12.4.3 Merchant shipping insurance
12.4.4 Workers' compensation insurance
12.4.5 Health insurance
12.4.6 Professional indemnity insurance
12.4.7 Day care center insurance
12.5 Supervision and Control
12.5.1 International Association of Insurance Supervisors
12.5.2 Bermuda Monetary Authority
12.5.3 Bermuda International Long-Term Insurers and Reinsurers Association
12.6 Non-Admitted Insurance Regulations
12.6.1 Overview
12.6.2 Intermediaries
12.6.3 Market practices
12.6.4 Fines and penalties
12.7 Company Registration and Operations
12.7.1 Types of insurance organization
12.7.2 Establishing a local company
12.7.3 Foreign ownership
12.7.4 Types of license
12.7.5 Capital requirements
12.7.6 Solvency margins
12.7.7 Reserve requirements
12.7.8 Investment regulations
12.7.9 Statutory return requirements
12.7.10 Fee structure
12.8 Taxation
12.8.1 Insurance premium or policy taxation
12.8.2 Withholding taxes on premium paid overseas
12.8.3 Stamp duty
12.8.4 Corporate tax
12.8.5 VAT
12.8.6 Captives
12.9 Legal System
12.9.1 Introduction
12.9.2 Access to court
12.9.3 Alternative dispute resolution
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About Timetric
14.1 Contact Timetric
14.2 About Timetric
14.3 Timetric's Services
14.4 Disclaimer

List of Tables
Table 1: Bermudian Insurance Industry - Key Facts
Table 2: Bermudian Government Credit Ratings, 2016
Table 3: Bermudian Insurance - Gross Written Premium by Segment (US$ Billion), 2010-2014
Table 4: Bermudian Insurance - Gross Written Premium by Segment (US$ Billion), 2014-2019
Table 5: Bermudian Insurance - Segmentation by Gross Written Premium (% Share), 2010-2019
Table 6: Bermudian Life Insurance - Gross Written Premium (US$ Billion), 2010-2014
Table 7: Bermudian Life Insurance - Gross Written Premium (US$ Billion), 2014-2019
Table 8: Bermudian Life Insurance - Paid Claims (US$ Billion), 2010-2014
Table 9: Bermudian Life Insurance - Paid Claims (US$ Billion), 2014-2019
Table 10: Bermudian Life Insurance - Incurred Loss (US$ Billion), 2010-2014
Table 11: Bermudian Life Insurance - Incurred Loss (US$ Billion), 2014-2019
Table 12: Bermudian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Table 13: Bermudian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Table 14: Bermudian Life Insurance - Total Assets (US$ Billion), 2010-2014
Table 15: Bermudian Life Insurance - Total Assets (US$ Billion), 2014-2019
Table 16: Bermudian Life Insurance - Total Investment Income (US$ Billion), 2010-2014
Table 17: Bermudian Life Insurance - Total Investment Income (US$ Billion), 2014-2019
Table 18: Bermudian Life Insurance - Net Written Premium (US$ Billion), 2010-2014
Table 19: Bermudian Life Insurance - Net Written Premium (US$ Billion), 2014-2019
Table 20: Bermudian Non-Life Insurance - Gross Written Premium by Category (US$ Billion), 2010-2014
Table 21: Bermudian Non-Life Insurance - Gross Written Premium by Category (US$ Billion), 2014-2019
Table 22: Bermudian Non-Life Insurance - Paid Claims(US$ Billion), 2010-2014
Table 23: Bermudian Non-Life Insurance - Paid Claims(US$ Billion), 2014-2019
Table 24: Bermudian Non-Life Insurance - Incurred Loss (US$ Billion), 2010-2014
Table 25: Bermudian Non-Life Insurance - Incurred Loss (US$ Billion), 2014-2019
Table 26: Bermudian Non-Life Insurance - Loss Ratio (%), 2010-2014
Table 27: Bermudian Non-Life Insurance - Loss Ratio (%), 2014-2019
Table 28: Bermudian Non-Life Insurance - Combined Ratio (%), 2010-2014
Table 29: Bermudian Non-Life Insurance - Combined Ratio (%), 2014-2019
Table 30: Bermudian Non-Life Insurance - Total Assets (US$ Billion), 2010-2014
Table 31: Bermudian Non-Life Insurance - Total Assets (US$ Billion), 2014-2019
Table 32: Bermudian Non-Life Insurance - Total Investment Income (US$ Billion), 2010-2014
Table 33: Bermudian Non-Life Insurance - Total Investment Income (US$ Billion), 2014-2019
Table 34: Bermudian Non-Life Insurance - Net Written Premium (US$ Billion), 2010-2014
Table 35: Bermudian Non-Life Insurance - Net Written Premium (US$ Billion), 2014-2019
Table 36: Bermudian Property Insurance - Gross Written Premium (US$ Billion), 2010-2014
Table 37: Bermudian Property Insurance - Gross Written Premium (US$ Billion), 2014-2019
Table 38: Bermudian Liability Insurance - Gross Written Premium (US$ Billion), 2010-2014
Table 39: Bermudian Liability Insurance - Gross Written Premium (US$ Billion), 2014-2019
Table 40: Bermudian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Billion), 2010-2014
Table 41: Bermudian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Billion), 2014-2019
Table 42: Bermudian Personal Accident and Health Insurance - Gross Written Premium (US$ Billion), 2010-2014
Table 43: Bermudian Personal Accident and Health Insurance - Gross Written Premium (US$ Billion), 2014-2019
Table 44: Bermudian Personal Accident and Health Insurance - Paid Claims (US$ Billion), 2010-2014
Table 45: Bermudian Personal Accident and Health Insurance - Paid Claims (US$ Billion), 2014-2019
Table 46: Bermudian Personal Accident and Health Insurance - Incurred Loss (US$ Billion), 2010-2014
Table 47: Bermudian Personal Accident and Health Insurance - Incurred Loss (US$ Billion), 2014-2019
Table 48: Bermudian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Table 49: Bermudian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Table 50: Bermudian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Table 51: Bermudian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Table 52: Bermudian Personal Accident and Health Insurance - Total Assets (US$ Billion), 2010-2014
Table 53: Bermudian Personal Accident and Health Insurance - Total Assets (US$ Billion), 2014-2019
Table 54: Bermudian Personal Accident and Health Insurance - Total Investment Income (US$ Billion), 2010-2014
Table 55: Bermudian Personal Accident and Health Insurance - Total Investment Income (US$ Billion), 2014-2019
Table 56: Bermudian Personal Accident and Health Insurance - Net Written Premium (US$ Billion), 2010-2014
Table 57: Bermudian Personal Accident and Health Insurance - Net Written Premium (US$ Billion), 2014-2019
Table 58: Bermudian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Billion), 2010-2014
Table 59: Bermudian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Billion), 2014-2019
Table 60: Bermudian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Table 61: Bermudian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Table 62: Bermudian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Table 63: Bermudian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Table 64: Bermudian Average Annual Loss by Hazard (US$ Million), 1990-2014
Table 65: Bermudian Insurance Brokering Companies 2014
Table 66: Bermudian Insurance - Industry Shares, 2013
Table 67: Ace Bermuda Insurance Ltd - Key Facts
Table 68: XL Insurance (Bermuda) Ltd - Key Facts
Table 69: Partner Re Ltd - Key Facts
Table 70: Everest Reinsurance (Bermuda) Ltd - Key Facts
Table 71: XL Catlin Bermuda - Key Facts
Table 72: Bermuda - Insurance Regulatory Framework Key Features
Table 73: Bermuda - Life Insurance Regulatory Framework
Table 74: Bermuda - Property Insurance Regulatory Framework
Table 75: Bermuda - Motor Insurance Regulatory Framework
Table 76: Bermuda - Liability Insurance Regulatory Framework
Table 77: Insurance Industry Definitions

List of Figures
Figure 1: Bermudian Real GDP (US$ billion), 2010-2019
Figure 2: Bermudian Consumer Price Inflation, 2010-2019
Figure 3: Bermudian Current Account Balance as Percentage of GDP (%), 2010-2013
Figure 4: Bermudian Unemployment Rate, 2010-2019
Figure 5: Bermudian Population by Age Group, 1991-2025
Figure 6: Bermudian Insurance - Gross Written Premium by Segment (US$ Billion), 2010-2019
Figure 7: Bermudian Insurance - Gross Written Premium Market Dynamics by Segment, 2010-2019
Figure 8: Bermudian Life Insurance - Gross Written Premium (US$ Billion), 2010-2014
Figure 9: Bermudian Life Insurance - Gross Written Premium (US$ Billion), 2014-2019
Figure 10: Bermudian Life Insurance - Paid Claims (US$ Billion), 2010-2014
Figure 11: Bermudian Life Insurance - Paid Claims (US$ Billion), 2014-2019
Figure 12: Bermudian Life Insurance - Incurred Loss (US$ Billion), 2010-2014
Figure 13: Bermudian Life Insurance - Incurred Loss (US$ Billion), 2014-2019
Figure 14: Bermudian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2010-2014
Figure 15: Bermudian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2014-2019
Figure 16: Bermudian Life Insurance - Total Assets (US$ Billion), 2010-2014
Figure 17: Bermudian Life Insurance - Total Assets (US$ Billion), 2014-2019
Figure 18: Bermudian Life Insurance - Total Investment Income (US$ Billion), 2010-2014
Figure 19: Bermudian Life Insurance - Total Investment Income (US$ Billion), 2014-2019
Figure 20: Bermudian Life Insurance - Net Written Premium (US$ Billion), 2010-2014
Figure 21: Bermudian Life Insurance - Net Written Premium (US$ Billion), 2014-2019
Figure 22: Bermudian Non-Life Insurance - Gross Written Premium by Category (US$ Billion),2010-2019
Figure 23: Bermudian Non-Life Insurance - Gross Written Premium by Category (%), 2014 and 2019
Figure 24: Bermudian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2010-2019
Figure 25: Bermudian Non-Life Insurance - Paid Claims (US$ Billion), 2010-2014
Figure 26: Bermudian Non-Life Insurance - Paid Claims (US$ Billion), 2014-2019
Figure 27: Bermudian Non-Life Insurance - Incurred Loss (US$ Billion), 2010-2014
Figure 28: Bermudian Non-Life Insurance - Incurred Loss (US$ Billion), 2014-2019
Figure 29: Bermudian Non-Life Insurance - Loss Ratio (%), 2010-2014
Figure 30: Bermudian Non-Life Insurance - Loss Ratio (%), 2014-2019
Figure 31: Bermudian Non-Life Insurance - Combined Ratio (%), 2010-2014
Figure 32: Bermudian Non-Life Insurance - Combined Ratio (%), 2014-2019
Figure 33: Bermudian Non-Life Insurance - Total Assets (US$ Billion), 2010-2014
Figure 34: Bermudian Non-Life Insurance - Total Assets (US$ Billion), 2014-2019
Figure 35: Bermudian Non-Life Insurance - Total Investment Income (US$ Billion), 2010-2014
Figure 36: Bermudian Non-Life Insurance - Total Investment Income (US$ Billion), 2014-2019
Figure 37: Bermudian Non-Life Insurance - Net Written Premium (US$ Billion), 2010-2014
Figure 38: Bermudian Non-Life Insurance - Net Written Premium (US$ Billion), 2014-2019
Figure 39: Bermudian Property Insurance - Gross Written Premium (US$ Billion), 2010-2014
Figure 40: Bermudian Property Insurance - Gross Written Premium (US$ Billion), 2014-2019
Figure 41: Bermudian Liability Insurance - Gross Written Premium (US$ Billion), 2010-2014
Figure 42: Bermudian Liability Insurance - Gross Written Premium (US$ Billion), 2014-2019
Figure 43: Bermudian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Billion), 2010-2014
Figure 44: Bermudian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Billion), 2014-2019
Figure 45: Bermudian Personal Accident and Health Insurance - Gross Written Premium (US$ Billion), 2010-2014
Figure 46: Bermudian Personal Accident and Health Insurance - Gross Written Premium (US$ Billion), 2014-2019
Figure 47: Bermudian Personal Accident and Health Insurance - Paid Claims (US$ Billion), 2010-2014
Figure 48: Bermudian Personal Accident and Health Insurance - Paid Claims (US$ Billion), 2014-2019
Figure 49: Bermudian Personal Accident and Health Insurance - Incurred Loss (US$ Billion), 2010-2014
Figure 50: Bermudian Personal Accident and Health Insurance - Incurred Loss (US$ Billion), 2014-2019
Figure 51: Bermudian Personal Accident and Health Insurance - Loss Ratio (%), 2010-2014
Figure 52: Bermudian Personal Accident and Health Insurance - Loss Ratio (%), 2014-2019
Figure 53: Bermudian Personal Accident and Health Insurance - Combined Ratio (%), 2010-2014
Figure 54: Bermudian Personal Accident and Health Insurance - Combined Ratio (%), 2014-2019
Figure 55: Bermudian Personal Accident and Health Insurance - Total Assets (US$ Billion), 2010-2014
Figure 56: Bermudian Personal Accident and Health Insurance - Total Assets (US$ Billion), 2014-2019
Figure 57: Bermudian Personal Accident and Health Insurance - Total Investment Income (US$ Billion), 2010-2014
Figure 58: Bermudian Personal Accident and Health Insurance - Total Investment Income (US$ Billion), 2014-2019
Figure 59: Bermudian Personal Accident and Health Insurance - Net Written Premium (US$ Billion), 2010-2014
Figure 60: Bermudian Personal Accident and Health Insurance - Net Written Premium (US$ Billion), 2014-2019
Figure 61: Bermudian Reinsurance - Premium Accepted by Insurance Industry (US$ Billion), 2010-2014
Figure 62: Bermudian Reinsurance - Premium Accepted by Insurance Industry (US$ Billion), 2014-2019
Figure 63: Bermudian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Billion), 2010-2019
Figure 64: Bermudian Reinsurance - Dynamics by Insurance Segment, 2010-2019
Figure 65: Bermudian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Figure 66: Bermudian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
Figure 67: Bermudian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
Figure 68: Bermudian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2014-2019
Figure 69: Bermudian Insurance - Industry Shares 2013
Figure 70: Bermuda - Insurance Supervision and Control at Various Levels
Figure 71: Bermuda - Insurance Regulatory Frameworks for Company Registration and Operation

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