New market study, "Bermuda Insurance Report Q1 2015", has been published

We expect the non-life segment to outperfor m the life segment over the 2015-2018 period as Bermuda retains its status as a preferred market for reinsuring risks in the non-life space. The glut of alternative capital in the market will continue to exert downward pressure on reinsurance rates and will result in smaller players being forced to consolidate.

We believe that growth in life reinsurance premiums will recover in developed markets in 2015. In particular, we anticipate gross life premiums in the US, a market which is the primary source of Bermuda reinsurance business, to grow by 2.0% in 2015.

We note that there is no appetite for reinsurance of long-term premiums ceded to Bermuda, resulting in the net premiums of long-term insurers remaining the same as their gross premiums. This is because life insurance companies underwrite these premiums in their respective markets and then subsequently reinsure them within the domicile. Therefore, we forecast growth in net life premiums to also come in at 1.5% in 2015 (identical to gross life premiums) and grow at 1.7% annually over the 2015-2018 period, which will see net premiums reaching USD21.7mn by 2018.

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Over this same period, we forecast the domestic non-life segment to outperform the life segment and average annual growth of 2.7%, to hit USD113.7bn by 2018. While strong growth in Insurance Linked Securities ILS issuance will certainly provide support - given that it is driven by the property and casualty insurance segment - the outperformance is predicated on the domicile remaining a preferred market for insuring and reinsuring risks in the non-life space, especially in the North America region. The territory's attractiveness stems from its favourable tax regime, low regulatory burden and the availability of ancillary financial services.

We expect competition in the market to remain fierce as the glut of third-party capital competes with the excess capital of these traditional reinsurers. This could...

The Bermuda Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Bermuda Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Bermudan insurance industry.

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