"Bermuda Insurance Report Q2 2015" is now available at Fast Market Research

As of early 2015, the latest newsflow from Bermuda's insurance sector confirms the long-standing picture of an innovative and resilient industry. The main challenges remain the trend towards consolidation and the soft market. Softness in pricing is due in part to the relative absence of natural catastrophe losses through 2014 and the abundance of capital - which is in part due to the availability of alternative capital from pension funds. Nevertheless, most of the leading insurers achieved good results through the first nine months of 2014.

As of early 2015, the latest newsflow from Bermuda's insurance sector remains positive. Most of the leading insurers have reported growth in premiums written through the first three quarters of 2014. Most have also achieved significant increases in earnings. They have typically been helped by the comparative absence of catastrophe losses and favourable reserve developments. The insurers continue to innovate, both in Bermuda and in their businesses elsewhere. New and specialised captives continue to be developed. The sector continues to play a central role in Bermuda's economy.

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Peak regulatory bodies in both the European Union (EU) and the United States have acknowledged the strengths of the insurers. By meeting the requirements of the EU's Solvency II Directive, the Bermuda-based insurers will continue to have access to the market from the beginning of 2016. Being approved as a qualified jurisdiction by the United States' National Association of Insurance Commissioners (NAIC) also carries significant advantages. Once again, the insurers proved their resilience and efficiency in the wake of Tropical Storm Fay and Hurricane Gonzalo, which hit Bermuda in the space of less than a week in mid-October 2014.

Short-term challenges include the softness in rates, which is partly due to the relative absence of catastrophe losses in 2014 and partly due to the abundance of capital. Several of the leading insurers have been...

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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