Bermuda Insurance Report Q3 2016 - New Market Report

From: Fast Market Research, Inc.
Published: Fri May 13 2016

At present, we are forecasting relatively slow growth in both the life and non-life sectors of Bermuda's insurance market. The country remains one of the leading offshore insurance markets globally, and slow growth can be attributed largely to pricing softness in the dominant catastrophe insurance segment, with stronger growth expected in terms of demand for various life insurance products . In part, the subdued growth forecasts are also due to Bermuda ' s status as a mature market, with unsustainably strong growth having occurred in earlier years. On a local level, rising demand for health insurance will be the primary source of growth in a comparatively small market.

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Key Updates And Forecasts

Although currently the smaller of the two segments, life insurance is expected to record slightly healthier growth rates over the forecast period leading to a slight gain in market share from 37.6% of total premiums in 2016 to 38.3% of total premiums in 2020 when life premiums written are forecast to reach USD68.7bn.

The short-term outlook for the non-life sector is subdued, with premiums expected to show slight falls in 2016 and 2017 before returning to growth over the remainder of the forecast period. As a mature market, we do not expect to see particularly rapid growth in the non-life sector. There is the possibility that a large-scale natural disaster in a high value market such as the United States will drive up premiums.

Consolidations are an ongoing trend in the Bermudan market. In November 2015, PartnerRe announced shareholders had approved its USD6.8bn acquisition by Italy based Exor S.p.A in a deal which completed in early 2016. In a smaller merger, Beechwood Bermuda announced in January 2016 it had completed the acquisition of Old Mutual (Bermuda). ACE completed the purchase of Chubb in January 2016, and took on the Chubb trading name.

The Bermuda Insurance Report has been researched at source and features BMI Research'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.

Key Benefits
Benchmark BMI's independent insurance industry forecasts for Bermuda to test other views - a key input for successful budgeting and strategic business planning in Bermuda's insurance market.

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Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
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