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Follow on Google News | Market Report, "Bermuda Insurance Report 2011", publishedRecently published research from Business Monitor International, "Bermuda Insurance Report 2011", is now available at Fast Market Research
Notwithstanding that some of the Bermuda insurers are expanding into life insurance - and in some underdeveloped markets, we envisage that life premiums will grow by 3% annually through the forecast period. We forecast 5% annual average growth in non-life and reinsurance premiums. This is significantly less than the 15% growth that was achieved, according to Deloitte in their annual survey of the industry, over the five years to the end of 2009. However, it seems reasonable given the slower growth of the global economy, and the downwards pressures on premiums - in both the global reinsurance market and the US property and casualty market. 2009 was an unusually good year for Bermudian (re)insurers. After a difficult few months in Q109, investment markets recovered strongly. There were relatively few major catastrophes. Bermudian (re)insurers had the advantage -relative to their counterparts in other countries - of enlarged capital bases and ability to benefit from the economic growth of the Asia Pacific region. It is unlikely that 2010 will be remembered as being a year of fortune like 2009. Losses from Windstorm Xynthia and the Chilean earthquake caused many companies to report minimal profits for Q110. Financial markets were fairly lacklustre compared to 2009. One of the biggest issues facing the Bermudian insurance industry since H209 is the controversial US corporate tax policy bill that would add to the island's reinsurers tax burden. The proposed legislation would stop non-US insurance groups with subsidiaries ceding some of the risk to an offshore affiliate reinsurer to reduce taxes. The Association of Bermuda Insurers and Reinsurers (ABIR) has strongly opposed the bill, suggesting that it would be counterproductive for the US, raising the burden on consumers and reducing insurance coverage. In practice, the global nature of most of the larger Bermudian insurance companies is such that they would be able to mitigate the impact of an adverse change in US tax law. Over the medium term, a greater challenge could well be competition for international/ The key feature of Bermuda remains a combination of strengths - the lack of income tax, the first-class regulatory regime, proximity to North America and the development of a sufficiently large community of people with the requisite skills - to give it a position that appears unassailable. Bermuda has 16 of the world's top 35 reinsurers, according to ratings agency AM Best, and has the largest property-catastrophe reinsurance market, supplying 40% of the US and EU market. Bermuda also has well over 1,000 captive insurers. (The actual number of captives is difficult to define because many of these insurers are cell companies which service several different clients simultaneously through rent-a-captive programmes). On the regulatory front, the Bermuda Monetary Authority (BMA) has said it remains on track to ensure that local regulations are consistent with the Solvency II regime to be introduced across the EU in 2012. Key Features Of This Report This report is not substantially different from its predecessor in terms of structure. We have updated the comments and statistics to take into account developments through 2009 and at least the first half of 2010. For more information or to purchase this report, go to: - http://www.fastmr.com/ Report Table of Contents: Executive Summary - Table: Bermuda's Insurance Sector At A Glance - Key Features Of This Report SWOT Analysis - Bermuda Insurance Industry SWOT MetLife's Acquisition Of ALICO - Table: ALICO At A Glance - Table: ALICO's Pre-Tax Profits By Segment And Region Contribution, Year To November 30 2009 (%) - Table: ALICO - A Market Leader In Japan - Table: MetLife's Acquisition Of ALICO - Table: MetLife And ALICO Combined Latest News Developed States Insurance Overview - Table: Developed States' Non-Life Segment - Premiums - Table: Developed States' Life Segment - Premiums - Table: Developed States Insurance Business Environment Ratings Projections And Forecasts - Table: Insurance Premiums, 2007-2015 - Projections And Drivers Of Growth - Table: Growth Drivers, 2007-2015 Developed States Context - Table: Non-Life Premiums In A Developed States Context, 2009 - Table: Life Premiums In A Developed States Context, 2009 Analysis Of Competitive Conditions - Table: Bermuda's Insurance Sector At A Glance, 2007 - Table: Association Of Bermuda Insurers And Reinsurers Overview - Table: International (Re)Insurers' Global Underwriting Report, H110 and H109 - Table: Bermuda's Insurance Sector - Traditional Lines, Who Does What? - Table: Bermuda's Insurance Sector -Non-Traditional Lines, Who Does What? - Table: Bermuda's Insurance Sector - Life Insurance And Reinsurance, Who Does What? - Table: Bermuda's Insurance Sector - Others, Who Does What? Company Profiles - ACE Group - Arch Capital Group - Aspen Insurance - Catlin Group - Partner Re - XL Capital BMI Methodology - Insurance Business Environment Ratings - Table: Insurance Business Environment Indicators And Rationale - Table: Weighting Of Indicators About Business Monitor International Business Monitor International (BMI) offers a comprehensive range of products and services designed to help senior executives, analysts and researchers assess and better manage operating risks, and exploit business opportunities, across 175 markets. BMI offers three main areas of expertise: Country Risk BMI's country risk and macroeconomic forecast portfolio includes weekly financial market reports, monthly regional Monitors, and in-depth quarterly Business Forecast Reports. Industry Analysis BMI covers a total of 17 industry verticals through a portfolio of services, including in-depth quarterly Country Forecast Reports. View more research from Business Monitor International at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. # # # Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. End
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