The Association of Bermuda Insurers and Reinsurers (ABIR) represents the public policy interests of Bermuda’s international insurers and reinsurers that protect consumers around the world. With headquarters and operations in Bermuda and with operating subsidiaries in the United States, United Kingdom and Europe, these carriers do business in more than 150 countries.
Since 1993, ABIR’s advocacy and achievements have helped raise the global profile of Bermuda as a whole, underscoring the jurisdiction’s reputation as a top-tier international financial center. Strategically deploying capital to underwrite and manage global risk for over 30 years, Bermuda insurers have built what can only be called the World’s Risk Capital - a reference to the innovation, entrepreneurialism and leadership of Bermuda re/insurers and the Bermuda government that has fostered the growth of this industry. Energized by innovation and fueled by grit and determination after Hurricane Andrew, risk pioneers in Bermuda planted the seeds for an insurance market that would ultimately be known globally for its reliable, responsible, highly-regulated and well-resourced approach to risk management. These pioneers joined forces as a collective voice by forming the ABIR.
The results have been remarkable. ABIR member companies have built a market with international dominance in natural disaster coverage—the most basic of insurance needs for consumers—plus innovative approaches to provide re/insurance protection for nearly every other defined risk. In a relatively short period of time and with unparalleled scale, Bermuda’s insurers and reinsurers have supported US and EU consumers with over a quarter of a trillion dollars to rebuild after devastating losses. In the past 20 years alone, Bermuda continues to show it is the place to deploy capital against risk in a manner that is effective and efficient with speed-to-market motivation and innovation while meeting the future needs for next-generation risk transfer products.
ABIR members are global organizations that include a Bermuda platform. ABIR partners with organizations such as the Global Federation of Insurance Associations (GFIA) and the Insurance Development Forum (IDF), working together on cohesive objectives to ensure the best possible outcome for the ABIR membership, and the Bermuda jurisdiction as a whole.
Operating in over 150 countries, Bermuda’s leading insurers & reinsurers understand the value-proposition of seizing opportunities to serve clients while ensuring sustainable, responsible growth and relevance. Ensuring insurance products remain affordable and accessible for consumers in emerging and developed markets solidifies Bermuda’s position as the World’s Risk Capital.
What is reinsurance?
When disaster strikes, the public face of recovery is often insurance companies. Backing up these companies are reinsurers.
Like their customers, insurance companies buy insurance to manage their risk. To keep prices competitive, protect their capital, expand their coverage capacity, and keep the market stable, insurance companies share their risk with reinsurance companies. Reinsurance works to keep insurance premiums low by allowing more insurers to compete in markets. By absorbing risk around the world, reinsurers spread and diversify risk so that insurers don’t become over exposed. This means consumers get more insurance choices at lower prices.
ABIR’s members employ more than 87,000 people around the globe including over:
- 37,940 employees in the US;
- 34,280 in Asia and Oceania;
- 8,130 employees in the UK;
- 5,730 in Europe; and
- 1,330 employees in Bermuda.
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