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.
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 your insurance premiums low by allowing more insurers to compete in markets. By absorbing disaster 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, all thanks to reinsurers.
ABIR’s members employ more than 103,000 people around the globe including over 46,000 employees in the US, nearly1,550 employees in Bermuda, and more than 18,000 in Europe. In addition, Bermuda relies on our exceptional broker teams, that as the jurisdictions largest brokers, have created a path that many can follow. Members include the following:
Education & Training
ABIR looks for opportunities to educate students, future employees, policymakers and others about our industry and the contributions that insurance and reinsurance make to both the local and global economy. ABIR actively supports and participates in the Bermuda Careers Fair for local high school students and writes and produces educational materials that links school subjects directly with job career paths in our industry. Additionally, ABIR supports the educational and training initiatives of both the Bermuda Insurance Institute and the Bermuda Foundation for Insurance Studies by hosting student interns for lectures and presentations on various topics related to our industry. Finally, ABIR also presents to visiting risk management undergraduate and graduate students from overseas universities such as the University of Georgia Terry College of Business and the University of Hartford as well as reinsurance educational programs developed by the Reinsurance Association of America.
ABIR members are experts in insuring against catastrophe losses. What they also know is that the best way to protect people and property is to invest in hazard mitigation. Land use planning, elevation, building code disaster resistant design and enforcement, and emergency response education are all central to protecting people and property from the risks created by earthquakes, hurricanes, tornados, flooding, hail and wind. The US industry’s foundation work in protecting against electrical hazards (Underwriters Laboratories), theft and fraud (National Insurance Crime Bureau) and highway safety research (Insurance Institute for Highway Safety) is matched with the property insurance focused work of the Insurance Institute for Business and Home Safety. ABIR members participate in many of these research organizations. The IIBHS conducts groundbreaking research on construction and materials design focused on making structures more resilient to damage from fire, earthquake, wind, water and hail. The research has resulted in the Fortified homes project, building code modernization and spillover benefits in energy conservation and sustainable building practices. Bermuda’s own experience in the middle of the Atlantic Ocean’s hurricane belt has contributed to common sense construction techniques that store rain water, build with strong stone walls, design with limited window openings and roof structures engineered to increase wind resistance and reduce uplift.
For Bermudians, one of the great things about a career in the insurance and reinsurance industry is that you can pursue it right here at home. And, with 25% of US insurance professionals expected to retire or assume smaller roles within three years, there will be new global opportunities for aspiring young people.
Members of the Association of Bermuda Insurers and Reinsurers (ABIR) and other Bermuda-based international (re)insurers are sophisticated, smart and interested in your future. Here, we highlight potential careers for students and young adults with academic enthusiasm for:
If you see your favourite school subject on this list (and they’re almost all there, right?), you can challenge yourself to prepare for one of the many careers in the insurance and reinsurance world, and be one of the industry’s new, up-and-coming professionals.
You can make a start by browsing our fact sheets, discover the jobs that suit you, and learn more about the post-secondary paths to an exciting future in a successful and respected industry, in Bermuda and internationally.
One Bermudiana Road
Hamilton HM 08 Bermuda
Washington, DC 20005