The Bermuda Monetary Authority published aggregated claims data compiled from claims surveys and annual statutory filings, showing that 360 Bermuda commercial (re)insurers incurred USD 1.086 trillion in gross claims costs globally from 2016 to 2024, including USD 664 billion to US policyholders and cedants. Annual claims incurred increased from USD 46 billion in 2016 to USD 211 billion in 2024, with 2024 representing 20% of the nine-year total. Across the period, property and casualty claims totalled USD 537 billion and long-term insurance claims USD 549 billion; for 2024, the split was USD 81 billion and USD 130 billion respectively. Claims to the US, Europe (European Union and Switzerland) and the UK totalled USD 831 billion over 2016 to 2024 (USD 165 billion in 2024), compared with USD 282 billion over 1997 to 2016; the data cover large catastrophe and other P&C losses as well as life claims such as dividends, surrenders, maturities, annuities, and accident and health benefits. The dataset relates to direct insurance and reinsurance business and excludes Bermuda’s captive (re)insurance and insurance-linked securities markets.
Bermuda Monetary Authority 2025-09-12
Bermuda Monetary Authority reports Bermuda commercial (re)insurers incurred USD 1.086 trillion in gross claims costs from 2016 to 2024
The Bermuda Monetary Authority reported that 360 Bermuda commercial (re)insurers incurred USD 1.086 trillion in global gross claims costs from 2016 to 2024, with USD 664 billion to US policyholders. In 2024, claims reached USD 211 billion, 20% of the nine-year total, with property and casualty claims at USD 81 billion and long-term insurance claims at USD 130 billion. The data excludes Bermuda’s captive (re)insurance and insurance-linked securities markets.