Boston, MA -- (SBWIRE) -- 07/03/2013 -- Bermuda is one of the leading insurance centers in the world. The insurance industry is an integral part of the economy, with international business revenues accounting for more than 50% of the island's gross domestic product (GDP). A low regulatory burden, attractive tax environment and good infrastructure have been key drivers for the growth of insurance and also for the rise in the number of international companies in the island. The contraction in economic activities during the review period (2008-2012) and uncertain global market conditions had an impact on business revenues. The overall gross written premiums from the industry decreased moderately at a CAGR of 1.7% during the review period. Over the forecast period (2012-2017), the global economy is expected to improve, bringing with it favorable regulatory developments. The availability of an experienced workforce should, when combined with the low-cost advantage for running a business in the islands, drive the growth of the industry.

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Key Highlights

- Bermuda is a British overseas territory, situated off the US east coast. It is one of the leading offshore financial centers in the world.
- During the review period, the overall gross written premiums from the industry in Bermuda decreased moderately at a CAGR of 1.7%.
- The non-life segment accounted for 53.9% of the total written premiums in 2012.
- Bermuda is considered as one of world's primary tax havens, with no corporation tax, withholding tax, capital gains tax, capital transfer tax, VAT, or sales tax for international companies. This no-tax administration will extend until at least 2016.
- Over the forecast period, the percentage of reinsurance business generated from offshore markets is expected to increase.

Scope

This report provides a comprehensive analysis of the insurance industry in Bermuda:

- It provides historical values for the Bermudian insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Bermudian insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Bermuda and outlines the key regulations affecting them

Reasons to Get This Report

- Make strategic business decisions using in depth historic and forecast industry data related to the Bermudian insurance industry and each segment within it
- Assess the competitive dynamics in the Bermudian insurance industry
- Understand the demand-side dynamics, key market trends and growth opportunities within the Bermudian insurance industry

Companies Mentioned in this Report: ACE Bermuda Insurance Ltd, XL Group, PartnerRe Ltd, Everest Reinsurance (Bermuda) Ltd, Arch Insurance (Bermuda)

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