Life re


BILTIR study illustrates scale of new economic pillar

Bermuda’s long-term insurers and reinsurers now contribute $500 million to Bermuda’s economy and employ more than 600 people, according to a new report by BILTIR.

“The Bermuda jurisdiction provides the long-term robust protection that allows our sector to thrive.”
Sylvia Oliveira, BILTIR

Bermuda’s long-term insurers and reinsurers, predominantly involved in the life sector, continue to thrive on Bermuda, developing an ecosystem that is becoming increasingly important to the Bermuda economy.

That was one of the findings of a new report by Bermuda International Long Term Insurers and Reinsurers (BILTIR), which has produced a Fact Sheet (see image below) showing the widespread economic and social benefits which the sector, and the organisation itself, bring to Bermuda.

BILTIR, which now represents 63 life sector companies, celebrated its 10th anniversary this year. The association was established in 2011 with five founding members and now has 63 members comprising re/insurance companies and service providers.

It was created to serve as a formal association representing the long-term insurers and reinsurers in Bermuda. The primary focus of BILTIR is to act as an advocate for Bermuda’s life and annuity industry for public policy that supports the industry marketplace, including regulatory requirements, other Bermuda Monetary Authority or Bermuda government issues, and tax matters with various jurisdictions.

BILTIR is committed to supporting the industry’s growth and success in Bermuda and globally.

An important role

Its latest report, based on research by KPMG Bermuda, on the impact of BILTIR members on the Bermuda economy showed that Bermuda life re/insurance sector companies now hold a remarkable $667 billion of assets under management; BILTIR member companies alone contribute $500 million in direct and indirect expenditure to the Bermuda’s economy.

All this results in a major contribution to the Island’s economy. The life sector employs more than 600 Bermuda-based staff, 60 percent of whom are Bermudian or the spouse of a Bermudian.

The impact on society is deep in other ways. BILTIR members contributed more than $4 million to community causes in 2020 and supported more than 50 charitable initiatives, embracing corporate social responsibility and community engagement.

The report highlights the important role BILTIR members and other Bermuda life companies play in terms of the global economy. By insuring a wide range of risk types within a broad and diverse geographic scope, Bermuda’s long-term re/insurers impact markets, economies and communities around the world.

Sylvia Oliveira, chair of BILTIR, said: “Life insurance provides security to families in the event of untimely death or disability, and during retirement. As such, a stable, prudent domicile is critically important to the life sector, and the Bermuda jurisdiction provides the long-term robust protection that allows our sector to thrive.

“BILTIR is pleased to support and advocate for the life sector as it continues to grow in Bermuda. I’m especially proud of the positive contributions BILTIR and its members make to Bermuda’s community, in particular the education initiatives.”

Martin Laframboise, executive director of BILTIR, added: “Combined with NAIC reciprocal jurisdiction recognition and Solvency II equivalence that puts Bermuda’s strong risk-based regulations in line with international standards and the protection that affords the ultimate policyholder, companies electing to domicile in Bermuda are benefiting from that growth.

“Thanks also to BILTIR’s contribution over the last 10 years in the sector to advocate for its members on industry developments (see 10th anniversary video here).”


Image Credit: Shutterstock.com / Chase Clausen

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NOVEMBER 2021


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