{"id":13767,"date":"2019-02-12T11:53:00","date_gmt":"2019-02-12T16:53:00","guid":{"rendered":"http:\/\/lifeinsurance-orleans.ca\/Life-Insurance-Blog\/bermuda-life-insurance-sector-marks-2018-growth\/"},"modified":"2019-02-12T11:53:00","modified_gmt":"2019-02-12T16:53:00","slug":"bermuda-life-insurance-sector-marks-2018-growth","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/02\/12\/bermuda-life-insurance-sector-marks-2018-growth\/","title":{"rendered":"Bermuda Life Insurance Sector Marks 2018 Growth"},"content":{"rendered":"
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HAMILTON, Bermuda , Feb. 12, 2019 (GLOBE NEWSWIRE) — Bermuda\u2019s long-term insurance and reinsurance industry is marking a banner year of increased company registrations, driving vital job growth in the jurisdiction.<\/p>\n\n\n\n
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\"BILTIR<\/td>\n<\/tr>\n
<\/td>\nMembers of BILTIR and the BDA joined Premier Burt and Ministers Dickinson and Caines for a lunch hosted by the government this month to discuss the long-term sector\u2019s growth<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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The number of Bermuda-based companies in the sector, which provides global coverage of life, annuity and pension products, more than doubled in 2018, compared to the previous year. A total of 15 new long-term companies were licensed in Bermuda last year, compared to six registrations in 2017\u2014marking the greatest year-on-year growth across all insurance sectors, according to recent figures released by the Bermuda Monetary Authority (BMA).<\/p>\n

\u201cThe growth in our insurance market\u2019s long-term sector underscores Bermuda\u2019s status as a centre of excellence and expertise in this industry,\u201d noted Roland Andy Burrows, CEO of the BDA, which this week launched a video highlighting the industry\u2019s expansion. \u201cImportantly, the sector not only plays a critical role globally, but also contributes a growing number of jobs locally to strengthen our island\u2019s economy.\u201d<\/p>\n

The long-term re\/insurance sector was responsible for the creation of at least 37 corresponding new jobs in 2018, according to the Bermuda Business Development Agency (BDA).<\/p>\n

\u201cBermuda has become one of the most respected global hubs for long-term insurance and reinsurance business, with an accessible regulator and both NAIC qualification and Solvency II equivalence\u2014one of only two jurisdictions in the world to achieve the latter,\u201d said Ronnie Klein, Senior Advisor to the Bermuda International Long Term Insurers & Reinsurers (BILTIR), an advocacy group that represents 58 member companies, including licensed re\/insurers and service providers. \u201cThe life and annuity business has grown substantially during the past few years with the assistance of BILTIR, and we only expect future growth in the industry.\u201d<\/p>\n

Executives of BILTIR\u2014which has published a new fact sheet\u2014joined BDA representatives at a lunch hosted by Premier David Burt, Minister of Finance Curtis Dickinson, and Minister of National Security Wayne Caines this month to discuss the sector\u2019s growth, its employment criteria, global reach, and local educational initiatives. Among community outreach projects, BILTIR provides student internships, an annual scholarship, lunch-and-learn sessions, and a math-tutoring programme for island high-schoolers.<\/p>\n

Long term insurance and reinsurance, which help protects consumers from underfunded retirement years and unsupported dependents, is a growing market globally. In Bermuda, the sector comprises a diverse group of companies with more than $300 billion in assets\u2014making it the market\u2019s largest insurance sector by assets. A BILTIR study found member companies contributed an estimated $200 million to the local economy annually.<\/p>\n

\u201cOur industry will continue to grow as world populations age and the need for protection of retirement assets keep rising,\u201d noted Sylvia Oliveira, CEO, Wilton Re Bermuda and a BILTIR Director. \u201cThe life sector complements Bermuda\u2019s traditional P&C insurance industry through risk diversification and longer asset durations. The entire market benefits.\u201d<\/p>\n

Representatives of member companies, joined by the BDA, will attend the 13th annual ReFocus event in Las Vegas next month. Co-hosted by the American Council of Life Insurers (ACLI) and the Society of Actuaries (SOA), the March 10\u201313 conference attracts more than 700 attendees. The delegation aims to highlight the Bermuda market\u2019s burgeoning life sector, as well as BILTIR\u2019s own annual life and annuity conference, scheduled for Thursday, September 19 at the Fairmont Southampton Hotel.<\/p>\n

MEDIA CONTACT:<\/p>\n

Rosemary Jones
\n<\/strong>Head of Communications & Marketing
\nrosemary@bda.bm
\n441 278-6558
\n441 337-4696<\/p>\n

CONNECTING BUSINESS
\n<\/strong>The BDA encourages direct investment and helps companies start up, re-locate or expand their operations in our premier jurisdiction. An independent, public-private partnership, we connect you to industry professionals, regulatory officials, and key contacts in the Bermuda government to assist domicile decisions. Our goal? To make doing business in Bermuda smooth and beneficial.<\/p>\n

A photo accompanying this announcement is available at http:\/\/www.globenewswire.com\/NewsRoom\/AttachmentNg\/fa70440d-1625-4233-94d2-98159e3f3c0c<\/p>\n

\"BDA_Logo_Horizontal_RGB.jpg\"<\/p>\n

Source: Bermuda Business Development Agency<\/p>\n

The post Bermuda Life Insurance Sector Marks 2018 Growth appeared first on InsuranceNewsNet.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

HAMILTON, Bermuda , Feb. 12, 2019 (GLOBE NEWSWIRE) — Bermuda\u2019s long-term insurance and reinsurance industry is marking a banner year of increased company registrations, driving vital job growth in the jurisdiction. Members of BILTIR...<\/p>\n","protected":false},"author":578,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/13767"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/578"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=13767"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/13767\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=13767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=13767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=13767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}