15 September 2017Analysis

Captive insurers in Bermuda generate $174m a year

The captive insurance industry in Bermuda contributes around $174 million every year to the island’s economy, according to research conducted by PwC for the Bermuda Insurance Management Association (BIMA).

The study indicates the sector employes at least 557 people in Bermuda, and generates minimum fee income of some $139 million every year.

A further $35 million is contributed annually by captives to the Bermuda government, regulators, local suppliers and commercial property owners, as well as hotels and other business hospitality vendors.

“We commissioned the survey because we felt it was important to understand our industry’s economic impact on Bermuda as the island continues to maintain its position as the world’s leading captive domicile,” said BIMA president Grainne Richmond.