Members of the Association of Bermuda Insurers and Reinsurers (ABIR) contributed USD 8.5 billion to the Bermudian economy over the decade ended 2020, according to a annual member survey results.

Data reported over the period from 2011 to 2020 show that the group's aggregate economic impact included USD 6.4 billion in compensation paid to employees in Bermuda. The remaining USD 2.1 billion included spending on travel, business services, charitable donations and construction/real estate.

ABIR pointed out that only for the year 2020, the direct economic contribution from member companies totaled USD 722 million, which include:

• USD 576 million in total salary and benefits compensation paid to Bermuda-based employees.
• USD 66 million spent on business services, including legal, accounting, actuarial, temporary, information technology and other consulting services.
• USD 73.3 million on construction, real estate, housing and office space.
• USD 6.8 million spent on travel and entertainment in Bermuda, including hotels, airfares, restaurants, taxis and catering, a significant decrease compared to recent years because of the pandemic.
• USD 7 million in donations to Bermuda charities, including USD 2.1 million of COVID-19-related giving.

"ABIR members' commitment to Bermuda has resulted in billions of dollars of direct investment in the island's economy over the past decade," said Marc Grandisson, Chief Executive Officer of Arch Capital Group and Chairman of ABIR. "During the economic challenges of the COVID-19 pandemic, we are especially proud that our members have continued to contribute substantially through employment, on-island spending and record charitable donations."

ABIR member companies employed 1,332 people in Bermuda, of whom 920 were Bermudians.

ABIR members had a global workforce of 87,400 in 2020, including 37,937 employees in the US, 5,726 in the European Union and 42,405 in non-EU countries, including 8,125 in the UK.

The Association of Bermuda Insurers & Reinsurers (ABIR) represents Bermuda's major property and casualty insurers and reinsurers doing business in 150 countries. Bermuda is an internationally recognized center of global expertise on underwriting for catastrophe, climate, cyber, mortgage & credit risk transfer products, along with other specialty insurance and reinsurance.