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Bermudian insurance market could pick up 25% of insured losses from hurricanes

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Bermudian insurance market could pick up 25% of insured losses from hurricanes

Bermuda-based insurers and reinsurers could pick up at least 25% of estimated $100 billion in insured losses arising from hurricanes Harvey, Irma and Maria, a Bermudian insurance trade group said in a statement.

Insurance companies with headquarters on the island have already started paying insurance claims on hurricanes that impacted regions across the Caribbean and the U.S., the Association of Bermuda Insurers & Reinsurers said. The trade group's estimates are based on past experience, regulatory stress tests and preliminary estimates disclosed by publicly traded companies.

The association's member companies wrote combined global gross written premium of $92 billion and had a capital base of $124 billion at year-end 2016.