Bermuda Insurance Report - Business Monitor International - Industry Reports

Bermuda Insurance Report

Bermuda Insurance Report - Business Monitor International - Industry Reports
Bermuda Insurance Report
Published Aug 06, 2016
38 pages — Published Aug 06, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

The UK s decision to leave the EU following the country s referendum in June ---- presents an element of downside risk to our growth forecasts for Bermuda s life insurance sector. While on the one hand the reduced passporting rights of UK companies may drive business towards insurers in other domiciles, with fears the development may negatively impact insurers such as XL Catlin and Hiscox, which operate as part of London s Lloyd s insurance market. ...As of July ----, Lloyd s said it was working on plans to maintain single market access irrespective of the UK government s forthcoming negotiations with EU members. We also warn that the outcome of the UK s forthcoming trade negotiations with EU members could affect the decision of multinationals of whether to base their global headquarters in Bermuda or offshore centres within the EU. Tax and regulatory issues within the EU mean that centres such as Luxembourg and Ireland often have an edge over Bermuda in attracting life insurers who are offering offshore products within the EU. In theory, Bermuda could attract substantial offshore life insurance business from the rapidly growing Asian markets. ...In theory, Bermuda could attract substantial offshore life insurance business from the rapidly growing Asian markets. In practice, geographic distance, cultural differences and the entrenched positions of the leading providers/distributors of life insurance savings and protection products in Greater China and elsewhere mean that this would be very difficult to achieve.

...We have adjusted our forecasts for Bermuda s life insurance sector this quarter, and we now expect premiums to grow by -.- in ---- to USD--.-bn. Growth will average -.- a year annually through the forecast period to ---- to reach USD--.-bn. ...Growth will average -.- a year annually through the forecast period to ---- to reach USD--.-bn. The non-life market will see a marginally slower rate of growth, though we have also revised our projections for the sector upwards as insurers and reinsurers begin to pass on the cost of higher catastrophe-related losses to their customers. We forecast non-life premiums to increase by -.- in ---- to USD---.-bn. ...The firm attributed the losses to a series of natural disasters and weather events in North America, as well as earthquakes in Japan and New Zealand and flooding in Europe. The development reflects a wider trend of increased catastrophe losses experiences by Bermuda-domiciled insurers in H- ----.

...� Business Monitor International Ltd Page - high-net-worth market across Asia provides a significant market opportunity and the likes of Transamerica Life Bermuda are directly targeting consumers from offices in Singapore and Hong Kong. However, an ageing Bermudan population is nevertheless an important driver of demand for life products. ...

  
Source:
Document ID
1757-1219
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Bermuda Insurance Report" Aug 06, 2016. Alacra Store. Dec 07, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Bermuda-Insurance-Report-2026-684>
  
APA:
Business Monitor International - Industry Reports. (2016). Bermuda Insurance Report Aug 06, 2016. New York, NY: Alacra Store. Retrieved Dec 07, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Bermuda-Insurance-Report-2026-684>
  
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