Growth of insurance sector shakes up Bermuda’s banking industry

By David Marchant

32 years ago

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Bermuda Insurance Market

Insurance companies seldom come to Bermuda for banking services alone.But they’d be unlikely to stay without them. How else would the 1,324 insurance and reinsurance corporations domiciled here manage the billions of dollars of premiums ($15.41 billion gross and $11.81 billion net at the last count) they write every year?Yet while an efficient banking system has clearly been helpful to the Bermuda insurance industry, it is no less true that the specialised demands of Bermuda’s insurers have served to work wonders for the financial systems of Britain’s oldest colony.

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