Bermuda Re/Insurers Ready to Support Hurricane Ida Recovery
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- Press Release
Bermuda Insurers and Reinsurers Ready to Support Hurricane Ida Recovery Process
Hamilton, Bermuda, September 2, 2021 — The Bermuda Business Development Agency (BDA) and the greater Bermuda (re)insurance industry stand ready to support Americans in the aftermath of Hurricane Ida, which made landfall in the United States as a Category 4 hurricane and has since been downgraded to a post-tropical cyclone. Bermuda’s commitment to supporting communities that suffer natural disasters is illustrated by the recent announcement from the Bermuda Monetary Authority, which noted that Bermuda (re)insurers paid out US$209.6 billion to United States policyholders and cedants for large catastrophes, property and casualty losses, and life insurance claims from 2016 to 2020. Overall, the industry has paid out US$400 billion since 1997.
“After Hurricane Ida, our thoughts are with the people of Louisiana, the Gulf Coast, and all who have been affected by this immense storm,” said Stephen Weinstein, BDA Chair. “Bermuda’s (re)insurers have a long history of financing post-disaster recovery processes across the world and we stand ready to assist in times of need. Building on our decades of experience helping to close the insurance protection gap, Bermuda is also focused on helping our partners address the climate risk protection gap by becoming a capital of climate risk finance.”
Over the years, Bermuda has proven to be a strong ally of the United States and has provided substantial support to Americans after past natural disasters, noted John Huff, President and CEO, Association of Bermuda Insurers and Reinsurers (ABIR).
“Bermuda’s leading insurers & reinsurers paid a total of USD$22B to rebuild the United States Gulf and Florida Coasts from seven hurricanes between 2004-2005, including nearly 30% of insured losses from Hurricanes Katrina, Rita, and Wilma. More recently, the Bermuda market was estimated to pay some 30% ($30 billion) of 2017 Hurricanes Harvey, Irma and Maria losses.” Huff said. “Hurricane Ida will be no different. Our members will provide full services to affected persons to ensure they receive the support they need following this deadly storm.”
Bermuda is a jurisdiction that punches well above its weight on the global stage. In its latest Market Segment Report, published August 31, 2021, AM Best ranked 14 Bermuda (re)insurers in the top 50 worldwide.