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Member companies of the Association of Bermuda Insurers and Reinsurers (ABIR) set a new benchmark in 2024, contributing $1,210,566,922 to Bermuda’s economy, and employing a record number of Bermudians, according to the association’s 20th Annual Economic Substance Survey.
Last year, the group employed 1,472 Bermudians, spouses of Bermudians, or permanent resident certificate holders (PRCs), representing a 46% increase over the past decade, with the Bermudian proportion of the full-time workforce rising to nearly 70%.
However, overall employment among ABIR members remained flat year-over-year at 2,121 employees.
Industry leaders point to ongoing uncertainty surrounding the new Corporate Income Tax (CIT) and Bermuda’s high cost of doing business, relative to other jurisdictions, as factors constraining job growth.
The five largest employers in the survey provided a combined total of more than 900 jobs.
Mark Cloutier, Aspen Executive Chair and ABIR Chair, said: “ABIR is proud that our contributions continue to lead the Bermuda economy. To see our members employing a record number of Bermudians is especially pleasing.
“Stable and rewarding jobs for local people represent probably the most meaningful measure of any industry’s economic value to a community. The $16.5 billion of on-island spending by our members, as detailed in the 20 years of ABIR’s Economic Substance Surveys, underscores our industry’s longstanding commitment to Bermuda.”
The survey details the on-island spending of ABIR companies in areas including employment, business services, travel, construction/real estate and charitable donations, and 2024 was the first year the total has exceeded $1.2 billion.
Over the past two decades, ABIR members have led the local economy with an aggregate economic contribution of $16.5 billion.
Key areas of spending that generated a significant effect across the island included salaries and benefits, with total compensation paid to employees in Bermuda reaching its highest-ever level, underscoring the sector’s role as a provider of stable, high-earning careers.
The sector has also benefited local goods and services, as a record spending has benefited a wide range of local businesses, from taxi drivers to commercial property owners and construction firms, according to the survey.
Additionally, ABIR members have also significantly contributed to Bermuda’s public services through payroll tax, fees, and duties. This year, their financial contribution has substantially increased as they are expected to be the largest payers of the new 15% Corporate Income Tax (CIT) on multinational companies with revenues exceeding 750 million euros.
“To see our members employing a record number of Bermudians is especially pleasing. Stable and rewarding jobs for local people represent probably the most meaningful measure of any industry’s economic value to a community. The $16.5 billion of on-island spending by our members, as detailed in the 20 years of ABIR’s Economic Substance Surveys, underscores our industry’s longstanding commitment to Bermuda.”
Highlights of ABIR members’ economic contributions in 2024 include:
- $117.4 million spent on business services, including legal, accounting, actuarial, temporary, information technology and other consulting services
- $99.4 million on construction, real estate, housing and office space
- $28.2 million was spent on local travel and entertainment—a 38% annual increase, boosting the hospitality sector
- $7.3 million in donations to Bermuda charities plus $1.25 million for Bermudian student scholarships
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