The Bermuda insurance and reinsurance industry was responsible for over 9,000 insurance jobs in the United States in 2005, according to an industry survey by a Bermuda group.
The Association of Bermuda Insurers and Reinsurers (ABIR) said the Bermuda insurance industry employs over 9,000 Americans and indirectly generates an estimated 95,000 jobs in the United States.
The ABIR represents Bermuda's 23 major international insurers and reinsurers. The 31-page report titled "Analysis of the U.S. Economic Impact of Bermuda-Based Insurers and Reinsurers," was done by GSP Consulting, a Pittsburgh-based consulting firm.
The report said the nation's 23 major insurance carriers employ approximately 9,600 Americans. In addition, the industry estimated that 14,287 jobs in the U.S. finance, real estate and insurance brokerage sectors, among others, were indirectly created by Bermuda firms that year.
The report went on to say that service support jobs generated by the Bermuda insurance industry accounted for the creation of an additional 80,755 jobs.
Bermuda firms also contributed approximately $92.5 billion to the U.S. Gross Domestic Product from 2002 to 2005.
The report also finds that the Bermuda insurance industry:
o Paid $17 billion in U.S. property claims in 2005 for hurricane damage, representing 25 percent of the total property damages covered.
o Paid claims to rebuild 87,042 homes (based on median home values)--45,419 homes in Louisiana and more than 24,000 homes in Mississippi.
o Helped over 14,000 workers return to their jobs with assistance from Bermuda insurers--9,564 in Louisiana and 4,607 in Mississippi.
A copy of the report is available at: www.abir.bm/downloads/ABIREconomicImpact.pdf.
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