A study released by the Association of Bermuda Insurers and Reinsurers has revealed that international insurance and reinsurance companies based in Bermuda employ over 9,000 Americans and indirectly generate an estimated 95,045 jobs in the US.
The study has reported that US operations of Bermuda’s 23 major insurance carriers employ approximately 9,600 Americans. In addition, the industry estimated that 14,287 jobs in the US finance, real estate and insurance brokerage sectors, among others, were indirectly created by Bermuda firms in 2005.
Because these are generally high paying industries, the insurance sector also generates a large induced effect across a variety of mostly service industries leading to the creation of an additional 80,755 jobs, said the study.
Bradley Kading, president and executive director of Association of Bermuda Insurers and Reinsurers, said: Our members provide needed insurance coverage in volatile lines of business that protect homes and businesses, thus providing critical support to the US economy.
Insurance and reinsurance are not static tools but rather integral parts of a flexible system that has allowed the US economy to distribute risk globally and thus recover from significant catastrophes over the past few years more quickly and with nominal economic disruption.