New catastrophe risk exposure data from the Bermuda Monetary Authority (BMA) shows that, for the year 2021, the net loss exposure assumed by Bermuda insurers increased by 9.76%, from $76.45 billion in 2020 to $83.92 billion.
Analysts also reported that the gross loss exposure assumed increased by 8.03%, from $208.30 billion in 2020 to $225.02 billion in 2021, while the amount of ceded loss increased by 7.03%, from $131.83 billion in 2020 to $141.10 billion.
With a gross loss impact of $30.02 billion and a net loss impact of almost $10.63 billion, the Gulf Windstorm peril had the highest gross and net loss exposure followed by the San Francisco Earthquake peril and Northeast Hurricane peril.
Based upon the Lloyd’s-developed Realistic Disaster Scenarios’ (RDS) ultimate industry settlement estimated values of $809.0 billion, the BMA notes that the global share of gross estimated potential loss assumed by Bermuda insurers from the major cat perils increased by about 2.0%.
This increase was partly driven by the increase in exposures assumed by Bermuda entities on various perils and partly by the strengthening of the US dollar, which has reduced the total industry loss for the Japanese Earthquake, European Windstorm and Japanese Typhoon perils.
The BMA also found that Bermuda insurers increased their average gross 1-in-250 year exposure between 2020 and 2021 by 16.25% and net 1-in-250 year exposure by 11.37%, with some companies having large changes in their exposures and many smaller firms having smaller changes in exposures.
The largest exposure for Bermuda insurers is the Atlantic Hurricane peril with the average gross exposure between $936.61 million for a 1-in-50 year event, up to $1.74 billion for a 1-in-1,000 year event.
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