ABIR Contributions to Bermuda Economy – According to industry experts and the Association of Bermuda Insurers and Reinsurers (ABIR), international insurers and reinsurers located in Bermuda are expected to increase their contribution to the local economy.
According to an ABIR poll, its members already make a significant contribution to the Bermudian community. These businesses provided $815 million to the local economy last year, a 13% increase from 2021. This figure includes salary and benefits for Bermuda-based staff, spending on local travel and entertainment, and over $6 million in charitable contributions to Bermuda.
In a report from The Royal Gazette, the association’s recent statement also indicates that many of its members will be impacted by the new minimum corporate tax regime the Bermudian Government plans to implement.
Together, ABIR members have made a substantial direct economic contribution of $12.84 billion over the last 15 years. The island’s largest employment segment in the insurance and reinsurance sector is represented by the association.
There were 1,585 workers employed in Bermuda by ABIR member companies in 2022, up 158 from the year before. 1,103 of these workers were Bermudians, Bermudians’ spouses, or holders of permanent resident certificates. 70% of the total workforce was made up of local workers, who were hired, developed, and trained for careers by the companies.
The CEO of Hamilton and chair of ABIR, Pina Albo, emphasized the members’ dedication to Bermuda and their support of regional companies, particularly those in the hospitality and service industries. Their expenditure increased by 125% over the prior year in these areas.
The association added that its members support employment of service providers such as banks, advisers, law firms, and accounting firms on the island. The businesses are essential to the government’s ability to collect money through taxes, fees, and duties.
Their economic value to the island is expected to increase, as the majority of ABIR members are anticipated to be subject to Bermuda’s proposed corporate income tax, which is scheduled to go into effect in 2025.