The Bermuda Monetary Authority (BMA) has collated claims data from 69 commercial carriers responding to a November survey.
Estimates for the total industry loss from Hurricane Ian range between $50bn and $75bn, and the BMA said Bermudian carriers could incur as much as 25% of that figure.
The authority noted that Bermudian (re)insurers paid 30% of losses for hurricanes Harvey, Irma and Maria in 2017 and, in 2021, took a 30% share of Hurricane Ida and 20% of Winter Storm Uri.
BMA CEO Craig Swan said: “The survey results demonstrate Bermuda’s steadfast role in supplying risk capacity to the US and other catastrophe-exposed parts of the world.
“This role’s importance is heightened by the increasing frequency and intensity of extreme weather events, which continue to exact tremendous human and financial tolls.”
He added: “The ability of US insurers to cede risk to Bermuda enables diversification of risk globally and it helps stabilise the cost of buying insurance – particularly property and catastrophe insurance – for customers living in catastrophe danger zones. Such a partnership bolsters policyholder protection and contributes to closing the protection gap.”
