New statistics released by the Registrar of Companies show that Bermuda's insurance industry continued to grow in 1998, with overall growth of 5% despite a soft market.
The figures show that gross premiums written were up 5% from $25.4 billion in 1997 to $26.6 billion in 1998, while net premiums rose 4% percent from $20.4 billion to $21.2 billion. Total insurance assets were also up 4% at $116.4 billion, compared to $111.8 billion in 1997, and capital and surplus recorded the highest increase of 6%, up from $48.4 billion to $51.2 billion.
Chairman of the Insurance Advisory Committee, Robert D. Steinhoff, said: "Bermuda insurers continue to grow at a modest rate, reflecting the caution being exercised by the industry in a soft market. Capital and surplus exceeds the $50 billion mark with a growth of six percent, representing a premium to capital and surplus ratio of 0.41 to 1, demonstrating the security of the Bermuda market".
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