Search

 

Cablegate: Bermuda Insurers Reverse 2008 Losses with Huge Pofits In

VZCZCXRO1230
RR RUEHHT
DE RUEHHT #0032 0541918
ZNR UUUUU ZZH
R 231918Z FEB 10
FM AMCONSUL HAMILTON
TO RUEHC/SECSTATE WASHDC 4020
INFO RUEHLO/AMEMBASSY LONDON 0969
RUEHHT/AMCONSUL HAMILTON 2198

UNCLAS HAMILTON 000032

SIPDIS

SENSITIVE
EUR/CE (J. MARBURG AND D. PARADISE);
EUR/PPD (L. MCMANIS AND A. PIPKIN);
LONDON (R. HUBER AND R. ESCOBAR);

E.O. 12958: N/A
TAGS: ECON BD
SUBJECT: BERMUDA INSURERS REVERSE 2008 LOSSES WITH HUGE POFITS IN
2009

1. (U) The February 22 edition of the daily Royal Gazette
reported that 17 U.S.-listed property and casualty re/insurance
companies based on the Island reversed 2008 losses of just over
USD one billion with high profits of USD 11.7 billion in 2009.
The list of 17 did not include London-listed insurers or the 900
plus concerns in the captive insurance sector, which provide
self-insurance for their own companies. The companies achieved
their stellar earnings partly because of the rebound in the
global financial markets that had crashed in 2008, resulting in
higher returns on their large investment portfolios, and partly
because there were fewer catastrophes in 2009. In comparison,
2008 hurricanes Gustav and Ike generated USD 20 billion in
insurance claims. The 2009 profits should serve to bolster the
local economy as the insurance companies in Bermuda awarded
large bonuses, according to the daily. The paper predicted,
however, a return to smaller profits in 2010 as claims from
winter storms start coming in.

SHELTON

© Scoop Media

 
 
 
World Headlines

 

UN News: Vaccine Inequity Triggers ‘Huge Disconnect’ Between Countries

Although COVID-19 cases and deaths continue to decline globally for a second consecutive week, the UN health agency chief said on Monday that “a huge disconnect” is mounting between some highly vaccinated countries, which see the pandemic as largely resolved, ... More>>

Save The Children: Almost 60 Children Killed In Gaza In The Last Week Alone

Save the Children is calling for an immediate ceasefire by all parties, as 58 children[i] in Gaza and two children in southern Israel have been killed in the last week. More than a thousand people in Gaza, including 366 children[ii], have also been injured. ... More>>


IPPPR: The Independent Panel Calls For Urgent Reform Of Pandemic Prevention And Response Systems

Expert independent panel calls for urgent reform of pandemic prevention and response systems The Independent Panel for Pandemic Preparedness and Response is today calling on the global community to end the COVID-19 pandemic and adopt a series of bold and ... More>>


Focus On: UN SDGs

ILO Voices: A Future With Hope, Free From Bonded Labour

By Padma Kumari Tamata Formerly in bonded labour, Padma Kumari Tamata is now a farmer, and grows and sells her own vegetables in the Kanchanpur district of Nepal. My name is Padma and I come from Vashi, a small hamlet in Nepal’s far-west Kanchanpur district. ... More>>

UN: Economic Recovery Under Threat Amid Surging COVID Cases And Lagging Vaccination In Poorer Countries

New York, 11 May — While the global growth outlook has improved, led by robust rebound in China and the United States, surging COVID-19 infections and inadequate vaccination progress in many countries threaten a broad-based recovery of the world ... More>>

Study: Cut Methane Emissions To Avert Global Temperature Rise

6 May 2021 Methane emissions caused by human activity can be reduced by up to 45 per cent this decade, thus helping to keep global temperature rise to 1.5 degrees Celsius in line with the Paris Agreement on climate change, according to a UN-backed ... More>>