Bermuda’s insurance-linked securities (ILS) and convergence industry generated just shy of 400 jobs by the end of 2015, representing a 30 percent increase over the previous year, according to a new study by the Bermuda Business Development Agency (BDA).
The research report, titled Leading the Way: Bermuda’s ILS Market 2016, revealed that a total of 15 ILS funds employed 209 skilled Bermudians and international workers in 2015, while ILS-related jobs within 25 support companies totalled 188.
Bermuda is the most popular jurisdiction in which to establish insurance-linked fund managers, with 38 percent of fund assets managed by firms with head offices in Bermuda, the report found.
The research also noted that ILS-related employees represented 9 percent of all people working in Bermuda’s internationally operating companies, and accounted for over $100 million in payroll.
BDA CEO Ross Webber said: “We commissioned this research to provide details on the economic impact of the ILS market on Bermuda—both actual jobs created and aggregate fiscal contribution.”
“The results of the study are certainly positive, proving the convergence sector has quickly become a pivotal and multiplying contributor to Bermuda’s overall economic health. The study is not exhaustive, so data gleaned presents a picture of the minimum contribution.”
