The Bermuda Monetary Authority (BMA) registered 36 new insurance companies in the first half, two more than in the corresponding period last year.

The new insurers include seven captive insurance companies, eight commercial insurers, five long-term life insurers and 16 special-purpose insurers (SPIs).

In the corresponding period last year just two commercial insurers and three long-term insurers registered.

BMA Licensing and Authorisations Director Shelby Weldon says the growth in these sectors is welcome, while a drop in SPIs – down from 20 – is not a concern.

“It is not surprising to see SPI registration numbers declining slightly. The authority is aware of a number of SPIs that are currently registered but which still have to activate because participants are waiting to enter the market at the right time.”

Mr Weldon describes Bermuda as the “Silicon Valley of the risk industry”, adding to its reputation as an “insurance powerhouse”.

“We have seen a number of innovative new vehicles being formed,” he said.

They include the African Risk Capacity Insurance Company, an African catastrophe pool formed in March.

“This groundbreaking entity… will help African Union member states cope with the impact of extreme weather events and protect food-insecure populations.”

Other specialised risks include property cover for a fleet of seismic recording ships and product liability cover for a company involved in the sourcing, manufacture and sale of agricultural goods.