The total assets of Bermuda’s insurance market rose to almost half a trillion dollars by the end of 2009, after gaining $23.1 billion over the year.The astounding number, revealed yesterday by financial regulator the Bermuda Monetary Authority, is more than the gross domestic product of many countries, including Belgium, Sweden and Saudi Arabia, according to International Monetary Fund data.The BMA’s report shows that the Island’s insurers recorded an increase in aggregate total assets to $496 billion, as compared to the $472.9 billion achieved in 2008. Despite the prolonged soft market and global economic recession impacting overall results for the industry to some extent, total gross premiums written remained strong at $119.7 billion, as compared to the previous year’s total of $123.5 billion.The captive sector wrote $32.6 billion in gross premiums in 2009, a year-on-year increase of 66 percent over the $19.6 billion recorded in 2008. This increase can be attributed primarily to significantly higher premiums being written by particular entities in the sector, as well as the BMA reclassifying a number of companies within the market to more accurately reflect their risk profiles. Aggregate figures for 2010 are not yet available.BMA chief executive officer Jeremy Cox said: “2010 was a challenging year for the global financial sector with continued economic turmoil and uncertainty experienced around the world. Notwithstanding these conditions, the Bermuda insurance market maintained its resilience, still achieving significant results both in underwriting premiums and total assets.“Our commercial sector especially remains strong. In addition, the volume of gross premiums written by our captive sector demonstrates Bermuda’s sustained leadership among captive domiciles.”The BMA also reported that Bermuda had 845 captives at the end of 2010, a decrease of 40 from a year earlier, which was due to changes in classifications of some companies as well as some deregistrations and amalgamations, the BMA said.“The difference between the 885 total captives recorded in 2009 can be attributed to the Authority’s reclassification of firms as well as the routine cycle of deregistrations and amalgamations common to global insurance markets.”Shelby Weldon, director, of Insurance, Licensing and Authorisations at the BMA, said: “A total of 35 new (re)insurers were registered during the period. In 2009, 37 were approved for a licence and registration.“Most of the new market entrants for 2010 were a combination of captive and commercial insurers within the Class 3, 3A and 3B sectors.“The companies covered various lines of business, including property and catastrophe and professional liability. There were also encouraging signs of growth in the formation of Special Purpose Insurers. The greatest proportion of business came from the US during the year, with respect to both the captive and commercial markets.”Mr Cox added: “It is gratifying to see that Bermuda remains a significant force in the global insurance market.“These latest figures attest to the market’s ability to maintain its strong performance despite prevailing economic conditions.“In addition, they show that the underpinnings of the jurisdiction’s success, such as disciplined underwriting by firms coupled with a high-quality regulatory environment, continue to support Bermuda’s position as a leading domicile for insurance and reinsurance business.”