Bermuda insurers and reinsurers have paid out almost $73 billion in claims to European Union policyholders and claimants over the past 20 years.

Of the total $72.8 billion, some $36.8 billion, or about half, was paid out to UK customers.

The information was published today by financial regulator the Bermuda Monetary Authority, after its first EU data claims survey, which was completed in July this year.

Craig Swan, managing director of supervision at the BMA, said: “The survey results show the significance of the Bermuda re/insurance market’s contribution to Europe over the past two decades.

“European insurers cede risk to Bermuda, making the cost of buying insurance — particularly property-catastrophe insurance — more affordable to customers in the EU.”

The figure show how the Bermuda market has become progressively more significant to the EU over the years.

In the decade from 1997 through 2006, claims payments to the EU totalled around $16.5 billion, of which $7.4 billion was paid out to UK customers.

Between 2007 and 2016, Bermuda re/insurers paid out $56.3 billion in claims to EU customers — $29.4 billion to UK policyholders and $26.9 billion to other parts of the EU.

Mr Swan said the BMA was grateful to the companies that took part in the survey.

He said: “This is very useful information for the Bermuda market as it demonstrates the value of diversifying risk globally in an increasingly competitive worldwide market.”