The Bermuda Monetary Authority (BMA) registered 89 new insurance entities last year, comprising 65 insurers and 24 intermediaries.

The figure is down from 91 insurance companies registered in 2013.

Director Licensing and Authorisations Shelby Weldon says the most significant area of growth last year was in the life sector: 10 life insurers were registered, compared with six the previous year.

“An influencing factor in the growth of our long-term [life] sector was the National Association of Insurance Commissioners’ (NAIC) granting conditional qualified jurisdiction status to Bermuda in December 2013,” Mr Weldon said.

The NAIC is the standard-setting and regulatory support organisation of the 50 US state insurance regulators, the District of Columbia and five other US territories.

Qualified jurisdiction status allows reinsurers from a particular domicile to reinsure US risk on a non-discriminatory basis and benefit from reduced collateral requirements.

Bermuda gained full qualified jurisdiction status last month.

“This is a great achievement for the [BMA] and Bermuda’s reinsurers who reinsure US risks,” Mr Weldon said.

In addition to the 10 life insurance companies, the newly registered insurers comprise 16 captives, 11 general insurers and 28 special purpose insurers.

The BMA also approved an additional 22 captive and commercial insurers that are expected to formally register in the first quarter of this year.