Bermuda Issues 2010 Financial Services Data

Wednesday, December 29, 2010

The Bermuda Monetary Authority has published its December 2010 regulatory update, disclosing year-on-year statistics in respect of the island's financial services industry.

In the banking sector, the value of deposits increased year-on-year, up to USD18.6bn at Q3 2010, from USD17.8bn a year prior. This increase was registered despite a quarterly fall in deposit value by 2.6% from the peak quarterly level recorded in Q2 of USD19.1bn.

Meanwhile, in the funds industry, the total number of island funds decreased from 1,016, recorded in Q3 2009, to 938 in Q3 2010. Despite the fall in the number of funds, the Net Asset Value of funds under management increased markedly over the period from USD154.4bn to USD183.6bn.

In the insurance sector, the figures show a decline in the formation of new insurance companies in Bermuda. In Q3 of 2010 a total of eight entities were registered, down from nine in Q2 2010. By comparison, in Q3 2009 a total of 10 additional companies were registered.

Lastly, the number of new company formations – despite being up year-on-year – have continually declined quarter-on-quarter since the quarterly peak recorded in Q4 2009, of 320, with 207 new applications being approved in Q3 2010.