Bermuda Reinsurers pay more than $400 Billion in Damages Since 1997
Under the new tax plan being considered, internationally based businesses, like Bermuda-based reinsurers who’ve paid out billions to cover damages, would face hefty tax increases through a global minimum tax. The new tax would range between 15 and 21 percent. For Florida’s struggling property insurance market this policy would create a “hurricane tax” for homeowners. Data from R-Street Institute indicates the tax plan would increase Florida property insurance premiums by as much as 13.2 percent, or $1.62 billion.