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The Insurance Industry in Trinidad and Tobago, Key Trends and Opportunities to 2018

  • February 2015
  • 182 pages
  • Timetric
Report ID: 1081356

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Synopsis
Trinidad and Tobago is the largest economy in the Caribbean, and is one of the most favored destinations for insurers and foreign investors, especially those from Latin America, due to its high per capita income. The insurance industry grew in terms of gross written premium value, recording a CAGR of 4.9% during the review period, and the industry is likely to be widened when the Insurance Bill 2013 is passed. The bill was tabled in Parliament and is still under consideration.

Strong industrial growth and the government’s social reforms, including the Corporate Social Responsibility Scheme and Community Development Policy, will have a positive impact on the economy. The industry is regulated by the Central Bank of Trinidad and Tobago (CBTT) and is highly consolidated with 23 insurers – including those of both foreign and regional origin.

Summary
The report provides in-depth industry analysis, information and insights into the insurance industry in Trinidad and Tobago, including:

- The Trinidad and Tobagonian insurance industry’s growth prospects by insurance segment and category

- The competitive landscape in the Trinidad and Tobagonian insurance industry

- The current trends and drivers in the Trinidad and Tobagonian insurance industry

- Challenges facing the Trinidad and Tobagonian insurance industry

- The detailed regulatory framework of the Trinidad and Tobagonian insurance industry

Scope
This report provides a comprehensive analysis of the insurance industry in Trinidad and Tobago:

- It provides historical values for the Trinidad and Tobagonian insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.

- It offers a detailed analysis of the key segments and categories in the Trinidad and Tobagonian insurance industry, along with forecasts until 2018.

- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.

- It profiles the top insurance companies in Trinidad and Tobago, and outlines the key regulations affecting them.

Reasons To Buy
- Make strategic business decisions using in-depth historic and forecast industry data related to the Trinidad and Tobagonian insurance industry and each segment within it.

- Understand the demand-side dynamics, key trends and growth opportunities in the Trinidad and Tobagonian insurance industry.

- Assess the competitive dynamics in the Trinidad and Tobagonian insurance industry.

- Identify the growth opportunities and market dynamics in key segments.

- Gain insights into key regulations governing the Trinidad and Tobagonian insurance industry, and their impact on companies and the industry's future.

Key Highlights
- Trinidad and Tobago has a liberal insurance industry, with both regional and foreign insurance companies present

- The insurance industry grew in terms of gross written premium value, recording a CAGR of 4.9% during the review period

- The Trinidad and Tobagonian insurance industry’s penetration stood at 4.3% in 2013

- Property insurance was the largest category, followed by the motor insurance category

- Oil and natural gas exports account for over 80% of overall exports.

- The decrease in the number of insurers and increase in merger and acquisition (M&A) activity indicates that the industry is likely to consolidate over the forecast period (2013–2018)

- Central Bank of Trinidad and Tobago (CBTT) is the regulator of the insurance industry in Trinidad and Tobago

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