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Synopsis
Timetric’s 'The Insurance Industry in the British Virgin Islands, Key Trends and Opportunities to 2018' report provides detailed analysis of the market trends, drivers, challenges in the BVI insurance industry. It provides key performance indicators such as written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions during the review period (2009–2013) and forecast period (2013–2018). The report also analyzes detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure.

Summary
Timetric's 'The Insurance Industry in the British Virgin Islands, Key Trends and Opportunities to 2018' report provides in-depth market analysis, information and insights into the BVI insurance industry, including:

- The BVI insurance industry's growth prospects by segment and category

- Key trends, drivers and challenges in the BVI insurance industry

- The detailed competitive landscape in the BVI insurance industry

- Detailed regulatory policies of the BVI insurance industry

Scope
This report provides a comprehensive analysis of the insurance industry in the British Virgin Islands:

- It provides historical values for the BVI 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 in the BVI insurance industry, along with market forecasts until 2018.

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

- It profiles the top insurance companies in the British Virgin Islands and outlines the key regulations affecting them.

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

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

- Assess the competitive dynamics in the BVI insurance industry.

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

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

Key Highlights
- The BVI insurance industry declined in terms of gross written premium at a review-period CAGR of -6.3%.

- BVI is the world’s fourth-largest captive insurance domicile, according to the BVI International Finance Centre.

- The non-life segment accounted for 80.0% of the industry’s gross written premium in 2013.

- The industry registered low loss and combined ratios during the review period.

- The insurance industry in the British Virgin Islands is regulated by the Financial Services Commission (FSC).

- As of December 2014, the BVI insurance industry comprised 37 domestic insurance companies, 18 agents, four brokers, 14 insurance managers and five loss adjusters.

Table Of Contents

The Insurance Industry in the British Virgin Islands, Key Trends and Opportunities to 2018
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 BVI Insurance Industry Overview
3.1 BVI Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Latest Changes in Regulations
5.3 Legislation and Market Practice by Type of Insurance
5.3.1 Life insurance
5.3.2 Property insurance
5.3.3 Motor insurance
5.3.4 Liability insurance
5.3.5 Marine, aviation and transit insurance
5.3.6 Personal accident and health insurance
5.4 Compulsory Insurance
5.4.1 Motor third-party liability insurance
5.4.2 Social insurance system
5.4.3 Third-party liability insurance for owners or users of vessels
5.4.4 Compulsory insurance against liability for pollution for owners or users of vessels
5.5 Supervision and Control
5.5.1 International Association of Insurance Supervisors
5.5.2 Caribbean Association of Insurance Regulators
5.5.3 Financial Services Commission
5.6 Non-Admitted Insurance Regulations
5.6.1 Overview
5.6.2 Intermediaries
5.6.3 Market practices
5.6.4 Fines and penalties
5.7 Company Registration and Operations
5.7.1 Types of insurance organization
5.7.2 Establishing a local company
5.7.3 Foreign ownership
5.7.4 Types of license
5.7.5 Capital requirements
5.7.6 Solvency margins
5.7.7 Reserve requirements
5.7.8 Investment regulations
5.7.9 Statutory return requirements
5.7.10 Fee structure
5.8 Taxation
5.8.1 Insurance premium or policy taxation
5.8.2 Withholding taxes on premium paid overseas
5.8.3 Corporate tax
5.8.4 VAT
5.8.5 Captives
5.9 Legal System
5.9.1 Introduction
5.9.2 Access to court
5.9.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Atlantic Southern Insurance Company - company overview
6.2.2 Bupa Insurance Ltd - company overview
6.2.3 MetLife Insurance Company of Connecticut - company overview
6.2.4 Guardian General Insurance Ltd - company overview
7 Macroeconomic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current prices (US$)
7.4 Total Life Expectancy
7.5 Rural and Urban Populations
7.6 Total Population
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: BVI Insurance - Gross Written Premium by Segment (US$ Million), 2009-2013
Table 3: BVI Insurance - Gross Written Premium by Segment (US$ Million), 2013-2018
Table 4: BVI Insurance - Segmentation by Gross Written Premium (% Share), 2009-2018
Table 5: BVI Insurance - Direct Written Premium by Segment (US$ Million), 2009-2013
Table 6: BVI Insurance - Direct Written Premium by Segment (US$ Million), 2009-2013
Table 7: BVI Insurance - Direct Written Premium by Segment (US$ Million), 2013-2018
Table 8: BVI Insurance - Segmentation by Direct Written Premium (% Share), 2009-2018
Table 9: BVI Life Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 10: BVI Life Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 11: BVI Life Insurance - Direct Written Premium (US$ Million), 2009-2013
Table 12: BVI Life Insurance - Direct Written Premium (US$ Million), 2013-2018
Table 13: BVI Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 14: BVI Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 15: BVI Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 16: BVI Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 17: BVI Life Insurance - Loss Ratio (%), 2009-2013
Table 18: BVI Life Insurance - Loss Ratio (%), 2013-2018
Table 19: BVI Life Insurance - Combined Ratio (%), 2009-2013
Table 20: BVI Life Insurance - Combined Ratio (%), 2013-2018
Table 21: BVI Life Insurance - Total Assets (US$ Million), 2009-2013
Table 22: BVI Life Insurance - Total Assets (US$ Million), 2013-2018
Table 23: BVI Life Insurance - Retentions (US$ Million), 2009-2013
Table 24: BVI Life Insurance - Retentions (US$ Million), 2013-2018
Table 25: BVI Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 26: BVI Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 27: BVI Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 28: BVI Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 29: BVI Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 30: BVI Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 31: BVI Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 32: BVI Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 33: BVI Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 34: BVI Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 35: BVI Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 36: BVI Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 37: BVI Non-Life Insurance - Total Assets (US$ Billion), 2009-2013
Table 38: BVI Non-Life Insurance - Total Assets (US$ Billion), 2013-2018
Table 39: BVI Non-Life Insurance - Retentions (US$ Million), 2009-2013
Table 40: BVI Non-Life Insurance - Retentions (US$ Million), 2013-2018
Table 41: BVI Property Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 42: BVI Property Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 43: BVI Motor Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 44: BVI Motor Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 45: BVI Liability Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 46: BVI Liability Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 47: BVI Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 48: BVI Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 49: BVI Personal Accident Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 50: BVI Personal Accident Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 51: BVI Personal Accident Insurance - Direct Written Premium (US$ Million), 2009-2013
Table 52: BVI Personal Accident Insurance - Direct Written Premium (US$ Million), 2013-2018
Table 53: BVI Personal Accident and Health Insurance - Paid Claims (US$ Million), 2009-2013
Table 54: BVI Personal Accident and Health Insurance - Paid Claims (US$ Million), 2013-2018
Table 55: BVI Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2009-2013
Table 56: BVI Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2013-2018
Table 57: BVI Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 58: BVI Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 59: BVI Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 60: BVI Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 61: BVI Personal Accident and Health Insurance - Total Assets (US$ Million), 2009-2013
Table 62: BVI Personal Accident and Health Insurance - Total Assets (US$ Million), 2013-2018
Table 63: BVI Personal Accident and Health Insurance - Retentions (US$ Million), 2009-2013
Table 64: BVI Personal Accident and Health Insurance - Retentions (US$ Million), 2013-2018
Table 65: BVI Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 66: BVI Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 67: BVI Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 68: BVI Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 69: BVI Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 70: BVI Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 71: BVI Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 72: BVI Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 73: BVI Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 74: BVI Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 75: British Virgin Islands - Life Insurance Regulatory Framework
Table 76: British Virgin Islands - Property Insurance Regulatory Framework
Table 77: British Virgin Islands - Motor Insurance Regulatory Framework
Table 78: British Virgin Islands - Liability Insurance Regulatory Framework
Table 79: British Virgin Islands - Corporate Tax Rates for the Financial Year 2015
Table 80: British Virgin Islands - Offences and Penalties
Table 81: BVI - Domestic Insurance Companies
Table 82: Atlantic Southern Insurance Company, Main Products
Table 83: Bupa Insurance Ltd, Main Products
Table 84: MetLife Insurance Company of Connecticut, Main Products
Table 85: Guardian General Insurance Ltd, Main Products

List of Figures
Figure 1: BVI Insurance - Gross Written Premium by Segment (US$ Million), 2009-2018
Figure 2: BVI Insurance - Gross Written Premium Market Dynamics by Segment, 2009-2018
Figure 3: BVI Insurance - Direct Written Premium by Segment (US$ Million), 2009-2018
Figure 4: BVI Insurance - Direct Written Premium Market Dynamics by Segment, 2009-2018
Figure 5: BVI Life Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 6: BVI Life Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 7: BVI Life Insurance - Direct Written Premium (US$ Million), 2009-2013
Figure 8: BVI Life Insurance - Direct Written Premium (US$ Million), 2013-2018
Figure 9: BVI Life Insurance - Paid Claims (US$ Million), 2009-2013
Figure 10: BVI Life Insurance - Paid Claims (US$ Million), 2013-2018
Figure 11: BVI Life Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 12: BVI Life Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 13: BVI Life Insurance - Loss Ratio (%), 2009-2013
Figure 14: BVI Life Insurance - Loss Ratio (%), 2013-2018
Figure 15: BVI Life Insurance - Combined Ratio (%), 2009-2013
Figure 16: BVI Life Insurance - Combined Ratio (%), 2013-2018
Figure 17: BVI Life Insurance - Total Assets (US$ Million), 2009-2013
Figure 18: BVI Life Insurance - Total Assets (US$ Million), 2013-2018
Figure 19: BVI Life Insurance - Retentions (US$ Million), 2009-2013
Figure 20: BVI Life Insurance - Retentions (US$ Million), 2013-2018
Figure 21: BVI Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2018
Figure 22: BVI Non-Life Insurance - Gross Written Premium by Category (%), 2013 and 2018
Figure 23: BVI Non-Life Insurance - Gross Written Premium Dynamics by Category, 2009-2018
Figure 24: BVI Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2018
Figure 25: BVI Non-Life Insurance - Direct Written Premium by Category (%), 2013 and 2018
Figure 26: BVI Non-Life Insurance - Direct Written Premium Dynamics by Category, 2009-2018
Figure 27: BVI Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Figure 28: BVI Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Figure 29: BVI Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 30: BVI Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 31: BVI Non-Life Insurance - Loss Ratio (%), 2009-2013
Figure 32: BVI Non-Life Insurance - Loss Ratio (%), 2013-2018
Figure 33: BVI Non-Life Insurance - Combined Ratio (%), 2009-2013
Figure 34: BVI Non-Life Insurance - Combined Ratio (%), 2013-2018
Figure 35: BVI Non-Life Insurance - Total Assets (US$ Billion), 2009-2013
Figure 36: BVI Non-Life Insurance - Total Assets (US$ Billion), 2013-2018
Figure 37: BVI Non-Life Insurance - Retentions (US$ Million), 2009-2013
Figure 38: BVI Non-Life Insurance - Retentions (US$ Million), 2013-2018
Figure 39: BVI Property Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 40: BVI Property Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 41: BVI Motor Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 42: BVI Motor Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 43: BVI Liability Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 44: BVI Liability Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 45: BVI Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 46: BVI Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 47: BVI Personal Accident Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 48: BVI Personal Accident Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 49: BVI Personal Accident Insurance - Direct Written Premium (US$ Million), 2009-2013
Figure 50: BVI Personal Accident Insurance - Direct Written Premium (US$ Million), 2013-2018
Figure 51: BVI Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2009-2013
Figure 52: BVI Personal Accident and Health Insurance - Paid Claims (US$ Million), 2013-2018
Figure 53: BVI Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 54: BVI Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 55: BVI Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Figure 56: BVI Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Figure 57: BVI Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Figure 58: BVI Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Figure 59: BVI Personal Accident and Health Insurance - Total Assets (US$ Million), 2009-2013
Figure 60: BVI Personal Accident and Health Insurance - Total Assets (US$ Million), 2013-2018
Figure 61: BVI Personal Accident and Health Insurance - Retentions (US$ Million), 2009-2013
Figure 62: BVI Personal Accident and Health Insurance - Retentions (US$ Million), 2013-2018
Figure 63: BVI Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2018
Figure 64: BVI Reinsurance - Dynamics by Insurance Segment, 2009-2018
Figure 65: BVI Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 66: BVI Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 67: BVI Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 68: BVI Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 69: BVI Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 70: BVI Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 71: British Virgin Islands - Insurance Regulatory Framework
Figure 72: British Virgin Islands - Insurance Supervision and Control at Various Levels
Figure 73: British Virgin Islands - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 74: BVI GDP at Constant Prices (US$ Billion), 2009-2013
Figure 75: BVI GDP at Current Prices (US$ Million), 2009-2013
Figure 76: BVI GDP per Capita at Current Prices (US$), 2009-2013
Figure 77: BVI Total Life Expectancy (Years), 2009-2013
Figure 78: BVI Rural and Urban Populations (%), 2009-2013
Figure 79: BVI Total Population (Thousand), 2009-2013

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