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Caribbean Insurance Report Q1 2016

  • November 2015
  • -
  • Business Monitor International
  • -
  • 167 pages

BMI View

: Currency weakness will continue to plague the dollar terms returns of many of the Caribbeaninsurance sectors covered in this report. Offshore business in Barbados and the Cayman Islands,amounting to around USD45bn annually, dwarf the domestic sectors in the region. Health insurance, anunderdeveloped line of business, is likely to outperform in many of these markets over the five-year forecastperiod.

The insurance markets of the Caribbean, particularly offshore business in Barbados and the CaymanIslands, but also domestic sectors, are heavily tied to the economic fortunes of the United States and, to alesser extent, Canada. The ongoing recovery in both major North American markets should boost thefortunes of the region's insurers, driving demand for offshore reinsurance and captives, as well as boostingdomestic economies. On the whole, regulation is sound, but largely untested given a lack of sophisticationin most sectors.

Table Of Contents

Caribbean Insurance Report Q1 2016
BMI Industry View 9
SWOT 11
Aruba Industry Forecast 13
Life Premiums Forecast 13
Table: Life Premiums (Aruba 2012-2019) 15
Table: Life Insurance Claims (Aruba 2007-2013) 16
Non-Life Premiums Forecast 17
Table: Non-Life Premiums (Aruba 2012-2019) 20
Table: Non-Life Insurance Claims (Aruba 2008-2013) 20
Non-Life Sub-Sector Forecast 21
Table: Non-Life Insurance Premiums by Product Line (Aruba 2012-2019) 25
Bahamas Industry Forecast 27
Life Premiums Forecast 27
Table: Life Premiums (Bahamas 2012-2019) 30
Table: Life Insurance Claims (Bahamas 2010-2013) 30
Non-Life Premiums Forecast 31
Table: Non-Life Premiums (Bahamas 2012-2019) 34
Table: Non-Life Insurance Claims (Bahamas 2010-2013) 34
Non-Life Sub-Sector Forecast 35
Table: Non-Life Insurance Premiums by Product Line (Bahamas 2012-2019) 40
Barbados Industry Forecast 42
Life Premiums Forecast 42
Table: Life Premiums (Barbados 2012-2019) 45
Table: Life Insurance Claims (Barbados 2010-2012) 45
Non-Life Premiums Forecast 46
Table: Non-Life Premiums (Barbados 2012-2019) 49
Table: Non-Life Insurance Claims (Barbados 2010-2012) 49
Non-Life Sub-Sector Forecast 50
Table: Non-Life Insurance Premiums by Product Line (Barbados 2012-2019) 54
Cayman Islands Industry Forecast 56
Life Premiums Forecast 56
Table: Life Premiums (Cayman Islands 2012-2019) 58
Non-Life Premiums Forecast 58
Table: Non-Life Premiums (Cayman Islands 2012-2019) 60
Non-Life Sub-Sector Forecast 61
Table: Non-Life Insurance Premiums by Product Line (Cayman Islands 2012-2019) 68
Dominican Republic Industry Forecast 69
Life Premiums Forecast 69
Table: Life Premiums (Dominican Republic 2012-2019) 72
Table: Life Insurance Claims (Dominican Republic 2007-2013) 72
Non-Life Premiums Forecast 73
Table: Non-Life Premiums (Dominican Republic 2012-2019) 76
Table: Non-Life Insurance Claims (Dominican Republic 2008-2013) 76
Non-Life Sub-Sector Forecast 77
Table: Non-Life Insurance Premiums by Product Line (Dominican Republic 2012-2019) 83
Jamaica Industry Forecast 85
Life Premiums Forecast 85
Table: Life Premiums (Jamaica 2012-2019) 88
Table: Life Insurance Claims (Jamaica 2011-2013) 89
Non-Life Premiums Forecast 89
Table: Non-Life Premiums (Jamaica 2012-2019) 92
Table: Non-Life Insurance Claims (Jamaica 2010-2013) 93
Non-Life Sub-Sector Forecast 93
Table: Non-Life Insurance Premiums by Product Line (Jamaica 2012-2019) 97
Suriname Industry Forecast 98
Life Premiums Forecast 98
Table: Life Premiums (Suriname 2012-2019) 100
Table: Life Insurance Claims (Suriname 2007-2012) 101
Non-Life Premiums Forecast 102
Table: Non-Life Premiums (Suriname 2012-2019) 104
Table: Non-Life Insurance Claims (Suriname 2008-2012) 104
Trinidad and Tobago Industry Forecast 105
Life Premiums Forecast 105
Table: Life Premiums (Trinidad and Tobago 2012-2019) 108
Non-Life Premiums Forecast 108
Table: Non-Life Premiums (Trinidad and Tobago 2012-2019) 111
Table: Non-Life Insurance Claims (Trinidad and Tobago 2008-2013) 111
Non-Life Sub-Sector Forecast 112
Table: Non-Life Insurance Premiums by Product Line (Trinidad and Tobago 2012-2019) 116
Insurance Risk/Reward Index 118
Latin America Insurance Risk/Reward Index 118
Table: Latin America and the Caribbean Insurance Risk/Reward Index 119
Market Overview 120
Aruba Market Overview 120
The Product Offering 120
The Competitive Landscape 121
Bahamas Market Overview 122
Life Market 122
The Product Offering 122
The Competitive Landscape 123
Table: Bahamas Life Market Share (% of gross premiums) 2010-2012 124
Non-Life Market 124
The Product Offering 125
Table: Bahamas Non-Life Market Share (% of gross premiums) 2010-2012 126
The Competitive Landscape 126
Barbados Market Overview 127
Product Offering 127
Competitive Landscape 128
Cayman Islands Market Overview 130
The Product Offering 130
The Competitive Landscape 130
Dominican Republic Market Overview 132
Life Market Overview 132
The Product Offering 132
The Competitive Landscape 133
Table: Dominican Republic, Life Market Share (%) 2009-2014 135
Non-Life Market Overview 135
The Product Offering 135
The Competitive Landscape 136
Table: Dominican Republic Non-Life Market Share (%) 2009-2014 138
Jamaica Market Overview 139
Life Market Overview 139
The Product Offering 139
The Competitive Landscape 139
Table: Jamaica Life Market Share (%) 2007-2012 141
Non-Life Market Overview 141
The Product Offering 141
The Competitive Landscape 142
Table: Jamaica Non-Life Market Share (%) 2010-2012 143
Suriname Market Overview 144
The Product Offering 144
The Competitive Landscape 145
Trinidad and Tobago Market Overview 146
Life Market 146
The Product Offering 146
The Competitive Landscape 147
Table: Life Market Share (% of gross premiums), 2008-2013 148
Non-Life Market 149
The Product Offering 149
The Competitive Landscape 149
Table: Non-Life Market Share (% of gross premiums), 2007-2012 151
Company Profile 152
Colina 152
Guardian Group 154
PALIG 156
Sagicor Financial 158
Methodology 161
Industry Forecast Methodology 161
Risk/Reward Index Methodology 164
Table: Indicators 166
Table: Weighting of Indicators 167

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