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  4. > Caribbean Insurance Report Q2 2015

Caribbean Insurance Report Q2 2015

  • February 2015
  • -
  • Business Monitor International
  • -
  • 148 pages

Includes 3 FREE quarterly updates

BMI View:

Apparent slow growth in the region during 2015 is generally the result of continued USD strength, rather than structural weaknesses in the insurance sector. While offshore business, principally in Barbados and the Cayman Islands, may steal the headlines, domestic business is typically under-developed in both life and non-life lines. International players barely feature in the region, deterred by small market sizes and the strength of leading regional players who control large portions of most markets. The insurance markets of the Caribbean, particularly offshore business but also domestic sectors, are heavily tied to the economic fortunes of the United States and Canada. The ongoing recovery in both of these should boost the fortunes of the region's insurers, driving demand for offshore reinsurance and captives, as well as boosting domestic economies. On the whole, regulation is sound, but largely untested given a lack of sophistication in most sectors.

Table Of Contents

Caribbean Insurance Report Q2 2015
BMI Industry View 11
SWOT 13
Aruba Industry Forecast 14
Aruba Life Premiums Forecast 14
Table: Gross Life Premiums Written (Aruba 2012-2019) 15
Life Claims 15
Table: Life Insurance Claims (Aruba 2007-2012) 16
Life Insurers' Assets 16
Table: Assets (Aruba 2007-2012) 16
Aruba Non-Life Premiums Forecast 16
Non-Life Premiums 17
Table: Gross Non-Life Premiums Written (Aruba 2012-2019) 18
Non-Life Claims 18
Table: Non-Life Insurance Claims (Aruba 2007-2012) 19
Non-Life Insurers' Assets 19
Table: Assets (Aruba 2007-2012) 19
Aruba Non-Life Sub-Sector Forecast 19
Table: Non-Life % Breakdown (Aruba 2012-2019) 21
Motor and Transport Insurance 21
Table: Motor Vehicle Insurance (Aruba 2012-2019) 21
Table: Transport Insurance (Aruba 2012-2019) 22
Property Insurance 22
Table: Property Insurance (Aruba 2012-2019) 22
Health and Personal Accident Insurance 22
Table: Health and Personal Accident Insurance (Aruba 2012-2019) 23
Bahamas Industry Forecast 24
Bahamas Life Premiums Forecast 24
Life Premiums 24
Table: Gross Life Premiums Written (Bahamas 2012-2019) 25
Net Life Premiums 25
Table: Net Life Premiums Written (Bahamas 2012-2019) 26
Life Claims 26
Table: Life Insurance Claims (Bahamas 2010-2013) 27
Life Insurers' Assets 27
Table: Assets (Bahamas 2010-2013) 27
Bahamas Non-Life Premiums Forecast 27
Non-Life Premiums 28
Table: Gross Non-Life Premiums Written (Bahamas 2012-2019) 29
Net Non-Life Premiums 29
Table: Net Non-Life Premiums Written (Bahamas 2012-2019) 30
Non-Life Claims and Assets 30
Table: Non-Life Insurance Claims (Bahamas 2010-2013) 31
Table: Assets (Bahamas 2010-2013) 31
Bahamas Non-Life Sub-Sector Forecast 31
Table: Non-Life % Breakdown (Bahamas 2012-2019) 33
Motor and Transport Insurance 33
Table: Motor Vehicle Insurance (Bahamas 2012-2019) 33
Table: Transport Insurance (Bahamas 2012-2019) 34
Property Insurance 34
Table: Property Insurance (Bahamas 2012-2019) 34
Barbados Industry Forecast 35
Barbados Life Premiums Forecast 35
Life Premiums 35
Table: Gross Life Premiums Written (Barbados 2012-2019) 36
Table: Life Insurance Claims (Barbados 2010-2012) 37
Life Insurers' Assets 37
Table: Assets (Barbados 2007-2014) 37
Barbados Non-Life Premiums Forecast 38
Non-Life Premiums 38
Table: Gross Non-Life Premiums Written (Barbados 2012-2019) 39
Net Non-Life Premiums 40
Table: Net Non-Life Premiums Written (Barbados 2012-2019) 40
Non-Life Claims 40
Table: Non-Life Insurance Claims (Barbados 2010-2012) 41
Table: Non-Life Insurance Claims by Line (Barbados 2010-2012) 41
Non-Life Insurers' Assets 42
Table: Assets (Barbados 2010-2013) 42
Barbados Non-Life Sub-Sector Forecast 42
Table: Non-Life % Breakdown (Barbados 2012-2019) 43
Motor and Transport Insurance 44
Table: Motor Vehicle Insurance (Barbados 2012-2019) 44
Table: Transport Insurance (Barbados 2012-2019) 44
Property and General Liability Insurance 45
Table: Property Insurance (Barbados 2012-2019) 45
Table: General Liability Insurance (Barbados 2012-2019) 45
Health and Personal Accident Insurance 46
Table: Health and Personal Accident Insurance (Barbados 2012-2019) 46
Cayman Islands Industry Forecast 47
Cayman Islands Life Premiums Forecast 47
Life Premiums 47
Table: Gross Life Premiums Written (Cayman Islands 2012-2019) 48
Cayman Islands Non-Life Premiums Forecast 49
Non-Life Premiums 49
Table: Gross Non-Life Premiums Written (Cayman Islands 2012-2019) 50
Cayman Islands Non-Life Sub-Sector Forecast 51
Table: Non-Life % Breakdown (Cayman Islands 2012-2019) 52
Captive Market 52
Table: Other Non-Life Insurance (Cayman Islands 2012-2019) 53
Motor and Transport Insurance 53
Table: Motor Vehicle Insurance (Cayman Islands 2012-2019) 53
Table: Transport Insurance (Cayman Islands 2012-2019) 54
Property and Health and Accident Insurance 54
Table: Property Insurance (Cayman Islands 2012-2019) 54
Table: Health and Personal Accident Insurance (Cayman Islands 2012-2019) 55
Dominican Republic Industry Forecast 56
Dominican Republic Life Premiums Forecast 56
Life Premiums 56
Table: Gross Life Premiums Written (Dominican Republic 2012-2019) 58
Net Premiums 58
Table: Net Life Premiums Written (Dominican Republic 2012-2019) 58
Life Claims 59
Table: Life Insurance Claims (Dominican Republic 2007-2012) 59
Dominican Republic Non-Life Premiums Forecast 59
Non-Life Premiums 59
Table: Gross Non-Life Premiums Written (Dominican Republic 2012-2019) 61
Net Non-Life Premiums 61
Table: Net Non-Life Premiums Written (Dominican Republic 2012-2019) 62
Non-Life Claims 62
Table: Non-Life Insurance Claims (Dominican Republic 2007-2012) 63
Table: Non-Life Insurance Claims by Line (Dominican Republic 2007-2012) 63
Dominican Republic Non-Life Sub-Sector Forecast 64
Table: Non-Life % Breakdown (Dominican Republic 2012-2019) 65
Motor and Transport Insurance 65
Table: Motor Vehicle Insurance (Dominican Republic 2012-2019) 66
Table: Transport Insurance (Dominican Republic 2012-2019) 66
Property Insurance 66
Table: Property Insurance (Dominican Republic 2012-2019) 67
Health and Personal Accident Insurance 67
Table: Health and Personal Accident Insurance (Dominican Republic 2012-2019) 67
Credit/Financial Guarantee 67
Table: Credit/Financial Guarantee Insurance (Dominican Republic 2012-2019) 68
Jamaica Industry Forecast 69
Jamaica Life Premiums Forecast 69
Life Premiums 69
Table: Gross Life Premiums Written (Jamaica 2012-2019) 70
Net Life Premiums 71
Table: Net Life Premiums Written (Jamaica 2012-2019) 71
Life Claims 71
Table: Life Insurance Claims (Jamaica 2011-2012) 72
Life Insurers' Assets 72
Table: Assets (Jamaica 2010-2012) 72
Insurance Drivers 72
Table: Insurance Key Drivers, Disease Adjusted Life Years (Jamaica 2012-2019) 73
Table: Insurance Key Drivers, Private Health Expenditure (Jamaica 2012-2019) 74
Jamaica Non-Life Premiums Forecast 74
Table: Gross Non-Life Premiums Written (Jamaica 2012-2019) 76
Net Non-Life Premiums 76
Table: Net Non-Life Premiums Written (Jamaica 2012-2019) 77
Non-Life Claims 77
Table: Non-Life Insurance Claims (Jamaica 2010-2013) 78
Table: Non-Life Insurance Claims by Line (Jamaica 2010-2013) 78
Non-Life Insurers' Assets 79
Table: Assets (Jamaica 2010-2012) 79
Jamaica Non-Life Sub-Sector Forecast 79
Table: Non-Life % Breakdown (Jamaica 2012-2019) 81
Motor Insurance 81
Table: Motor Vehicle Insurance (Jamaica 2012-2019) 81
Property Insurance 82
Table: Property Insurance (Jamaica 2012-2019) 82
General Liability 82
Table: General Liability Insurance (Jamaica 2012-2019) 83
Suriname Industry Forecast 84
Suriname Life Premiums Forecast 84
Table: Gross Life Premiums Written (Suriname 2012-2019) 85
Life Insurers' Claims and Assets 85
Table: Life Insurance Claims (Suriname 2007-2012) 86
Table: Assets (Suriname 2007-2012) 86
Suriname Non-Life Premiums Forecast 87
Non-Life Premiums 87
Table: Gross Non-Life Premiums Written (Suriname 2012-2019) 89
Net Non-Life Premiums 89
Table: Net Non-Life Premiums Written (Suriname 2012-2019) 90
Non-Life Claims and Insurers' Assets 90
Table: Non-Life Insurance Claims (Suriname 2007-2012) 90
Table: Assets (Suriname 2007-2012) 91
Trinidad and Tobago Industry Forecast 92
Trinidad and Tobago Life Premiums Forecast 92
Life Premiums 92
Table: Gross Life Premiums Written (Trinidad and Tobago 2012-2019) 94
Trinidad and Tobago Non-Life Premiums Forecast 94
Non-Life Premiums 94
Table: Gross Non-Life Premiums Written (Trinidad and Tobago 2012-2019) 96
Net Non-Life Premiums 96
Table: Net Non-Life Premiums Written (Trinidad and Tobago 2012-2019) 97
Non-Life Claims 97
Table: Non-Life Insurance Claims (Trinidad and Tobago 2007-2012) 97
Trinidad and Tobago Non-Life Sub-Sector Forecast 98
Table: Non-Life % Breakdown (Trinidad and Tobago 2012-2019) 99
Motor Insurance 99
Table: Motor Vehicle Insurance (Trinidad and Tobago 2012-2019) 99
Property Insurance 100
Table: Property Insurance (Trinidad and Tobago 2012-2019) 100
Health and Personal Accident Insurance 100
Table: Health Insurance (Trinidad and Tobago 2012-2019) 101
Table: Personal Accident Insurance (Trinidad and Tobago 2012-2019) 101
Industry Risk Reward Ratings 102
Latin America Insurance Risk/Reward Ratings - Q2 2015 102
Table: Latin America Risk/Reward Index - Q2 2015 103
Market Overview 104
Aruba Market Overview 104
Bahamas Market Overview 105
Life Market 105
Table: Bahamas Life Market Share (% of gross premiums) 2010-2012 107
Non-Life Market 107
Table: Bahamas Non-Life Market Share (% of gross premiums) 2010-2012 108
Barbados Market Overview 109
Cayman Islands Market Overview 111
Dominican Republic Market Overview 113
Life Market Overview 113
Table: Dominican Republic, Life Market Share (%) 2007-2012 115
Non-Life Market Overview 115
Table: Dominican Republic Non-Life Market Share (%) 2007-2012 116
Jamaica Market Overview 117
Life Market Overview 118
Table: Jamaica Life Market Share (%) 2007-2012 119
Non-Life Market Overview 119
Table: Jamaica Non-Life Market Share (%) 2010-2012 120
Suriname Market Overview 121
Trinidad and Tobago Market Overview 123
Life Market 124
Table: Life Market Share (% of gross premiums), 2007-2012 126
Non-Life Market 126
Table: Non-Life Market Share (% of gross premiums), 2007-2012 128
Company Profile 129
Colina 129
Guardian Group 131
MAPFRE 134
PALIG 136
Sagicor Financial 139
Methodology 142
Industry Forecast Methodology 142
Risk/Reward Index Methodology 145
Table: Indicators 147
Table: Weighting of Indicators 148

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