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  4. > Caribbean Insurance Report Q3 2015

Caribbean Insurance Report Q3 2015

  • May 2015
  • -
  • Business Monitor International
  • -
  • 158 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 Q3 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 2007-2014) 16
Life Insurers' Assets . 16
Table: Assets (Aruba 2007-2014) 16
Life Drivers 16
Table: Life Expectancy by Gender (Aruba 2012-2019) 17
Table: Demographic Breakdown (Aruba 2012-2019) . 17
Aruba Non-Life Premiums Forecast 17
Non-Life Premiums . 18
Table: Gross Non-Life Premiums Written (Aruba 2012-2019) 19
Non-Life Claims . 19
Table: Non-Life Insurance Claims (Aruba 2007-2014) 20
Non-Life Insurers' Assets . 20
Table: Assets (Aruba 2007-2014) 20
Aruba Non-Life Sub-Sector Forecast 20
Table: Non-Life % Breakdown (Aruba 2012-2019) .. 22
Motor and Transport Insurance .. 22
Table: Motor Vehicle Insurance (Aruba 2012-2019) .. 22
Table: Transport Insurance (Aruba 2012-2019) . 23
Property Insurance .. 23
Table: Property Insurance (Aruba 2012-2019) .. 23
Health and Personal Accident Insurance .. 23
Table: Health and Personal Accident Insurance (Aruba 2012-2019) .. 24
Bahamas Industry Forecast .. 25
Bahamas Life Premiums Forecast .. 25
Life Premiums .. 25
Table: Gross Life Premiums Written (Bahamas 2012-2019) . 27
Table: Net Life Premiums Written (Bahamas 2012-2019) .. 27
Life Claims . 28
Table: Life Insurance Claims (Bahamas 2007-2014) . 28
Life Insurers' Assets . 28
Table: Assets (Bahamas 2007-2014) . 29
Life Drivers 29
Table: Life Expectancy by Gender (Bahamas 2012-2019) .. 29
Table: Demographic Breakdown (Bahamas 2012-2019) 30
Bahamas Non-Life Premiums Forecast . 30
Non-Life Premiums . 30
Table: Gross Non-Life Premiums Written (Bahamas 2012-2019) . 32
Table: Net Non-Life Premiums Written (Bahamas 2012-2019) .. 33
Non-Life Claims and Assets .. 33
Table: Non-Life Insurance Claims (Bahamas 2007-2014) .. 33
Table: Assets (Bahamas 2007-2014) . 34
Bahamas Non-Life Sub-Sector Forecast . 34
Table: Non-Life % Breakdown (Bahamas 2012-2019) . 35
Motor and Transport Insurance .. 36
Table: Motor Vehicle Insurance (Bahamas 2012-2019) 36
Table: Transport Insurance (Bahamas 2012-2019) .. 37
Property Insurance .. 37
Table: Property Insurance (Bahamas 2012-2019) 38
Barbados Industry Forecast .. 39
Barbados Life Premiums Forecast . 39
Life Premiums .. 39
Table: Gross Life Premiums Written (Barbados 2012-2019) 40
Table: Net Life Premiums Written (Barbados 2012-2019) .. 40
Life Claims . 41
Table: Life Insurance Claims (Barbados 2007-2014) . 41
Life Insurers' Assets . 41
Table: Assets (Barbados 2007-2014) . 42
Life Drivers 42
Table: Life Expectancy by Gender (Barbados 2012-2019) .. 42
Table: Demographic Breakdown (Barbados 2012-2019) .. 43
Barbados Non-Life Premiums Forecast . 43
Non-Life Premiums . 43
Table: Gross Non-Life Premiums Written (Barbados 2012-2019) . 45
Net Non-Life Premiums .. 45
Table: Net Non-Life Premiums Written (Barbados 2012-2019) .. 45
Non-Life Claims . 46
Table: Non-Life Insurance Claims (Barbados 2007-2014) .. 46
Table: Non-Life Insurance Claims by Line (Barbados 2007-2014) 47
Non-Life Insurers' Assets . 47
Table: Assets (Barbados 2007-2014) . 48
Barbados Non-Life Sub-Sector Forecast 48
Table: Non-Life % Breakdown (Barbados 2012-2019) 49
Motor and Transport Insurance .. 50
Table: Motor Vehicle Insurance (Barbados 2012-2019) 50
Table: Transport Insurance (Barbados 2012-2019) .. 51
Property and General Liability Insurance .. 51
Table: Property Insurance (Barbados 2012-2019) 51
Table: General Liability Insurance (Barbados 2012-2019) . 52
Health and Personal Accident Insurance .. 52
Table: Health and Personal Accident Insurance (Barbados 2012-2019) 52
Table: Insurance Key Drivers, Private Health Expenditure (Barbados 2012-2019) . 53
Cayman Islands Industry Forecast .. 54
Cayman Islands Life Premiums Forecast 54
Life Premiums .. 54
Table: Gross Life Premiums Written (Cayman Islands 2012-2019) 55
Cayman Islands Non-Life Premiums Forecast 56
Non-Life Premiums . 56
Table: Gross Non-Life Premiums Written (Cayman Islands 2012-2019) 58
Cayman Islands Non-Life Sub-Sector Forecast .. 58
Table: Non-Life % Breakdown (Cayman Islands 2012-2019) 60
Captive Market . 60
Table: Other Non-Life Insurance (Cayman Islands 2012-2019) .. 61
Motor and Transport Insurance .. 61
Table: Motor Vehicle Insurance (Cayman Islands 2012-2019) .. 61
Table: Transport Insurance (Cayman Islands 2012-2019) .. 62
Property and Health and Accident Insurance . 62
Table: Property Insurance (Cayman Islands 2012-2019) .. 62
Table: Health Insurance (Cayman Islands 2012-2019) 63
Dominican Republic Industry Forecast .. 64
Dominican Republic Life Premiums Forecast 64
Life Premiums .. 64
Table: Gross Life Premiums Written (Dominican Republic 2012-2019) . 66
Net Premiums .. 66
Table: Net Life Premiums Written (Dominican Republic 2012-2019) .. 66
Life Claims . 67
Table: Life Insurance Claims (Dominican Republic 2007-2014) . 67
Life Drivers 67
Table: Life Expectancy by Gender (Dominican Republic 2012-2019) .. 68
Table: Demographic Breakdown (Dominican Republic 2012-2019) 68
Dominican Republic Non-Life Premiums Forecast 68
Non-Life Premiums . 69
Table: Gross Non-Life Premiums Written (Dominican Republic 2012-2019) . 70
Net Non-Life Premiums .. 70
Table: Net Non-Life Premiums Written (Dominican Republic 2012-2019) .. 71
Non-Life Claims . 71
Table: Non-Life Insurance Claims (Dominican Republic 2007-2014) .. 72
Table: Non-Life Insurance Claims by Line (Dominican Republic 2007-2014) 72
Dominican Republic Non-Life Sub-Sector Forecast .. 73
Table: Non-Life % Breakdown (Dominican Republic 2012-2019) . 75
Motor and Transport Insurance .. 75
Table: Motor Vehicle Insurance (Dominican Republic 2012-2019) 75
Table: Transport Insurance (Dominican Republic 2012-2019) .. 76
Property Insurance .. 76
Table: Property Insurance (Dominican Republic 2012-2019) 77
Health and Personal Accident Insurance .. 77
Table: Health and Personal Accident Insurance (Dominican Republic 2012-2019) 77
Credit/Financial Guarantee .. 77
Table: Credit/Financial Guarantee Insurance (Dominican Republic 2012-2019) .. 78
Jamaica Industry Forecast 79
Jamaica Life Premiums Forecast .. 79
Life Premiums .. 79
Table: Gross Life Premiums Written (Jamaica 2012-2019) . 81
Net Life Premiums .. 81
Table: Net Life Premiums Written (Jamaica 2012-2019) .. 81
Life Claims . 82
Table: Life Insurance Claims (Jamaica 2007-2014) .. 82
Life Insurers' Assets . 83
Table: Assets (Jamaica 2007-2014) . 83
Insurance Drivers .. 83
Table: Life Expectancy by Gender (Jamaica 2012-2019) .. 84
Table: Demographic Breakdown (Jamaica 2012-2019) 84
Jamaica Non-Life Premiums Forecast .. 84
Table: Gross Non-Life Premiums Written (Jamaica 2012-2019) . 86
Net Non-Life Premiums .. 86
Table: Net Non-Life Premiums Written (Jamaica 2012-2019) 87
Non-Life Claims . 87
Table: Non-Life Insurance Claims (Jamaica 2007-2014) .. 88
Table: Non-Life Insurance Claims by Line (Jamaica 2007-2014) . 88
Non-Life Insurers' Assets . 89
Table: Assets (Jamaica 2007-2014) . 89
Jamaica Non-Life Sub-Sector Forecast . 89
Table: Non-Life % Breakdown (Jamaica 2012-2019) . 91
Motor Insurance 91
Table: Motor Vehicle Insurance (Jamaica 2012-2019) 91
Property Insurance .. 92
Table: Property Insurance (Jamaica 2012-2019) 92
General Liability 92
Table: General Liability Insurance (Jamaica 2012-2019) .. 93
Health Insurance 93
Table: Insurance Key Drivers, Private Health Expenditure (Jamaica 2012-2019) . 94
Suriname Industry Forecast .. 95
Suriname Life Premiums Forecast . 95
Table: Gross Life Premiums Written (Suriname 2012-2019) 97
Table: Net Life Premiums Written (Suriname 2012-2019) .. 97
Life Insurers' Claims and Assets .. 98
Table: Life Insurance Claims (Suriname 2007-2014) . 98
Table: Assets (Suriname 2007-2014) . 98
Life Drivers 99
Table: Life Expectancy by Gender (Suriname 2012-2019) .. 99
Table: Demographic Breakdown (Suriname 2012-2019) .. 100
Suriname Non-Life Premiums Forecast 101
Non-Life Premiums 101
Table: Gross Non-Life Premiums Written (Suriname 2012-2019) 103
Net Non-Life Premiums . 103
Table: Net Non-Life Premiums Written (Suriname 2012-2019) .. 104
Non-Life Claims and Insurers' Assets . 104
Table: Non-Life Insurance Claims (Suriname 2007-2014) . 104
Table: Assets (Suriname 2007-2014) 105
Trinidad and Tobago Industry Forecast .. 106
Trinidad and Tobago Life Premiums Forecast 106
Life Premiums . 106
Table: Gross Life Premiums Written (Trinidad and Tobago 2012-2019) . 108
Life Drivers .. 108
Table: Life Expectancy by Gender (Trinidad and Tobago 2012-2019) .. 109
Table: Demographic Breakdown (Trinidad and Tobago 2012-2019) 109
Trinidad and Tobago Non-Life Premiums Forecast .. 109
Non-Life Premiums 110
Table: Gross Non-Life Premiums Written (Trinidad and Tobago 2012-2019) . 111
Net Non-Life Premiums . 111
Table: Net Non-Life Premiums Written (Trinidad and Tobago 2012-2019) .. 112
Non-Life Claims 112
Table: Non-Life Insurance Claims (Trinidad and Tobago 2007-2014) .. 112
Trinidad and Tobago Non-Life Sub-Sector Forecast .. 113
Table: Non-Life % Breakdown (Trinidad and Tobago 2012-2019) . 114
Motor Insurance .. 114
Table: Motor Vehicle Insurance (Trinidad and Tobago 2012-2019) 115
Property Insurance . 115
Table: Property Insurance (Trinidad and Tobago 2012-2019) 115
Health and Personal Accident Insurance . 115
Table: Health Insurance (Trinidad and Tobago 2012-2019) . 116
Table: Insurance Key Drivers, Private Health Expenditure (Trinidad and Tobago 2012-2019) . 116
Table: Personal Accident Insurance (Trinidad and Tobago 2012-2019) . 117
Industry Risk Reward Ratings .. 118
Latin America Insurance Risk/Reward Index 118
Table: Latin America Insurance Risk/Reward Index . 119
Market Overview . 120
Aruba Market Overview . 120
Bahamas Market Overview .. 121
Life Market 121
Table: Bahamas Life Market Share (% of gross premiums) 2010-2012 123
Non-Life Market .. 123
Table: Bahamas Non-Life Market Share (% of gross premiums) 2010-2012 . 124
Barbados Market Overview .. 125
Cayman Islands Market Overview . 127
Dominican Republic Market Overview . 128
Life Market Overview .. 129
Table: Dominican Republic, Life Market Share (%) 2007-2012 . 130
Non-Life Market Overview .. 130
Table: Dominican Republic Non-Life Market Share (%) 2007-2012 .. 131
Jamaica Market Overview 132
Life Market Overview .. 133
Table: Jamaica Life Market Share (%) 2007-2012 .. 134
Non-Life Market Overview .. 134
Table: Jamaica Non-Life Market Share (%) 2010-2012 .. 135
Suriname Market Overview .. 136
Trinidad and Tobago Market Overview . 139
Life Market 139
Table: Life Market Share (% of gross premiums), 2007-2012 .. 141
Non-Life Market .. 141
Table: Non-Life Market Share (% of gross premiums), 2007-2012 143
Company Profile . 144
Colina . 144
Guardian Group 146
PALIG . 148
Sagicor Financial .. 150
Methodology . 152
Industry Forecast Methodology . 152
Risk/Reward Index Methodology . 155
Table: Indicators .. 157
Table: Weighting of Indicators 158

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