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  4. > Caribbean Insurance Report Q4 2015

Caribbean Insurance Report Q4 2015

  • September 2015
  • -
  • Business Monitor International
  • -
  • 211 pages

Includes 3 FREE quarterly updates

BMI View: Currency weakness will suppress dollar terms growth rates across much of the region through2015, with structural performance more positive Offshore business in the Cayman Islands and Barbadosdwarfs the region's domestic markets which are largely underdeveloped, particularly in most life sectorsand in the Dominican Republic Health insurance is set to be the main growth area across the region overthe next five yearsThe 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 Q4 2015
BMI Industry View 13
SWOT 15
Aruba Industry Forecast 17
Aruba Life Premiums Forecast 17
Table: Gross Life Premiums Written (Aruba 2012-2019) 18
Life Claims 18
Table: Life Insurance Claims (Aruba 2007-2013) 19
Life Insurers' Assets 19
Table: Assets (Aruba 2007-2013) 19
Life Drivers 19
Table: Life Expectancy by Gender (Aruba 2012-2019) 20
Table: Demographic Breakdown (Aruba 2012-2019) 20
Aruba Non-Life Premiums Forecast 21
Non-Life Premiums 21
Table: Gross Non-Life Premiums Written (Aruba 2012-2019) 23
Non-Life Claims 23
Table: Non-Life Insurance Claims (Aruba 2007-2013) 24
Non-Life Insurers' Assets 24
Table: Assets (Aruba 2007-2013) 24
Aruba Non-Life Sub-Sector Forecast 25
Table: Non-Life % Breakdown (Aruba 2012-2019) 25
Motor and Transport Insurance 25
Table: Motor Vehicle Insurance (Aruba 2012-2019) 26
Table: Transport Insurance (Aruba 2012-2019) 26
Property Insurance 26
Table: Property Insurance (Aruba 2012-2019) 27
Health and Personal Accident Insurance 27
Table: Health and Personal Accident Insurance (Aruba 2012-2019) 27
Bahamas Industry Forecast 28
Bahamas Life Premiums Forecast 28
Life Premiums 28
Table: Gross Life Premiums Written (Bahamas 2012-2019) 30
Table: Net Life Premiums Written (Bahamas 2012-2019) 30
Life Claims 31
Table: Life Insurance Claims (Bahamas 2010-2013) 31
Life Insurers' Assets 31
Table: Assets (Bahamas 2010-2013) 32
Life Drivers 32
Table: Life Expectancy by Gender (Bahamas 2012-2019) 32
Table: Demographic Breakdown (Bahamas 2012-2019) 33
Bahamas Non-Life Premiums Forecast 33
Non-Life Premiums 33
Table: Gross Non-Life Premiums Written (Bahamas 2012-2019) 35
Table: Net Non-Life Premiums Written (Bahamas 2012-2019) 36
Non-Life Claims and Assets 36
Table: Non-Life Insurance Claims (Bahamas 2010-2013) 36
Table: Assets (Bahamas 2010-2013) 37
Bahamas Non-Life Sub-Sector Forecast 37
Table: Non-Life % Breakdown (Bahamas 2012-2019) 38
Motor and Transport Insurance 39
Table: Motor Vehicle Insurance (Bahamas 2012-2019) 39
Table: Transport Insurance (Bahamas 2012-2019) 40
Property Insurance 40
Table: Property Insurance (Bahamas 2012-2019) 41
Barbados Industry Forecast 42
Barbados Life Premiums Forecast 42
Life Premiums 42
Table: Gross Life Premiums Written (Barbados 2012-2019) 43
Table: Net Life Premiums Written (Barbados 2012-2019) 43
Life Claims 44
Table: Life Insurance Claims (Barbados 2010-2012) 44
Life Insurers' Assets 44
Table: Assets (Barbados 2010-2013) 45
Life Drivers 45
Table: Life Expectancy by Gender (Barbados 2012-2019) 45
Table: Demographic Breakdown (Barbados 2012-2019) 46
Barbados Non-Life Premiums Forecast 46
Non-Life Premiums 46
Table: Gross Non-Life Premiums Written (Barbados 2012-2019) 48
Net Non-Life Premiums 48
Table: Net Non-Life Premiums Written (Barbados 2012-2019) 48
Non-Life Claims 49
Table: Non-Life Insurance Claims (Barbados 2010-2012) 49
Table: Non-Life Insurance Claims by Line (Barbados 2010-2012) 50
Non-Life Insurers' Assets 50
Table: Assets (Barbados 2010-2013) 51
Barbados Non-Life Sub-Sector Forecast 51
Table: Non-Life % Breakdown (Barbados 2012-2019) 52
Motor and Transport Insurance 53
Table: Motor Vehicle Insurance (Barbados 2012-2019) 53
Table: Transport Insurance (Barbados 2012-2019) 54
Property and General Liability Insurance 54
Table: Property Insurance (Barbados 2012-2019) 54
Table: General Liability Insurance (Barbados 2012-2019) 55
Health and Personal Accident Insurance 55
Table: Health and Personal Accident Insurance (Barbados 2012-2019) 55
Table: Insurance Key Drivers, Private Health Expenditure (Barbados 2012-2019) 56
Cayman Islands Industry Forecast 57
Cayman Islands Life Premiums Forecast 57
Life Premiums 57
Table: Gross Life Premiums Written (Cayman Islands 2012-2019) 58
Cayman Islands Non-Life Premiums Forecast 59
Non-Life Premiums 59
Table: Gross Non-Life Premiums Written (Cayman Islands 2012-2019) 61
Cayman Islands Non-Life Sub-Sector Forecast 61
Table: Non-Life % Breakdown (Cayman Islands 2012-2019) 63
Captive Market 63
Table: Other Non-Life Insurance (Cayman Islands 2012-2019) 64
Motor and Transport Insurance 64
Table: Motor Vehicle Insurance (Cayman Islands 2012-2019) 64
Table: Transport Insurance (Cayman Islands 2012-2019) 65
Property and Health and Accident Insurance 65
Table: Property Insurance (Cayman Islands 2012-2019) 65
Table: Health Insurance (Cayman Islands 2012-2019) 66
Dominican Republic Industry Forecast 67
Dominican Republic Life Premiums Forecast 67
Life Premiums 67
Table: Gross Life Premiums Written (Dominican Republic 2012-2019) 69
Net Premiums 69
Table: Net Life Premiums Written (Dominican Republic 2012-2019) 69
Life Claims 70
Table: Life Insurance Claims (Dominican Republic 2007-2013) 70
Life Drivers 70
Table: Life Expectancy by Gender (Dominican Republic 2012-2019) 71
Table: Demographic Breakdown (Dominican Republic 2012-2019) 71
Dominican Republic Non-Life Premiums Forecast 71
Non-Life Premiums 72
Table: Gross Non-Life Premiums Written (Dominican Republic 2012-2019) 73
Net Non-Life Premiums 73
Table: Net Non-Life Premiums Written (Dominican Republic 2012-2019) 74
Non-Life Claims 74
Table: Non-Life Insurance Claims (Dominican Republic 2007-2013) 75
Table: Non-Life Insurance Claims by Line (Dominican Republic 2007-2013) 75
Dominican Republic Non-Life Sub-Sector Forecast 76
Table: Non-Life % Breakdown (Dominican Republic 2012-2019) 78
Motor and Transport Insurance 78
Table: Motor Vehicle Insurance (Dominican Republic 2012-2019) 78
Table: Transport Insurance (Dominican Republic 2012-2019) 79
Property Insurance 79
Table: Property Insurance (Dominican Republic 2012-2019) 80
Health and Personal Accident Insurance 80
Table: Health and Personal Accident Insurance (Dominican Republic 2012-2019) 80
Credit/Financial Guarantee 80
Table: Credit/Financial Guarantee Insurance (Dominican Republic 2012-2019) 81
Jamaica Industry Forecast 82
Jamaica Life Premiums Forecast 82
Life Premiums 82
Table: Gross Life Premiums Written (Jamaica 2012-2019) 84
Net Life Premiums 84
Table: Net Life Premiums Written (Jamaica 2012-2019) 85
Life Claims 85
Table: Life Insurance Claims (Jamaica 2011-2013) 86
Life Insurers' Assets 86
Table: Assets (Jamaica 2010-2012) 86
Insurance Drivers 86
Table: Life Expectancy by Gender (Jamaica 2012-2019) 87
Table: Demographic Breakdown (Jamaica 2012-2019) 87
Jamaica Non-Life Premiums Forecast 88
Table: Gross Non-Life Premiums Written (Jamaica 2012-2019) 90
Net Non-Life Premiums 90
Table: Net Non-Life Premiums Written (Jamaica 2012-2019) 91
Non-Life Claims 91
Table: Non-Life Insurance Claims (Jamaica 2010-2013) 92
Table: Non-Life Insurance Claims by Line (Jamaica 2010-2013) 92
Non-Life Insurers' Assets 93
Table: Assets (Jamaica 2010-2012) 93
Jamaica Non-Life Sub-Sector Forecast 94
Table: Non-Life % Breakdown (Jamaica 2012-2019) 95
Motor Insurance 95
Table: Motor Vehicle Insurance (Jamaica 2012-2019) 95
Property Insurance 96
Table: Property Insurance (Jamaica 2012-2019) 96
General Liability 96
Table: General Liability Insurance (Jamaica 2012-2019) 97
Health Insurance 97
Table: Insurance Key Drivers, Private Health Expenditure (Jamaica 2012-2019) 98
Suriname Industry Forecast 99
Suriname Life Premiums Forecast 99
Table: Gross Life Premiums Written (Suriname 2012-2019) 101
Table: Net Life Premiums Written (Suriname 2012-2019) 101
Life Insurers' Claims and Assets 102
Table: Life Insurance Claims (Suriname 2007-2012) 102
Table: Assets (Suriname 2007-2012) 102
Life Drivers 103
Table: Life Expectancy by Gender (Suriname 2012-2019) 103
Table: Demographic Breakdown (Suriname 2012-2019) 104
Suriname Non-Life Premiums Forecast 105
Non-Life Premiums 105
Table: Gross Non-Life Premiums Written (Suriname 2012-2019) 107
Net Non-Life Premiums 107
Table: Net Non-Life Premiums Written (Suriname 2012-2019) 108
Non-Life Claims and Insurers' Assets 108
Table: Non-Life Insurance Claims (Suriname 2007-2012) 108
Table: Assets (Suriname 2007-2011) 109
Trinidad and Tobago Industry Forecast 110
Trinidad and Tobago Life Premiums Forecast 110
Life Premiums 110
Table: Gross Life Premiums Written (Trinidad and Tobago 2012-2019) 112
Life Drivers 112
Table: Life Expectancy by Gender (Trinidad and Tobago 2012-2019) 113
Table: Demographic Breakdown (Trinidad and Tobago 2012-2019) 113
Trinidad and Tobago Non-Life Premiums Forecast 114
Non-Life Premiums 114
Table: Gross Non-Life Premiums Written (Trinidad and Tobago 2012-2019) 116
Net Non-Life Premiums 116
Table: Net Non-Life Premiums Written (Trinidad and Tobago 2012-2019) 117
Non-Life Claims 117
Table: Non-Life Insurance Claims (Trinidad and Tobago 2007-2013) 117
Trinidad and Tobago Non-Life Sub-Sector Forecast 118
Table: Non-Life % Breakdown (Trinidad and Tobago 2012-2019) 119
Motor Insurance 119
Table: Motor Vehicle Insurance (Trinidad and Tobago 2012-2019) 120
Property Insurance 120
Table: Property Insurance (Trinidad and Tobago 2012-2019) 120
Health and Personal Accident Insurance 120
Table: Health Insurance (Trinidad and Tobago 2012-2019) 121
Table: Insurance Key Drivers, Private Health Expenditure (Trinidad and Tobago 2012-2019) 121
Table: Personal Accident Insurance (Trinidad and Tobago 2012-2019) 122
Industry Risk Reward Ratings 123
Latin America Insurance Risk/Reward Index 123
Table: Latin America and the Caribbean Insurance Risk/Reward Index 124
Market Overview 125
Aruba Market Overview 125
The Product Offering 125
The Competitive Landscape 126
Bahamas Market Overview 127
Life Market 127
The Product Offering 127
The Competitive Landscape 128
Table: Bahamas Life Market Share (% of gross premiums) 2010-2012 129
Non-Life Market 129
The Product Offering 130
Table: Bahamas Non-Life Market Share (% of gross premiums) 2010-2012 131
The Competitive Landscape 131
Barbados Market Overview 132
Product Offering 132
Competitive Landscape 133
Cayman Islands Market Overview 135
The Product Offering 135
The Competitive Landscape 135
Dominican Republic Market Overview 137
Life Market Overview 137
The Product Offering 137
The Competitive Landscape 138
Table: Dominican Republic, Life Market Share (%) 2009-2014 140
Non-Life Market Overview 140
The Product Offering 140
The Competitive Landscape 141
Table: Dominican Republic Non-Life Market Share (%) 2009-2014 143
Jamaica Market Overview 144
Life Market Overview 144
The Product Offering 144
The Competitive Landscape 144
Table: Jamaica Life Market Share (%) 2007-2012 146
Non-Life Market Overview 146
The Product Offering 146
The Competitive Landscape 147
Table: Jamaica Non-Life Market Share (%) 2010-2012 148
Suriname Market Overview 149
The Product Offering 149
The Competitive Landscape 150
Trinidad and Tobago Market Overview 151
Life Market 151
The Product Offering 151
The Competitive Landscape 152
Table: Life Market Share (% of gross premiums), 2008-2013 153
Non-Life Market 154
The Product Offering 154
The Competitive Landscape 154
Table: Non-Life Market Share (% of gross premiums), 2007-2012 156
Company Profile 157
Colina 157
Guardian Group 159
PALIG 161
Sagicor Financial 163
Demographic Forecast 165
Table: Population Headline Indicators (Barbados 1990-2025) 166
Table: Key Population Ratios (Barbados 1990-2025) 166
Table: Urban/Rural Population and Life Expectancy (Barbados 1990-2025) 167
Table: Population By Age Group (Barbados 1990-2025) 167
Table: Population By Age Group % (Barbados 1990-2025) 168
Demographic Forecast 170
Table: Population Headline Indicators (Bahamas 1990-2025) 171
Table: Key Population Ratios (Bahamas 1990-2025) 171
Table: Urban/Rural Population and Life Expectancy (Bahamas 1990-2025) 172
Table: Population By Age Group (Bahamas 1990-2025) 172
Table: Population By Age Group % (Bahamas 1990-2025) 173
Demographic Forecast 175
Table: Population Headline Indicators (Dominican Republic 1990-2025) 176
Table: Key Population Ratios (Dominican Republic 1990-2025) 176
Table: Urban/Rural Population and Life Expectancy (Dominican Republic 1990-2025) 177
Table: Population By Age Group (Dominican Republic 1990-2025) 177
Table: Population By Age Group % (Dominican Republic 1990-2025) 178
Demographic Forecast 180
Table: Population Headline Indicators (Jamaica 1990-2025) 181
Table: Key Population Ratios (Jamaica 1990-2025) 181
Table: Urban/Rural Population and Life Expectancy (Jamaica 1990-2025) 182
Table: Population By Age Group (Jamaica 1990-2025) 182
Table: Population By Age Group % (Jamaica 1990-2025) 183
Demographic Forecast 185
Table: Population Headline Indicators (Cuba 1990-2025) 186
Table: Key Population Ratios (Cuba 1990-2025) 186
Table: Urban/Rural Population and Life Expectancy (Cuba 1990-2025) 187
Table: Population By Age Group (Cuba 1990-2025) 187
Table: Population By Age Group % (Cuba 1990-2025) 188
Demographic Forecast 190
Table: Population Headline Indicators (Haiti 1990-2025) 191
Table: Key Population Ratios (Haiti 1990-2025) 191
Table: Urban/Rural Population and Life Expectancy (Haiti 1990-2025) 192
Table: Population By Age Group (Haiti 1990-2025) 192
Table: Population By Age Group % (Haiti 1990-2025) 193
Demographic Forecast 195
Table: Population Headline Indicators (Puerto Rico 1990-2025) 196
Table: Key Population Ratios (Puerto Rico 1990-2025) 196
Table: Urban/Rural Population and Life Expectancy (Puerto Rico 1990-2025) 197
Table: Population By Age Group (Puerto Rico 1990-2025) 197
Table: Population By Age Group % (Puerto Rico 1990-2025) 198
Demographic Forecast 200
Table: Population Headline Indicators (Trinidad and Tobago 1990-2025) 201
Table: Key Population Ratios (Trinidad and Tobago 1990-2025) 201
Table: Urban/Rural Population and Life Expectancy (Trinidad and Tobago 1990-2025) 202
Table: Population By Age Group (Trinidad and Tobago 1990-2025) 202
Table: Population By Age Group % (Trinidad and Tobago 1990-2025) 203
Methodology 205
Industry Forecast Methodology 205
Risk/Reward Index Methodology 208
Table: Indicators 210
Table: Weighting of Indicators 211

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