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Bahamas Insurance Report Q2 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 43 pages

Includes 3 FREE quarterly updates

BMI View: We hold a generally favourable outlook for the Bahamas insurance sector in our Q2 2016report update. We believe that the non-life sector is poised to grow at a faster rate than its more mature lifesector counterpart. With overall insurance density higher than USD2,000 per capita in 2016, the Bahamianinsurance sector as a whole is well developed. The primary drivers of growth will be very strong annualuptake of motor vehicle insurance from 2016 onwards, growing at an annual yearly rate of over 7% till theend of our forecast period in 2020. The property insurance line, which constitutes of two-thirds of all nonlifepremiums, will begin to slow down its growth rate due to market maturity. We believe that in both thelife and non-life sectors, local companies dominate the competitive landscape and new entrants do not haveenough of an incentive to lucratively challenge their dominance.

Key Updates & Forecasts

- We are forecasting the Bahamas' insurance segment as a whole to post an annual growth rate of 3.7% in2016 with premiums hovering around the USD800mn mark.

- The strongest growth will come from the non-life segment which is poised to grow by an estimated 4.8%and premiums topping USD405mn. The motor vehicle insurance line will be the outperformer as it is setto grow by over 7% with premiums exceeding USD77.5mn. The larger property insurance line, whichconstitutes around two-thirds of non-life premiums, will begin to show signs of market maturity asgrowth rates will fall to an average of 2.3% annually over the course of our forecast period.

- We are not expecting strong growth from the life insurance segment, as a high density of aroundUSD1,100 per capita, will limit annual growth rates in the 2% range.

Table Of Contents

Bahamas Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Bahamas 2013-2020) 5
Insurance 6
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Bahamas 2013-2020) 11
Table: Life Insurance Claims 11
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Bahamas 2013-2020) 15
Table: Non-Life Insurance Claims, Bahamas 15
Non-Life Sub-Sector Forecast 16
Table: Non-Life Insurance Premiums by Product Line (Bahamas 2013-2020) 22
Industry Risk Reward Ratings 23
Latin America Insurance Risk/Reward Index 23
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q216 24
Market Overview 25
Life Market Overview 25
The Product Offering 25
Competitive Landscape 26
Table: Bahamas Life Market Share (% of Gross Premiums 2010-2012) 27
Non-Life Market Overview 28
The Product Offering 28
The Competitive Landscape 28
Table: Bahamas Non-Life Market Share, 2010-2012 USDmn 30
Company Profile 31
Bahamas First General Insurance 31
Colina 33
FamGuard 35
Methodology 37
Industry Forecast Methodology 37
Risk/Reward Index Methodology 40
Table: Indicators 42
Table: Weighting of Indicators 43

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