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Caribbean Insurance Report 2013 - Product Image

Caribbean Insurance Report 2013

  • ID: 2299555
  • November 2012
  • Region: Caribbean
  • 107 pages
  • Business Monitor International

FEATURED COMPANIES

  • AIA Group
  • Company Profiles
  • MAPFRE América
  • MetLife
  • RSA
  • MORE

As in previous annual reports, we think that it is still fair and reasonable to describe the Caribbean as something of a backwater in terms of the insurance sectors of the various countries. A comparison with nearby markets in Latin America indicates that the Caribbean markets are small and not particularly rapidly growing.

In all five countries that we consider – Trinidad and Tobago, Jamaica, Bahamas, Dominican Republic and Barbados – a lacklustre economic has contained the growth of premiums and – in the life segments especially – boosted lapse rates. This has happened at a time that low interest rates have reduced investment income. Nevertheless, many of the players are benefiting from lower claims and losses – and not just because of the lack of exposure to the catastrophes elsewhere in the world that were the defining feature of H111.

The opportunities vary from country to country. We would highlight: consolidation in the non-life segment of Trinidad and Tobago; offshore insurance in Barbados and the Bahamas; and the development of products that are attractive to low income groups in the Dominican Republic and Jamaica.

Unfortunately, READ MORE >

FEATURED COMPANIES

  • AIA Group
  • Company Profiles
  • MAPFRE América
  • MetLife
  • RSA
  • MORE

Executive Summary 7

SWOT Analysis 8

Caribbean Insurance SWOT 8

Life Sector Overview 9

Latin America Life Sector Overview 9
Table: Latin America Life Premiums, 2010-2017 (US$mn) 9

Caribbean Life Sector Update 10

Caribbean Life Industry Forecasts 12
Table: Bahamas Total Life Premiums, 2010-2017 12
Table: Barbados Total Life Premiums, 2010-2017 12
Table: Dominican Republic Total Life Premiums, 2010-2017 13
Table: Jamaica Total Life Premiums, 2010-2017 13
Table: Trinidad & Tobago Total Life Premiums, 2010-2017 14

Growth Drivers And Risk Management Projections 14

Population 14
Table: Bahamas Insurance Key Drivers – Demographics, 2010-2017 15
Table: Barbados Insurance Key Drivers – Demographics, 2010-2017 16
Table: Dominican Republic Insurance Key Drivers – Demographics, 2010-2017 17
Table: Jamaica Insurance Key Drivers – Demographics, 2010-2017 18
Table: Trinidad & Tobago Insurance Key Drivers – Demographics, 2010-2017 19

Non-Life Sector Overview 21

Latin American Non-Life Sector Overview 21
Table: Latin America Non-Life Premiums, 2010-2117 (US$mn) 21

Caribbean Non-Life Sector Update 22

Caribbean Non-Life Industry Forecast 24
Table: Bahamas Total Non-Life Premiums, 2010-2017 24
Table: Barbados Total Non-Life Premiums, 2010-2017 25
Table: Dominican Republic Total Non-Life Premiums, 2010-2017 25
Table: Jamaica Total Non-Life Premiums, 2010-2017 26
Table: Trinidad & Tobago Total Non-Life Premiums, 2010-2017 26

Growth Drivers And Risk Management Projections 27

Macroeconomic Outlook 27

Bahamas 27
Table: Bahamas – Macroeconomic Data And Forecasts, 2010-2017 29
Table: Bahamas – Macroeconomic Data And Forecasts, 2010-2017 29

Barbados 30
Table: Barbados – Macroeconomic Forecasts, 2010-2013 31
Table: Barbados Macroeconomic Data And Forecasts, 2010-2017 31

Dominican Republic 32
Table: Dominican Republic – GDP By Expenditure, Current Prices Breakdown, 2009-2016 33
Table: Dominican Republic’s Macroeconomic Data And Forecasts, 2010-2017 33

Jamaica 34
Table: Jamaica – Macroeconomic Forecasts, 2010-2013 35
Table: Jamaica’s Macroeconomic Data And Forecasts 2010-2017 35

Trinidad and Tobago 36
Table: Trinidad & Tobago – Macroeconomic Forecasts, 2010-2014 37
Table: Trinidad & Tobago’s Macroeconomic Data And Forecasts 2008-2016 37

Political Stability Outlook 38

Barbados 38

Dominican Republic 39

Jamaica 41

Trinidad and Tobago 42

Epidemiology 43

Bahamas 43
Table: Bahamas Insurance Key Drivers – Disease Adjusted Life Years, 2010-2017 43

Barbados 45
Table: Barbados Insurance Key Drivers – Disease Adjusted Life Years, 2010-2017 45

Dominican Republic 46
Table: Dominican Republic Insurance Key Drivers – Disease Adjusted Life Years, 2010-2017 46

Jamaica 48
Table: Jamaica Insurance Key Drivers – Disease Adjusted Life Years, 2010-2017 48

Trinidad and Tobago 49
Table: Trinidad and Tobago Insurance Key Drivers – Disease Adjusted Life Years, 2010-2017 49

Insurance Business Environment Ratings 51
Table: Latin America Insurance Risk/Reward Ratings 51
Table: Bahamas Insurance Risk/Reward Ratings 52
Table: Barbados Insurance Risk/Reward Ratings 53
Table: Dominican Republic Insurance Risk/Reward Ratings 54
Table: Jamaica Insurance Risk/Reward Ratings 55
Table: Trinidad & Tobago Insurance Risk/Reward Ratings 56

Competitive Landscape 57

Bahamas 58

Barbados 58

Dominican Republic 58

Jamaica 59

Trinidad and Tobago 59

Company Profiles 61

AIA Group 61

Guardian Holdings Limited (GHL) 66

MAPFRE América 69

MetLife 72

RSA 75

Sagicor Financial Corporation 78

Demographic Outlook 82

Bahamas 82
Table: Bahamas' Population By Age Group, 1990-2020 ('000) 83
Table: Bahamas' Population By Age Group, 1990-2020 (% of total) 84
Table: Bahamas' Key Population Ratios, 1990-2020 85
Table: Bahamas' Rural And Urban Population, 1990-2020 85

Barbados 86
Table: Barbados' Population By Age Group, 1990-2020 ('000) 87
Table: Barbados' Population By Age Group, 1990-2020 (% of total) 88
Table: Barbados' Key Population Ratios, 1990-2020 89
Table: Barbados' Rural And Urban Population, 1990-2020 89

Dominican Republic 90
Table: The Dominican Republic's Population By Age Group, 1990-2020 ('000) 91
Table: The Dominican Republic's Population By Age Group, 1990-2020 (% of total) 92
Table: The Dominican Republic's Key Population Ratios, 1990-2020 93
Table: The Dominican Republic's Rural And Urban Population, 1990-2020 93

Jamaica 94
Table: Jamaica's Population By Age Group, 1990-2020 ('000) 95
Table: Jamaica's Population By Age Group, 1990-2020 (% of total) 96
Table: Jamaica's Key Population Ratios, 1990-2020 97
Table: Jamaica's Rural And Urban Population, 1990-2020 97

Trinidad and Tobago 98
Table: Trinidad & Tobago's Population By Age Group, 1990-2020 ('000) 99
Table: Trinidad & Tobago's Population By Age Group, 1990-2020 (% of total) 00
Table: Trinidad & Tobago's Key Population Ratios, 1990-2020 01
Table: Trinidad & Tobago's Rural And Urban Population, 1990-2020 01

BMI Methodology 102

Insurance Risk/Reward Ratings 04
Table: Insurance Risk/Reward Indicators And Rationale 05
Table: Weighting Of Indicators 06

Company Profiles
AIA Group
Guardian Holdings Limited (GHL)
MAPFRE América
MetLife
RSA
Sagicor Financial Corporation

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