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The Insurance Industry in Belize, Key Trends and Opportunities to 2017 - Product Image

The Insurance Industry in Belize, Key Trends and Opportunities to 2017

  • ID: 2564458
  • May 2013
  • Region: Belize
  • 84 Pages
  • Timetric

The economy of Belize is small and largely dependent on agriculture and tourism, with GDP estimated at BZD3.2 billion (US$1.6 billion) in 2012. After negative growth due to the financial crisis of 2009, GDP grew along with improvement in agriculture production (such as sugar and citrus) and increase in overnight tourist arrivals, especially from the US. The insurance industry expanded at a CAGR of 6.3% during the review period (2008-2012). The industry is regulated by the Supervisor of Insurance. The insurance industry is competitive, with twelve companies serving a population of 332,700 at the end of 2011. As with elsewhere in the Central American region, the non-life segment accounts for the largest proportion of gross written premium with 44.2% of the total in 2012.

Synopsis

The report provides in depth market analysis, information and insights into the insurance industry in Belize, including:

- The Belizean insurance industry’s growth prospects by insurance segments and categories
- The competitive landscape in the Belizean insurance industry
- The current trends and drivers of the Belizean insurance industry
- The challenges facing the Belizean READ MORE >

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Belizean Insurance Industry Overview
3.1 Belizean Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation

4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance

5 Competitive Landscape
5.1 Leading Companies
5.1.1 RF&G Insurance Company Limited – company overview
5.1.2 Sagicor Capital Life – company overview
5.1.3 Belize Insurance Center Ltd – company overview
5.1.4 Atlantic Insurance Company – company overview

6 Macroeconomic Indicators
6.1 Household Final Consumption Expenditure (US$ Billion)
6.2 Agriculture, Hunting, Forestry, Fishing Output (US$ Million)
6.3 GDP at current prices (US$ Billion)
6.4 Construction output (US$ Million)
6.5 Inflation Rate (%)
6.6 Total population
6.7 Tourism Sector (US$ Million)
6.8 Exports of Goods and Services (US$ Billion)

7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: Belizean Insurance Overall Written Premium by Segment (BZD Billion), 2008–2012
Table 3: Belizean Insurance Overall Written Premium by Segment (US$ Billion), 2008–2012
Table 4: Belizean Insurance Overall Written Premium by Segment (BZD Billion), 2012–2017
Table 5: Belizean Insurance Overall Written Premium by Segment (US$ Billion), 2012–2017
Table 6: Belizean Insurance Segmentation (% Share), 2008–2017
Table 7: List of Recent Natural Disasters and Impact on Agriculture Sector
Table 8: Belizean Life Insurance – Written Premium (BZD Billion), 2008–2012
Table 9: Belizean Life Insurance – Written Premium (BZD Billion), 2012–2017
Table 10: Belizean Life Insurance – Paid Claims (BZD Billion), 2008–2012
Table 11: Belizean Life Insurance – Paid Claims (BZD Billion), 2012–2017
Table 12: Belizean Life Insurance – Incurred Loss (BZD Billion), 2008–2012
Table 13: Belizean Life Insurance – Incurred Loss (BZD Billion), 2012–2017
Table 14: Belizean Life Insurance – Loss Ratio (%), 2008–2012
Table 15: Belizean Life Insurance – Loss Ratio (%), 2012–2017
Table 16: Belizean Life Insurance – Combined Ratio (%), 2008–2012
Table 17: Belizean Life Insurance – Combined Ratio (%), 2012–2017
Table 18: Belizean Life Insurance – Retentions (BZD Billion), 2008–2012
Table 19: Belizean Life Insurance – Retentions (BZD Billion), 2012–2017
Table 20: Belizean Non-Life Insurance – Written Premium (BZD Billion), 2008–2012
Table 21: Belizean Non-Life Insurance – Written Premium (BZD Billion), 2012–2017
Table 22: Belizean Non-Life Insurance – Paid Claim (BZD Billion), 2008–2012
Table 23: Belizean Non-Life Insurance – Paid Claim (BZD Billion), 2012–2017
Table 24: Belizean Non-Life Insurance – Incurred Loss (BZD Billion), 2008–2012
Table 25: Belizean Non-Life Insurance – Incurred Loss (BZD Billion), 2012–2017
Table 26: Belizean Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 27: Belizean Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 28: Belizean Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 29: Belizean Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 30: Belizean Non-Life Insurance – Retentions (BZD Billion), 2008–2012
Table 31: Belizean Non-Life Insurance – Retentions (BZD Billion), 2012–2017
Table 32: Belizean Personal Accident and Health Insurance – Written Premium (BZD Billion), 2008–2012
Table 33: Belizean Personal Accident and Health Insurance – Written Premium (BZD Billion), 2012–2017
Table 34: Belizean Personal Accident and Health Insurance – Paid Claim (BZD Billion), 2008–2012
Table 35: Belizean Personal Accident and Health Insurance – Paid Claim (BZD Billion), 2012–2017
Table 36: Belizean Personal Accident and Health Insurance – Incurred Loss (BZD Billion), 2008–2012
Table 37: Belizean Personal Accident and Health Insurance – Incurred Loss (BZD Billion),
Table 38: Belizean Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 39: Belizean Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 40: Belizean Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 41: Belizean Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 42: Belizean Personal Accident and Health Insurance – Retentions (BZD Billion), 2008–2012
Table 43: Belizean Personal Accident and Health Insurance – Retentions (BZD Billion), 2012–2017
Table 44: Belizean Reinsurance Ceded by Insurance (BZD Million), 2008–2012
Table 45: Belizean Reinsurance Ceded by Insurance (US$ Million), 2008–2012
Table 46: Belizean Reinsurance Ceded by Insurance (BZD Million), 2012–2017
Table 47: Belizean Reinsurance Ceded by Insurance (US$ Million), 2012–2017
Table 48: Belizean Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 49: Belizean Life Insurance – Percentage of Reinsurance Ceded (%),2012–2017
Table 50: Belizean Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 51: Belizean Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 52: Belizean Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 53: Belizean Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 54: RF&G Insurance Company Limited, Main Products
Table 55: RF&G Insurance Company Limited, Key Employees
Table 56: Sagicor Life, Main Products
Table 57: Sagicor Life, Key Employees
Table 58: Belize Insurance Center, Main Products
Table 59: Belize Insurance Center Key Employees
Table 60: Atlantic Insurance Company, Main Products

List of Figures

Figure 1: Belizean Insurance Overall Written Premium by Segment (BZD Billion), 2008–2017
Figure 2: Belizean Insurance Industry Dynamics by Segment, 2008–2017
Figure 3: Belizean Life Insurance – Written Premium (BZD Billion), 2008–2012
Figure 4: Belizean Life Insurance – Written Premium (BZD Billion), 2012–2017
Figure 5: Belizean Life Insurance – Paid Claims (BZD Billion), 2008–2012
Figure 6: Belizean Life Insurance – Paid Claims (BZD Billion), 2012–2017
Figure 7: Belizean Life Insurance – Incurred Loss (BZD Billion), 2008–2012
Figure 8: Belizean Life Insurance – Incurred Loss (BZD Billion), 2012–2017
Figure 9: Belizean Life Insurance – Loss Ratio (%), 2008–2012
Figure 10: Belizean Life Insurance – Loss Ratio (%), 2012–2017
Figure 11: Belizean Life Insurance – Combined Ratio (%), 2008–2012
Figure 12: Belizean Life Insurance – Combined Ratio (%), 2012–2017
Figure 13: Belizean Life Insurance – Retentions (BZD Billion), 2008–2012
Figure 14: Belizean Life Insurance – Retentions (BZD Billion), 2012–2017
Figure 15: Belizean Life Insurance Penetration (% of GDP), 2008–2012
Figure 16: Belizean Life Insurance – Premium Per-Capita (BZD), 2008–2012
Figure 17: Belizean Non-Life Insurance – Written Premium (BZD Billion), 2008–2012
Figure 18: Belizean Non-Life Insurance – Written Premium (BZD Billion), 2012–2017
Figure 19: Belizean Non-Life Insurance – Paid Claims (BZD Billion), 2008–2012
Figure 20: Belizean Non-Life Insurance – Paid Claims (BZD Billion), 2012–2017
Figure 21: Belizean Non-Life Insurance – Incurred Loss (BZD Billion), 2008–2012
Figure 22: Belizean Non-Life Insurance – Incurred Loss (BZD Billion), 2012–2017
Figure 23: Belizean Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 24: Belizean Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 25: Belizean Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 26: Belizean Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 27: Belizean Non-Life Insurance – Retentions (BZD Billion), 2008–2012
Figure 28: Belizean Non-Life Insurance – Retentions (US$ Billion), 2012–2017
Figure 29: Belizean Non-Life Insurance Penetration (% of GDP), 2008–2012
Figure 30: Belizean Non-Life Insurance – Premium Per Capita (BZD), 2008–2012
Figure 31: Belizean Personal Accident and Health Insurance – Written Premium (BZD Billion), 2008–2012
Figure 32: Belizean Personal Accident and Health Insurance – Written Premium (BZD Billion), 2012–2017
Figure 33: Belizean Personal Accident and Health Insurance – Paid Claims (BZD Billion),
Figure 34: Belizean Personal Accident and Health Insurance – Paid Claims (BZD Billion),
Figure 35: Belizean Personal Accident and Health Insurance – Incurred Loss (BZD Billion),
Figure 36: Belizean Personal Accident and Health Insurance – Incurred Loss (BZD Billion),
Figure 37: Belizean Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 38: Belizean Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 39: Belizean Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 40: Belizean Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 41: Belizean Personal Accident and Health Insurance – Retentions (BZD Billion), 2008–2012
Figure 42: Belizean Personal Accident and Health Insurance – Retentions (US$ Billion), 2012–2017
Figure 43: Belizean Personal Accident and Health Insurance Penetration (% of GDP), 2008–2012
Figure 44: Belizean Personal Accident and Health Insurance – Premium Per Capita (BZD),
Figure 45: Belizean Reinsurance Ceded by Insurance Segment (BZD Million), 2008–2017
Figure 46: Belizean Reinsurance Market Dynamics by Insurance Segment, 2008–2017
Figure 47: Belizean Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 48: Belizean Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 49: Belizean Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 50: Belizean Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 51: Belizean Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 52: Belizean Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 53: Belizean Household Final Consumption Expenditure (US$ Billion), 2007–2011
Figure 54: Belizean Agriculture, Hunting, Forestry, Fishing Output (US$ Million), 2007–2011
Figure 55: Belizean GDP at Current Prices (US$ Billion), 2007–2011
Figure 56: Belizean Construction Output (US$ Million), 2007–2011
Figure 57: Belizean Inflation Rate (%), 2007–2011
Figure 58: Belizean Total Population (Thousand), 2007–2011
Figure 59: Belizean Tourism Sector Inflow (US$ Million), 2007–2011
Figure 60: Belizean Exports of Goods and Services (US$ Billion), 2007–2011

- Atlantic Insurance Company
- Belize Insurance Center Ltd
- RF&G Insurance Company Limited
- Sagicor Capital Life

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