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Caribbean Insurance Report 2014

  • ID: 2707211
  • November 2013
  • Region: Caribbean
  • 104 pages
  • Business Monitor International
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BMI View: 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 environment 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 and the restructuring of Jamaica's government debt have reduced investment income. Nevertheless, the major players are being proactive. As of late 2013, Guardian Holdings Limited (GHL) has introduced a new and unified brand for the entire region, following acquisitions in the (former) Netherlands Antilles. Sagicor Financial has announced the sale of its European operations, which should eventually free up more capital that may be allocated to Sagicor's core businesses in the Caribbean. Meanwhile, Pan-American Life Insurance Group (PALIG) has emerged as a third force in the region, thanks to its purchase of MetLife Alico's Algico business. Unlike GHL or Sagicor, PALIG has substantial operations in Central America and other parts of Latin America.

Note: Product cover images may vary from those shown
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BMI Industry View 7
Table: Bahamas - Total Premiums 2010-2017 8
Table: Barbados - Total Premiums 2010-2017 8
Table: Dominican Republic - Total Premiums 2010-2017 9
Table: Jamaica - Total Premiums 2010-2017 9
Table: Trinidad and Tobago - Total Premiums 2010-2017 10

SWOT 11

Insurance 11

Political 13

Economic 14

Business Environment 15

Political 16

Economic 17

Business Environment 18

Industry Forecast 19

Life 19
Table: Bahamas - Total Life Premiums 2010-2017 19
Table: Barbados - Total Life Premiums 2010-2017 19
Table: Dominican Republic - Total Life Premiums 2010-2017 20
Table: Jamaica - Total Life Premiums 2010-2017 21
Table: Trinidad & Tobago - Total Life Premiums 2010-2017 21

Non Life 22
Table: Bahamas - Total Non Life Premiums 2010-2017 22
Table: Barbados - Total Non Life Premiums 2010-2017 23
Table: Dominican Republic - Total Non Life Premiums 2010-2017 23
Table: Jamaica - Total Non Life Premiums 2010-2017 24
Table: Trinidad & Tobago - Total Non Life Premiums 2010-2017 25

Industry Risk Reward Ratings 26

Caribbean Insurance Risk/Reward Ratings 26
Table: Bahamas - Insurance Risk Reward Ratio (IRRR) 26
Table: Barbados - Insurance Risk Reward Rating (IRRR) 27
Table: Dominican Republic - Insurance Risk Reward Rating (IRRR) 29
Table: Jamaica - Insurance Risk/Reward Rating (IRRR) 30
Table: Trinidad & Tobago - Insurance Risk Reward Rating (IRRR) 31

Latin America Insurance Risk/Reward Ratings 33
Table: Caribbean And Latin America Risk/Reward Ratings 33

Market Overview 34

Life Sector Update 34

Non Life Sector Update 35

Industry Trends And Developments 37

Life Growth Drivers and Risk Management Projections 37
Table: Bahamas Insurance Key Drivers, Demographics 2010-2017 37
Table: Barbados Insurance Key Drivers, Demographics 2010-2017 38
Table: Dominica Republic Insurance Key Drivers, Demographics 2010-2017 40
Table: Jamaica Insurance Key Drivers, Demographics 2010-2017 41
Table: Trinidad And Tobago Insurance Key Drivers, Demographics 2010-2017 42

Non Life Growth Drivers and Risk Management Projections 44

Bahamas - Macroeconomic Forecasts 44
Table: Bahamas - Insurance Key Drivers, Disease Adjusted Life Years 2010-2017 44

Barbados - Macroeconomic Forecasts 45

Economic Activity - Fundamentals Threaten To Send Yields Higher 45
Table: Barbados - Economic Activity 46
Table: Barbados - Insurance Key Drivers, Disease Adjusted Life Years 2010-2017 46

Dominican Republic - Macroeconomic Forecasts 48

Economic Activity - Weak Q113 Prompts Growth Downgrade 48
Table: Dominican Republic - Macroeconomic Data And Forecasts 50
Table: Dominican Republic - Insurance Key Drivers, Disease Adjusted Life Years 2010-2017 51

Jamaica - Macroeconomic Forecasts 53

Economic Activity - Risk Of A Credit Event Rising 53
Table: Jamaica - Macroeconomic Data And Forecasts 55
Table: Jamaica - Insurance Key Drivers, Disease Adjusted Life Years 2010-201 56

Trinidad And Tobago - Macroeconomic Forecasts 57

Economic Recovery To Continue At Slow Pace 57
Table: Trinidad & Tobago - Macroeconomic Indicators 59

Political Outlook 60
Table: Trinidad and Tobago - Insurance Key Drivers, Disease Adjusted Life Years 2010-2017 61

Competitive Landscape 63

Caribbean Competitive Landscape 63

Company Profile 67

Guardian Holdings Limited (GHL) 67

Sagicor Financial Corporation 71

Regional Overview 75

Latin America Non Life Sector Overview 75
Table: Latin America Non-Life Premiums, 2010-2017 (US$mn) 75

Latin America Life Sector Overview 76
Table: Latin America Life Premiums, 2010-2017 (US$mn) 76

Demographic Forecast 79

Bahamas Demographic Outlook 79
Table: Bahamas' Population By Age Group, 1990-2020 ('000) 80
Table: Bahamas' Population By Age Group, 1990-2020 (% of total) 81
Table: Bahamas' Key Population Ratios, 1990-2020 82
Table: Bahamas' Rural And Urban Population, 1990-2020 82

Barbados Demographic Outlook 83
Table: Barbados' Population By Age Group, 1990-2020 ('000) 84
Table: Barbados' Population By Age Group, 1990-2020 (% of total) 85
Table: Barbados' Key Population Ratios, 1990-2020 86
Table: Barbados' Rural And Urban Population, 1990-2020 86

Dominican Republic Demographic Outlook 87
Table: The Dominican Republic's Population By Age Group, 1990-2020 ('000) 88
Table: The Dominican Republic's Population By Age Group, 1990-2020 (% of total) 89
Table: The Dominican Republic's Key Population Ratios, 1990-2020 90
Table: The Dominican Republic's Rural And Urban Population, 1990-2020 90

Jamaica Demographic Outlook 91
Table: Jamaica's Population By Age Group, 1990-2020 ('000) 92
Table: Jamaica's Population By Age Group, 1990-2020 (% of total) 93
Table: Jamaica's Key Population Ratios, 1990-2020 94
Table: Jamaica's Rural And Urban Population, 1990-2020 94

Trinidad & Tobago Demographic Outlook 95
Table: Trinidad & Tobago's Population By Age Group, 1990-2020 ('000) 96
Table: Trinidad & Tobago's Population By Age Group, 1990-2020 (% of total) 97
Table: Trinidad & Tobago's Key Population Ratios, 1990-2020 98
Table: Trinidad & Tobago's Rural And Urban Population, 1990-2020 98

Methodology 99

Industry Forecast Methodology 99

Risk/Reward Rating Methodology 102
Table: Insurance Risk/Reward Ratings Indicators 103
Table: Weighting Of Indicators 104

Note: Product cover images may vary from those shown
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Guardian Holdings Limited (GHL)
Sagicor Financial Corporation

Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown

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