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The Insurance Industry in the Bahamas, Key Trends and Opportunities to 2018

  • ID: 3162233
  • April 2015
  • Region: Bahamas
  • 156 pages
  • Timetric
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The 'The Insurance Industry in the Bahamas, Key Trends and Opportunities to 2018' report provides detailed analysis of the market trends, drivers, challenges in the Bahamian insurance industry. It provides key performance indicators such as written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions during the review period (2009-2013) and forecast period (2013-2018). The report also analyzes detailed information on the competitive landscape in the country.

The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in regulatory structure.

Summary:

Timetric's 'The Insurance Industry in the Bahamas, Key Trends and Opportunities to 2018' report provides in-depth market analysis, information and insights into the Bahamian insurance industry, including:

- The Bahamian insurance industry's growth prospects by segment and category

- Key trends, drivers and challenges in the Bahamian READ MORE >

Note: Product cover images may vary from those shown
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1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Bahamian Insurance Industry Overview
3.1 Bahamian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
4 Industry Segmentation
4.1 Life Insurance
4.2 Individual Life Insurance
4.3 Life Insurance by Category
4.3.1 Individual whole life insurance
4.3.2 Individual general annuity insurance
4.4 Non-Life Insurance
4.4.1 Property insurance
4.4.2 Motor insurance
4.4.3 Liability insurance
4.4.4 Marine, aviation and transit insurance
4.5 Personal Accident and Health Insurance
4.6 Reinsurance
5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Marine, aviation and transit insurance
5.2.5 Personal accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor liability insurance
5.3.2 Social insurance system
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors (IAIS)
5.4.2 Insurance Commission of the Bahamas (ICB)
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and penalties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Alternative dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Colina Insurance Ltd - Company overview
6.2.2 The Bahamas First General Insurance Company Ltd - Company overview
6.2.3 Family Guardian Insurance Company Ltd - Company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation
7.5 Life Expectancy
7.6 Labor Force
7.7 Unemployment Rate
7.8 Total Number of Internet Users
7.9 Urban and Rural Populations
7.1 Total Population
8.1 Methodology
8.2 Contact
8.3 About
8.4 Services
8.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Bahamian Insurance Gross Written Premium by Segment (US$ Million), 2009-2013
Table 3: Bahamian Insurance Gross Written Premium by Segment (US$ Million), 2013-2018
Table 4: Bahamian Insurance Segmentation by Gross Written Premium (Percentage Share), 2009-2018
Table 5: Bahamian Insurance Direct Written Premium by Segment (US$ Million), 2009-2013
Table 6: Bahamian Insurance Direct Written Premium by Segment (US$ Million), 2013-2018
Table 7: Bahamian Insurance Segmentation by Direct Written Premium (Percentage Share), 2009-2018
Table 8: Bahamian Life Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 9: Bahamian Life Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 10: Bahamian Life Insurance- Direct Written Premium (US$ Million), 2009-2013
Table 11: Bahamian Life Insurance - Direct Written Premium (US$ Million), 2013-2018
Table 12: Bahamian Life Insurance- Earned Premium (US$ Million), 2009-2013
Table 13: Bahamian Life Insurance - Earned Premium (US$ Million), 2013-2018
Table 14: Bahamian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 15: Bahamian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 16: Bahamian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 17: Bahamian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 18: Bahamian Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 19: Bahamian Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 20: Bahamian Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 21: Bahamian Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 22: Bahamian Life Insurance - Loss Ratio (%), 2009-2013
Table 23: Bahamian Life Insurance - Loss Ratio (%), 2013-2018
Table 24: Bahamian Life Insurance - Combined Ratio (%), 2009-2013
Table 25: Bahamian Life Insurance - Combined Ratio (%), 2013-2018
Table 26: Bahamian Life Insurance - Total Investment Income (US$ Million), 2009-2013
Table 27: Bahamian Life Insurance - Total Investment Income (US$ Million), 2013-2018
Table 28: Bahamian Life Insurance - Retentions (US$ Million), 2009-2013
Table 29: Bahamian Life Insurance - Retentions (US$ Million), 2013-2018
Table 30: Bahamian Individual Whole Life - Gross Written Premium (US$ Million), 2009-2013
Table 31: Bahamian Individual Whole Life - Gross Written Premium (US$ Million), 2013-2018
Table 32: Bahamian Individual General Annuity - Gross Written Premium (US$ Million), 2009-2013
Table 33: Bahamian Individual General Annuity - Gross Written Premium (US$ Million), 2013-2018
Table 34: Bahamian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 35: Bahamian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 36: Bahamian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
Table 37: Bahamian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
Table 38: Bahamian Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Table 39: Bahamian Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Table 40: Bahamian Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Table 41: Bahamian Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Table 42: Bahamian Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 43: Bahamian Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 44: Bahamian Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 45: Bahamian Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 46: Bahamian Non-Life Insurance - Total Investment Income (US$ Million), 2009-2013
Table 47: Bahamian Non-Life Insurance - Total Investment Income (US$ Million), 2013-2018
Table 48: Bahamian Non-Life Insurance - Retentions (US$ Million), 2009-2013
Table 49: Bahamian Non-Life Insurance - Retentions (US$ Million), 2013-2018
Table 50: Bahamian Property Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 51: Bahamian Property Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 52: Bahamian Motor Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 53: Bahamian Motor Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 54: Bahamian Liability Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 55: Bahamian Liability Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 56: Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 57: Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 58: Bahamian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2009-2013
Table 59: Bahamian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2013-2018
Table 60: Bahamian Personal Accident and Health Insurance - Direct Written Premium (US$ Million), 2009-2013
Table 61: Bahamian Personal Accident and Health Insurance - Direct Written Premium (US$ Million), 2013-2018
Table 62: Bahamian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2009-2013
Table 63: Bahamian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2013-2018
Table 64: Bahamian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2009-2013
Table 65: Bahamian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2013-2018
Table 66: Bahamian Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 67: Bahamian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 68: Bahamian Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 69: Bahamian Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 70: Bahamian Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2009-2013
Table 71: Bahamian Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2013-2018
Table 72: Bahamian Personal Accident and Health Insurance - Retentions (US$ Million), 2009-2013
Table 73: Bahamian Personal Accident and Health Insurance - Retentions (US$ Million), 2013-2018
Table 74: Bahamian Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 75: Bahamian Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 76: Bahamian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 77: Bahamian Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
Table 78: Bahamian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 79: Bahamian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 80: Bahamian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 81: Bahamian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 82: The Bahamas - Life Insurance Regulatory Framework
Table 83: The Bahamas - Property Insurance Regulatory Framework
Table 84: The Bahamas - Motor Insurance Regulatory Framework
Table 85: Bahamian Insurance Industry - Market Shares (%), 2013
Table 86: Other Leading Insurance Companies
Table 87: Colina Insurance Ltd, Main Products
Table 88: Colina Insurance Ltd, Key Employees
Table 89: The Bahamas First General Insurance Company, Main Products
Table 90: Family Guardian Insurance Company Ltd, Main Products
Table 91: Family Guardian Insurance Company Ltd, Key Employees

List of Figures
Figure 1: Bahamian Insurance Gross Written Premium by Segment (US$ Million), 2009-2018
Figure 2: Bahamian Insurance Gross Written Premium Market Dynamics by Segment, 2009-2018
Figure 3: Bahamian Insurance Direct Written Premium by Segment (US$ Million), 2009-2018
Figure 4: Bahamian Insurance Direct Written Premium Market Dynamics by Segment, 2009-2018
Figure 5: Bahamian Life Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 6: Bahamian Life Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 7: Bahamian Life Insurance - Direct Written Premium (US$ Million), 2009-2013
Figure 8: Bahamian Life Insurance - Direct Written Premium (US$ Million), 2013-2018
Figure 9: Bahamian Life Insurance - Earned Premium (US$ Million), 2009-2013
Figure 10: Bahamian Life Insurance - Earned Premium (US$ Million), 2013-2018
Figure 11: Bahamian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2018
Figure 12: Bahamian Individual Life Insurance - Gross Written Premium Dynamics by Category, 2009-2018
Figure 13: Bahamian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2018
Figure 14: Bahamian Individual Life Insurance - Direct Written Premium Dynamics by Category, 2009-2018
Figure 15: Bahamian Life Insurance - Paid Claims (US$ Million), 2009-2013
Figure 16: Bahamian Life Insurance - Paid Claims (US$ Million), 2013-2018
Figure 17: Bahamian Life Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 18: Bahamian Life Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 19: Bahamian Life Insurance - Loss Ratio (%), 2009-2013
Figure 20: Bahamian Life Insurance - Loss Ratio (%), 2013-2018
Figure 21: Bahamian Life Insurance - Combined Ratio (%), 2009-2013
Figure 22: Bahamian Life Insurance - Combined Ratio (%), 2013-2018
Figure 23: Bahamian Life Insurance - Total Investment Income (US$ Million), 2009-2013
Figure 24: Bahamian Life Insurance - Total Investment Income (US$ Million), 2013-2018
Figure 25: Bahamian Life Insurance - Retentions (US$ Million), 2009-2013
Figure 26: Bahamian Life Insurance - Retentions (US$ Million), 2013-2018
Figure 27: Bahamian Life Insurance - Penetration (% of GDP), 2009-2013
Figure 28: Bahamian Life Insurance - Premium Per-capita (US$), 2009-2013
Figure 29: Bahamian Individual Whole Life - Gross Written Premium (US$ Million), 2009-2013
Figure 30: Bahamian Individual Whole Life - Gross Written Premium (US$ Million), 2013-2018
Figure 31: Bahamian Individual General Annuity - Gross Written Premium (US$ Million), 2009-2013
Figure 32: Bahamian Individual General Annuity - Gross Written Premium (US$ Million), 2013-2018
Figure 33: Bahamian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2018
Figure 34: Bahamian Non-Life Insurance - Gross Written Premium by Category (%), 2013 and 2018
Figure 35: Bahamian Non-Life Insurance - Gross Written Premium Dynamics by Category, 2009-2018
Figure 36: Bahamian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2018
Figure 37: Bahamian Non-Life Insurance - Direct Written Premium by Category (%), 2013 and 2018
Figure 38: Bahamian Non-Life Insurance - Direct Written Premium Dynamics by Category, 2009-2018
Figure 39: Bahamian Non-Life Insurance - Paid Claims (US$ Million), 2009-2013
Figure 40: Bahamian Non-Life Insurance - Paid Claims (US$ Million), 2013-2018
Figure 41: Bahamian Non-Life Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 42: Bahamian Non-Life Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 43: Bahamian Non-Life Insurance - Loss Ratio (%), 2009-2013
Figure 44: Bahamian Non-Life Insurance - Loss Ratio (%), 2013-2018
Figure 45: Bahamian Non-Life Insurance - Combined Ratio (%), 2009-2013
Figure 46: Bahamian Non-Life Insurance - Combined Ratio (%), 2013-2018
Figure 47: Bahamian Non-Life Insurance - Total Investment Income (US$ Million), 2009-2013
Figure 48: Bahamian Non-Life Insurance - Total Investment Income (US$ Million), 2013-2018
Figure 49: Bahamian Non-Life Insurance - Retentions (US$ Million), 2009-2013
Figure 50: Bahamian Non-Life Insurance - Retentions (US$ Million), 2013-2018
Figure 51: Bahamian Non-Life Insurance - Total Investment (US$ Million), 2009-2013
Figure 52: Bahamian Non-Life Insurance Penetration (% of GDP), 2009-2013
Figure 53: Bahamian Non-Life Insurance - Premium Per Capita (US$), 2009-2013
Figure 54: Bahamian Property Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 55: Bahamian Property Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 56: Bahamian Motor Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 57: Bahamian Motor Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 58: Bahamian Liability Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 59: Bahamian Liability Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 60: Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 61: Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 62: Bahamian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2009-2013
Figure 63: Bahamian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2013-2018
Figure 64: Bahamian Personal Accident and Health Insurance - Direct Written Premium (US$ Million), 2009-2013
Figure 65: Bahamian Personal Accident and Health Insurance - Direct Written Premium (US$ Million), 2013-2018
Figure 66: Bahamian Personal Accident and Health Insurance - Paid Claims by Category (US$ Million), 2009-2013
Figure 67: Bahamian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2013-2018
Figure 68: Bahamian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2009-2013
Figure 69: Bahamian Personal Accident and Health Insurance - Incurred Loss (US$ Million), 2013-2018
Figure 70: Bahamian Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
Figure 71: Bahamian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
Figure 72: Bahamian Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
Figure 73: Bahamian Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
Figure 74: Bahamian Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2009-2013
Figure 75: Bahamian Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2013-2018
Figure 76: Bahamian Personal Accident and Health Insurance - Retentions (US$ Million), 2009-2013
Figure 77: Bahamian Personal Accident and Health Insurance - Retentions (US$ Million), 2013-2018
Figure 78: Bahamian Personal Accident and Health Insurance - Total Investment (US$ Million), 2009-2013
Figure 79: Bahamian Personal Accident and Health Insurance Penetration (% of GDP), 2009-2013
Figure 80: Bahamian Personal Accident and Health Insurance - Premium Per Capita (US$), 2009-2013
Figure 81: Bahamian Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2018
Figure 82: Bahamian Reinsurance - Dynamics by Insurance Segment, 2009-2018
Figure 83: Bahamian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 84: Bahamian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 85: Bahamian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 86: Bahamian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 87: Bahamian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Figure 88: Bahamian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Figure 89: The Bahamas - Insurance Regulatory Framework
Figure 90: The Bahamas - Insurance Supervision and Control at Various Levels
Figure 91: The Bahamas - Insurance Regulatory Frameworks for Company Registration and Operation
Figure 92: Bahamian Insurance Industry - Market Shares (%), 2013
Figure 93: Bahamian GDP at Constant Prices (US$ Billion), 2009-2013
Figure 94: Bahamian GDP at Current Prices (US$ Billion), 2009-2013
Figure 95: Bahamian GDP Per Capita at Current Prices (US$), 2009-2013
Figure 96: Bahamian Inflation Rate (%), 2009-2013
Figure 97: Bahamian Life Expectancy (Years), 2009-2013
Figure 98: Bahamian Labor Force (Thousand), 2009-2013
Figure 99: Unemployment Rate (Percentage), 2009-2013
Figure 100: Bahamian Total Number of Internet Users (Thousand), 2009-2013
Figure 101: Bahamian Urban and Rural Populations (%), 2009-2013
Figure 102: Bahamian Total Population (Million), 2009-2013

Note: Product cover images may vary from those shown
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- Colina Insurance Ltd
- The Bahamas First General Insurance Company Ltd
- Family Guardian Insurance Company Ltd

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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