Caribbean Insurance Report 2009
Business Monitor International, March 2009, Pages: 67
BMI's Caribbean Insurance Report provides independent forecasts and competitive intelligence on Caribbean's insurance industry.
The clearest differentiating factor in the Caribbean insurance sector is the marked absence of major global players. AIG in Jamaica and Trinidad & Tobago, and Spain’s MAPFRE, which has a presence in the Dominican Republic, are the only international insurers that have yet seen potential in Caribbean insurance markets. They could be missing a trick with recent progress on CSME, the CARICOM Single Market and Economy. The 12 CSME members include Jamaica, Trinidad & Tobago and Barbados, but not the Bahamas or the Dominican Republic. The Dominican Republic has a free trade agreement (FTA) with Costa Rica, El Salvador, Guatemala, Honduras, implying an intention to focus on doing business in central and South America rather than the Caribbean. The Bahamas has come under fire for not signing up to the treaty.
The first phase of CSME, implemented in 2008, enshrines the right of establishment, whereby any business from a signatory state has the right to establish and operate business in any of its fellows under the same terms and conditions as local companies. Presumably it would allow global insurers to leverage a legal presence in one signatory state to a business presence in another, but if international insurers continue to ignore the Caribbean this is perhaps a moot point. The relative absence of global insurers is compensated for by major regional groups, such as Guardian Holdings, CLICO/Colfire, and Sagicor, as well as a plethora of local insurers. The first group is in the best position to solidify their position in the sector with the advent of CSME, but the treaty could also be leveraged by high quality local insurers.
CSME could also unify a Caribbean insurance industry that is marked by wide diversity, as outlined in our previous reports. Jamaica and the Dominican Republic are lower income countries with a history of economic, financial and political instability and have under-developed insurance sectors. Barbados, as the table below suggests, is a substantial centre for offshore captive insurance, although life insurance is not especially prevalent. Authorities in the Bahamas, which it should be remembered has not signed up to CSME, is looking to rival its neighbour in the captive insurance sector by leveraging its status as an offshore banking, private banking and trust centre. Despite being the second richest country in the region (with a GDP per capital of US$19,700 compared to US$21,300 in the Bahamas), Trinidad & Tobago is has high life insurance premiums per capita but low non-life penetration.
The low penetration of insurance in the region suggests that the industry has significant room to expand, with relatively high standards of regulation (led again by Barbados with its status as a financial centre), and low country-specific risk.
The Sector At A Glance
Table: The Bahamas Insurance Sector At A Glance
Table: The Barbados Insurance Sector At A Glance
Table: The Dominican Republic Insurance Sector At A Glance
Table: The Jamaican Insurance Sector At A Glance
Table: The Trinidad And Tobago Insurance Sector At A G 9
Executive Summary
Table: Caribbean Markets At A Glance: Estimated Gross Written Premiums, 2008 (US$mn)
Caribbean Insurance SWOT
Key Features Of This Report
Latest News
Comment – The Global Financial Crisis
Table: Selected European Countries’ Estimated Budget And Current Account, 2008 (as % of GDP
Other Recent Developments
Projections And Forecasts
Table: Bahamas - Projections
Table: Barbados - Projections
Table: Dominican Republic - Projections
Table: Jamiaca - Projections
Table: Trinidad & Tobago - Projections
Projections And Drivers Of Growth
Table: Bahamas Growth Drivers, 2005-2013
Table: Barbados Growth Drivers, 2005-2013
Table: Dominican Republic Growth Drivers, 2005-2013
Table: Jamaica Growth Drivers, 2005-2013
Table: Trinidad & Tobago Growth Drivers, 2005-2013
Country Update
Barbados – Macroeconomic Outlook
Table: Barbados –Macroeconomic Activity, 2007-2010
Bahamas
Dominican Republic – Macroeconomic Outlook
Table: Dominican Republic – Macroeconomic Activity, 2007-2010
Jamaica – Macroeconomic Outlook
Table: Jamaica – Macroeconomic Activity, 2007-2013
Trinidad & Tobago – Macroeconomic Outlook
Table: Trinidad & Tobago – Macroeconomic Activity, 2007-2010
Insurance Business Environment Rating
Table: Bahamas’s Insurance Business Environment
Table: Barbados Insurance Business Environment
Table: Dominican Republic Insurance Business Environm
Table: Jamaica Insurance Business Environment
Table: Trinidad & Tobago Insurance Business Environment
Table: Comparison Of Ratings, Latin America And The Caribbean
Regional Context
Table: Non-Life Premiums In A Regional Context, 2007
Table: Life Premiums In A Regional Context, 2007
Analysis Of Competitive Conditions
Caribbean – Non-Life And Life Segments
Regional Company Profiles
MAPFRE
AIG
Country Snapshots: Demographic Data
Dominican Republic
Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education And Healthcare
Table: Education, 2002-2005
Table: Vital Statistics, 2005-2030
Section 3: Labour Market And Spending Power
Table: Employment Indicators, 2000-2005
Table: Consumer Expenditure, 2000-2012 (US$)
Table: Average Annual Manufacturing Wages, 2000-2012
Trinidadad & Tobago Demographic Data
Section 1: Population
Table: Demographic Indicators, 2005-2030
Table: Rural/Urban Breakdown, 2005-2030
Section 2: Education And Healthcare
Table: Education, 2002-2005
Table: Vital Statistics, 2005-2030
Section 3: Labour Market And Spending Power
Table: Employment Indicators, 2000-2005
Table: Consumer Expenditure, 2000-2012 (US$)
Table: Average Annual Manufacturing Wages, 2000-2012 .
Methodology
Basis Of Projections
Insurance Business Environment Rating
Table: Insurance Business Environment Indicators And Rationale
Table: Weighting Of Indicators
- MAPFRE
- AIG
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