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

The Insurance Industry in the Bahamas, Key Trends and Opportunities to 2017

  • Published: May 2013
  • Region: Bahamas
  • 96 pages
  • Timetric

FEATURED COMPANIES

  • Colina Insurance Limited
  • MORE

Synopsis
The report provides in depth market analysis, information and insights into the insurance industry in the Bahamas, including:
- The Bahamian insurance industry’s growth prospects by insurance segments and categories
- The competitive landscape in the Bahamian insurance industry
- The current trends and drivers of the Bahamas insurance industry
- The challenges facing the Bahamas insurance industry
- The regulatory framework of the Bahamas insurance industry

Summary
The Bahamas is ranked fourth amongst the leading offshore financial centers (OFC) in the world. According to the IMF, the Bahamian financial sector accounted for 12% of total foreign bank assets held at global offshore financial centers at the end of March 2012. The large financial sector has benefited the insurance industry in the country, which is well-developed with a high penetration rate of 8.5% in 2012. The industry is very competitive, with 24 domestic (including both-life and non-life insurers) and 15 foreign insurers (including captive insurers). The Insurance Commission of the Bahamas (ICB) is the regulator of the industry. The Bahamian economy, which is highly dependent READ MORE >

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
3.4 Regulation
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance
5 Competitive Landscape
5.1 Leading Companies
5.1.1 The Bahamas First General Insurance Company – Company overview
5.1.2 The Insurance Company of the Bahamas Limited (ICB) – Company overview
5.1.3 Colina Insurance Limited – Company overview
5.1.4 BAF Financial & Insurance (Bahamas) Ltd – Company overview
6 Macroeconomic Indicators
6.1 Household Final Consumption Expenditure (US$ Billion)
6.2 Air Passengers
6.3 GDP at Current Prices (US$ Billion)
6.4 Construction Output (US$ Million)
6.5 Inflation Rate (%)
6.6 Total Population
6.7 Unemployment Rate (%)
6.8 Life Expectancy
6.9 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: Bahamian Insurance – Overall Written Premium by Segment (BSD Million), 2008–2012
Table 3: Bahamian Insurance – Overall Written Premium by Segment (US$ Million), 2008–2012
Table 4: Bahamian Insurance – Overall Written Premium by Segment (BSD Million), 2012–2017
Table 5: Bahamian Insurance – Overall Written Premium by Segment (US$ Million), 2012–2017
Table 6: Bahamian Insurance – Segmentation (%), 2008–2017
Table 7: Bahamian Life Insurance – Written Premium (BSD Million), 2008–2012
Table 8: Bahamian Life Insurance – Written Premium (BSD Million), 2012–2017
Table 9: Bahamian Life Insurance – Paid Claims (BSD Million), 2008–2012
Table 10: Bahamian Life Insurance – Paid Claims (BSD Million), 2012–2017
Table 11: Bahamian Life Insurance – Incurred Loss (BSD Million), 2008–2012
Table 12: Bahamian Life Insurance – Incurred Loss (BSD Million), 2012–2017
Table 13: Bahamian Life Insurance – Loss Ratio (%), 2008–2012
Table 14: Bahamian Life Insurance – Loss Ratio (%), 2012–2017
Table 15: Bahamian Life Insurance – Combined Ratio (%), 2008–2012
Table 16: Bahamian Life Insurance – Combined Ratio (%), 2012–2017
Table 17: Bahamian Life Insurance – Retentions (BSD Million), 2008–2012
Table 18: Bahamian Life Insurance – Retentions (BSD Million), 2012–2017
Table 19: Bahamian Non-Life Insurance – Written Premium by Category (BSD Million), 2008–2012
Table 20: Bahamian Non-Life Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 21: Bahamian Non-Life Insurance – Written Premium by Category (BSD Million), 2012–2017
Table 22: Bahamian Non-Life Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 23: Bahamian Non-Life Insurance – Paid Claims (BSD Million), 2008–2012
Table 24: Bahamian Non-Life Insurance – Paid Claims (BSD Million), 2012–2017
Table 25: Bahamian Non-Life Insurance – Incurred Loss (BSD Million), 2008–2012
Table 26: Bahamian Non-Life Insurance – Incurred Loss (BSD Million), 2012–2017
Table 27: Bahamian Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 28: Bahamian Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 29: Bahamian Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 30: Bahamian Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 31: Bahamian Non-Life Insurance – Retentions (BSD Million), 2008–2012
Table 32: Bahamian Non-Life Insurance – Retentions (BSD Million), 2012–2017
Table 33: Bahamian Property Insurance – Written Premium (BSD Million), 2008–2012
Table 34: Bahamian Property Insurance – Written Premium (BSD Million), 2012–2017
Table 35: Bahamian Motor Insurance – Written Premium (BSD Million), 2008–2012
Table 36: Bahamian Motor Insurance – Written Premium (BSD Million), 2012–2017
Table 37: Bahamian Liability Insurance – Written Premium (BSD Million), 2008–2012
Table 38: Bahamian Liability Insurance – Written Premium (BSD Million), 2012–2017
Table 39: Bahamian Marine, Aviation and Transit Insurance – Written Premium (BSD Million), 2008–2012
Table 40: Bahamian Marine, Aviation and Transit Insurance – Written Premium (BSD Million), 2012–2017
Table 41: Bahamian Personal Accident and Health Insurance – Written Premium (BSD Million), 2008–2012
Table 42: Bahamian Personal Accident and Health Insurance – Written Premium (BSD Million), 2012–2017
Table 43: Bahamian Personal Accident and Health Insurance – Paid Claims (BSD Million),
Table 44: Bahamian Personal Accident and Health Insurance – Paid Claims (BSD Million),
Table 45: Bahamian Personal Accident and Health Insurance – Incurred Loss (BSD Million),
Table 46: Bahamian Personal Accident and Health Insurance – Incurred Loss (BSD Million),
Table 47: Bahamian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 48: Bahamian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 49: Bahamian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 50: Bahamian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 51: Bahamian Personal Accident and Health Insurance – Retentions (BSD Million), 2008–2012
Table 52: Bahamian Personal Accident and Health Insurance – Retentions (BSD Million), 2012–2017
Table 53: Bahamian Reinsurance Ceded by Insurance Segment (BSD Million), 2008–2012
Table 54: Bahamian Reinsurance Ceded by Insurance Segment (US$ Million), 2008–2012
Table 55: Bahamian Reinsurance Ceded by Insurance Segment (BSD Million), 2012–2017
Table 56: Bahamian Reinsurance Ceded by Insurance Segment (US$ Million), 2012–2017
Table 57: Bahamian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 58: Bahamian Life Insurance – Percentage of Reinsurance Ceded (%),2012–2017
Table 59: Bahamian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 60: Bahamian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 61: Bahamian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 62: Bahamian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 63: The Bahamas First General Insurance Company, Main Products
Table 64: The Bahamas First General Insurance Company, Key Employees
Table 65: The Insurance Company of the Bahamas Limited (ICB), Main Products
Table 66: The Insurance Company of the Bahamas Limited (ICB), Key Employees
Table 67: Colina Insurance Limited, Main Products
Table 68: Colina Insurance Limited, Key Employees
Table 69: BAF Financial & Insurance (Bahamas) Ltd, Main Products
Table 70: BAF Financial & Insurance (Bahamas) Ltd, Key Employees

List of Figures
Figure 1: Bahamian Insurance – Overall Written Premium by Segment (BSD Million), 2008–2017
Figure 2: Bahamian Insurance – Dynamics by Segment, 2008–2017
Figure 3: Bahamian Life Insurance – Written Premium (BSD Million), 2008–2012
Figure 4: Bahamian Life Insurance – Written Premium (BSD Million), 2012–2017
Figure 5: Bahamian Life Insurance – Paid Claims (BSD Million), 2008–2012
Figure 6: Bahamian Life Insurance – Paid Claims (BSD Million), 2012–2017
Figure 7: Bahamian Life Insurance – Incurred Loss (BSD Million), 2008–2012
Figure 8: Bahamian Life Insurance – Incurred Loss (BSD Million), 2012–2017
Figure 9: Bahamian Life Insurance – Loss Ratio (%), 2008–2012
Figure 10: Bahamian Life Insurance – Loss Ratio (%), 2012–2017
Figure 11: Bahamian Life Insurance – Combined Ratio (%), 2008–2012
Figure 12: Bahamian Life Insurance – Combined Ratio (%), 2012–2017
Figure 13: Bahamian Life Insurance – Retentions (BSD Million), 2008–2012
Figure 14: Bahamian Life Insurance – Retentions (BSD Million), 2012–2017
Figure 15: Bahamian Life Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 16: Bahamian Life Insurance – Premium Per Capita (BSD), 2008–2012
Figure 17: Bahamian Non-Life Insurance – Written Premium by Category (BSD Million), 2008–2017
Figure 18: Bahamian Non-Life Insurance – Written Premium by Category (%), 2012 and 2017
Figure 19: Bahamian Non-Life Insurance – Dynamics by Category, 2008–2017
Figure 20: Bahamian Non-Life Insurance – Paid Claims by Category (BSD Million), 2008–2012
Figure 21: Bahamian Non-Life Insurance – Paid Claims (BSD Million), 2012–2017
Figure 22: Bahamian Non-Life Insurance – Incurred Loss (BSD Million), 2008–2012
Figure 23: Bahamian Non-Life Insurance – Incurred Loss (BSD Million), 2012–2017
Figure 24: Bahamian Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 25: Bahamian Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 26: Bahamian Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 27: Bahamian Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 28: Bahamian Non-Life Insurance – Retentions (BSD Million), 2008–2012
Figure 29: Bahamian Non-Life Insurance – Retentions (US$ Million), 2012–2017
Figure 30: Bahamian Non-Life Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 31: Bahamian Non-Life Insurance – Premium Per Capita (BSD), 2008–2012
Figure 32: Bahamian Property Insurance – Written Premium (BSD Million), 2008–2012
Figure 33: Bahamian Property Insurance – Written Premium (BSD Million), 2012–2017
Figure 34: Bahamian Motor Insurance – Written Premium (BSD Million), 2008–2012
Figure 35: Bahamian Motor Insurance – Written Premium (BSD Million), 2012–2017
Figure 36: Bahamian Liability Insurance – Written Premium (BSD Million), 2008–2012
Figure 37: Bahamian Liability Insurance – Written Premium (BSD Million), 2012–2017
Figure 38: Bahamian Marine, Aviation and Transit Insurance – Written Premium (BSD Million), 2008–2012
Figure 39: Bahamian Marine, Aviation and Transit Insurance – Written Premium (BSD Million), 2012–2017
Figure 40: Bahamian Personal Accident and Health Insurance – Written Premium (BSD Million), 2008–2012
Figure 41: Bahamian Personal Accident and Health Insurance – Written Premium (BSD Million), 2012–2017
Figure 42: Bahamian Personal Accident and Health Insurance – Paid Claims (BSD Million),
Figure 43: Bahamian Personal Accident and Health Insurance – Paid Claims (BSD Million),
Figure 44: Bahamian Personal Accident and Health Insurance – Incurred Loss (BSD Million),
Figure 45: Bahamian Personal Accident and Health Insurance – Incurred Loss (BSD Million),
Figure 46: Bahamian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 47: Bahamian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 48: Bahamian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 49: Bahamian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 50: Bahamian Personal Accident and Health Insurance – Retentions (BSD Million), 2008–2012
Figure 51: Bahamian Personal Accident and Health Insurance – Retentions (US$ Million), 2012–2017
Figure 52: Bahamian Personal Accident and Health Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 53: Bahamian Personal Accident and Health Insurance – Premium Per Capita (BSD), 2008–2012
Figure 54: Bahamian Reinsurance Ceded by Insurance Segment (BSD Million), 2008–2017
Figure 55: Bahamian Reinsurance – Dynamics by Insurance Segment, 2008–2017
Figure 56: Bahamian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 57: Bahamian Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 58: Bahamian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 59: Bahamian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 60: Bahamian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 61: Bahamian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 62: Bahamian Household Final Consumption Expenditure (US$ Billion), 2007–2011
Figure 63: Bahamian Air Passenger Carried (Thousand), 2007–2011
Figure 64: Bahamian GDP at Current Prices (US$ Billion), 2007–2011
Figure 65: Bahamian Construction Output (US$ Million), 2007–2011
Figure 66: Bahamian Inflation Rate (%), 2007–2011
Figure 67: Bahamian Total Population (Million), 2007–2011
Figure 68: Unemployment Rate (%), 2007–2011
Figure 69: Bahamian Life Expectancy (in years), 2007–2011
Figure 70: Bahamian Exports of Goods and Services (US$ Billion), 2007–2011

The Bahamas First General Insurance Company
The Insurance Company of the Bahamas Limited (ICB)
Colina Insurance Limited
BAF Financial & Insurance (Bahamas) Ltd

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