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

  • ID: 2553099
  • Report
  • Region: Barbados
  • 110 pages
  • Timetric
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FEATURED COMPANIES

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

Summary
The Barbados insurance industry is well established but underwent a challenging time during the review period (2008-2012). Difficulties began with the government bailout of the CL Financial Group and its subsidiaries, and issues were compounded by the global and domestic economic downturn. Barbados established itself as a strong domicile in which to conduct international insurance business and is ranked among the seven-leading captive domiciles in the world.

Scope
This report provides a comprehensive analysis of the insurance industry in Barbados:
- It provides historical values for the Barbados insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast period
- It offers a detailed analysis of the key segments and categories in the Barbados insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Barbados and outlines the key regulations affecting them

Reasons To Buy
- Make strategic business decisions using in depth historic and forecast industry data related to the Barbados insurance industry and each segment within it
- Assess the competitive dynamics in the Barbados insurance industry
- Understand the demand-side dynamics, key market trends and growth opportunities within the Barbados insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Barbados insurance industry and its impact on companies and the industry's future

Key Highlights
- The Barbadian insurance industry is highly competitive and companies were compelled to maintain low premiums during the review period
- Low premiums are largely attributed to the nation's weak economic situation due to which unemployment increased and policyholders struggled to make payments
- Consequently, there has been a rise in the cancellation of policies and the profitability of operational companies during 2009-2011
- Unstable international economic conditions, combined with generally lower global and domestic interest rates, have also led to those companies with significant worldwide investments recording reductions in their earnings from those assets
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Note: Product cover images may vary from those shown
2 of 5

FEATURED COMPANIES

  • Sagicor General
  • Sagicor Life Inc
  • MORE
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Barbadian Insurance Industry Overview
3.1 Barbadian 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 Overview
5.2 Leading Companies
5.2.1 Co-operators General Insurance Company Limited – company overview
5.2.2 The Insurance Corporation of Barbados Limited – company overview
5.2.3 Sagicor Life Inc – company overview
5.2.4 Sagicor General – company overview
5.2.5 Guardian General Insurance Limited – company overview
6 Macroeconomic Indicators
6.1 GDP at Current Prices (US$ Billion)
6.2 Household Final Consumption Expenditure (US$ Billion)
6.3 Agriculture, Hunting, Forestry, Fishing Output (US$ Million)
6.4 Construction Output (US$ Million)
6.5 Inflation Rate (%)
6.6 Total population
6.7 Unemployment rate
6.8 Manufacturing Output (US$ Billion)
6.9 Mining, Manufacturing and Utilities output (US$ Billion)
6.1 Exports of Goods and Services (US$ Billion)
7 Appendix
7.1 Methodology
7.1 Contact Us
7.2 About Timetric
7.3 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Barbadian Insurance – Overall Written Premium by Segment (BBD Million), 2008–2012
Table 3: Barbadian Insurance – Overall Written Premium by Segment (US$ Million), 2008–2012
Table 4: Barbadian Insurance – Overall Written Premium by Segment (BBD Million), 2012–2017
Table 5: Barbadian Insurance – Overall Written Premium by Segment (US$ Million), 2012–2017
Table 6: Barbadian Insurance – Segmentation (%), 2008–2017
Table 7: Minimum Capital Requirements (in BBD Million)
Table 8: Barbadian Life Insurance – Written Premium (BBD Million), 2008–2012
Table 9: Barbadian Life Insurance – Written Premium (BBD Million), 2012–2017
Table 10: Barbadian Life Insurance – Paid Claims (BBD Million), 2008–2012
Table 11: Barbadian Life Insurance – Paid Claims (BBD Million), 2012–2017
Table 12: Barbadian Life Insurance – Incurred Loss (BBD Million), 2008–2012
Table 13: Barbadian Life Insurance – Incurred Loss (BBD Million), 2012–2017
Table 14: Barbadian Life Insurance – Loss Ratio (%), 2008–2012
Table 15: Barbadian Life Insurance – Loss Ratio (%), 2012–2017
Table 16: Barbadian Life Insurance – Combined Ratio (%), 2008–2012
Table 17: Barbadian Life Insurance – Combined Ratio (%), 2012–2017
Table 18: Barbadian Life Insurance – Total Assets (BBD Million), 2008–2012
Table 19: Barbadian Life Insurance – Total Assets (BBD Million), 2012–2017
Table 20: Barbadian Life Insurance – Total Investment Income (BBD Million), 2008–2012
Table 21: Barbadian Life Insurance – Total Investment Income (BBD Million), 2012–2017
Table 22: Barbadian Life Insurance – Retentions (BBD Million), 2008–2012
Table 23: Barbadian Life Insurance – Retentions (BBD Million), 2012–2017
Table 24: Barbadian Non-Life Insurance – Written Premium by Category (BBD Million), 2008–2012
Table 25: Barbadian Non-Life Insurance – Written Premium by Category (US$ Million), 2008–2012
Table 26: Barbadian Non-Life Insurance – Written Premium by Category (BBD Million), 2012–2017
Table 27: Barbadian Non-Life Insurance – Written Premium by Category (US$ Million), 2012–2017
Table 28: Barbadian Non-Life Insurance Market – Paid Claims (BBD Million), 2008–2012
Table 29: Barbadian Non-Life Insurance – Paid Claims (BBD Million), 2012–2017
Table 30: Barbadian Non-Life Insurance – Incurred Loss (BBD Million), 2008–2012
Table 31: Barbadian Non-Life Insurance – Incurred Loss (BBD Million), 2012–2017
Table 32: Barbadian Non-Life Insurance – Loss Ratio (%), 2008–2012
Table 33: Barbadian Non-Life Insurance – Loss Ratio (%), 2012–2017
Table 34: Barbadian Non-Life Insurance – Combined Ratio (%), 2008–2012
Table 35: Barbadian Non-Life Insurance – Combined Ratio (%), 2012–2017
Table 36: Barbadian Non-Life Insurance – Total Assets (BBD Million), 2008–2012
Table 37: Barbadian Non-Life Insurance – Total Assets (BBD Million), 2012–2017
Table 38: Barbadian Non-Life Insurance – Total Investment Income (BBD Million), 2008–2012
Table 39: Barbadian Non-Life Insurance – Total Investment Income (BBD Million), 2012–2017
Table 40: Barbadian Non-Life Insurance – Retentions (BBD Million), 2008–2012
Table 41: Barbadian Non-Life Insurance – Retentions (BBD Million), 2012–2017
Table 42: Barbadian Property Insurance – Written Premium (BBD Million), 2008–2012
Table 43: Barbadian Property Insurance – Written Premium (BBD Million), 2012–2017
Table 44: Barbadian Motor Insurance – Written Premium (BBD Million), 2008–2012
Table 45: Barbadian Motor Insurance – Written Premium (BBD Million), 2012–2017
Table 46: Barbadian Liability Insurance – Written Premium (BBD Million), 2008–2012
Table 47: Barbadian Liability Insurance – Written Premium (BBD Million), 2012–2017
Table 48: Barbadian Marine, Aviation and Transit Insurance – Written Premium (BBD Million), 2008–2012
Table 49: Barbadian Marine, Aviation and Transit Insurance – Written Premium (BBD Million), 2012–2017
Table 50: Barbadian Personal Accident and Health Insurance – Written Premium (BBD Million), 2008–2012
Table 51: Barbadian Personal Accident and Health Insurance – Written Premium (BBD Million), 2012–2017
Table 52: Barbadian Personal Accident and Health Insurance Market – Paid Claims (BBD Million), 2008–2012
Table 53: Barbadian Personal Accident and Health Insurance Market – Paid Claims (BBD Million), 2012–2017
Table 54: Barbadian Personal Accident and Health Insurance – Incurred Loss (BBD Million), 2008–2012
Table 55: Barbadian Personal Accident and Health Insurance – Incurred Loss (BBD Million), 2012–2017
Table 56: Barbadian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Table 57: Barbadian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Table 58: Barbadian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Table 59: Barbadian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Table 60: Barbadian Personal Accident and Health Insurance – Total Assets (BBD Million), 2008–2012
Table 61: Barbadian Personal Accident and Health Insurance – Total Assets (BBD Million), 2012–2017
Table 62: Barbadian Personal Accident and Health Insurance – Total Investment Income (BBD Million), 2008–2012
Table 63: Barbadian Personal Accident and Health Insurance – Total Investment Income (BBD Million), 2012–2017
Table 64: Barbadian Personal Accident and Health Insurance – Retentions (BBD Million), 2008–2012
Table 65: Barbadian Personal Accident and Health Insurance – Retentions (BBD Million), 2012–2017
Table 66: Barbadian Reinsurance Ceded by Insurance Segment (BBD Million), 2008–2012
Table 67: Barbadian Reinsurance Ceded by Insurance Segment (US$ Million), 2008–2012
Table 68: Barbadian Reinsurance Ceded by Insurance Segment (BBD Million), 2012–2017
Table 69: Barbadian Reinsurance Ceded by Insurance Segment (US$ Million), 2012–2017
Table 70: Barbadian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 71: Barbadian Life Insurance – Percentage of Reinsurance Ceded (%),2012–2017
Table 72: Barbadian Non-life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 73: Barbadian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 74: Barbadian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Table 75: Barbadian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Table 76: Co-operators General Insurance Company Limited, Main Products
Table 77: Co-operators General Insurance Company Limited, Key Employees
Table 78: The Insurance Corporation of Barbados Limited, Main Products
Table 79: The Insurance Corporation of Barbados Limited, Key Employees
Table 80: Sagicor Life Inc, Main Products
Table 81: Sagicor General, Main Products
Table 82: Guardian General Insurance Limited, Main Products

List of Figures
Figure 1: Barbadian Insurance – Overall Written Premium by Segment (BBD Million), 2008–2017
Figure 2: Barbadian Insurance – Dynamics by Segment, 2008–2017
Figure 3: Barbadian Life Insurance – Written Premium (BBD Million), 2008–2012
Figure 4: Barbadian Life Insurance – Written Premium (BBD Million), 2012–2017
Figure 5: Barbadian Life Insurance – Paid Claims (BBD Million), 2008–2012
Figure 6: Barbadian Life Insurance – Paid Claims (BBD Million), 2012–2017
Figure 7: Barbadian Life Insurance – Incurred Loss (BBD Million), 2008–2012
Figure 8: Barbadian Life Insurance – Incurred Loss (BBD Million), 2012–2017
Figure 9: Barbadian Life Insurance – Loss Ratio (%), 2008–2012
Figure 10: Barbadian Life Insurance – Loss Ratio (%), 2012–2017
Figure 11: Barbadian Life Insurance – Combined Ratio (%), 2008–2012
Figure 12: Barbadian Life Insurance – Combined Ratio (%), 2012–2017
Figure 13: Barbadian Life Insurance – Total Assets (BBD Million), 2008–2012
Figure 14: Barbadian Life Insurance – Total Assets (BBD Million), 2012–2017
Figure 15: Barbadian Life Insurance – Total Investment Income (BBD Million), 2008–2012
Figure 16: Barbadian Life Insurance – Total Investment Income (BBD Million), 2012–2017
Figure 17: Barbadian Life Insurance – Retentions (BBD Million), 2008–2012
Figure 18: Barbadian Life Insurance – Retentions (BBD Million), 2012–2017
Figure 19: Barbadian Life Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 20: Barbadian Life Insurance – Premium Per Capita (BBD), 2008–2012
Figure 21: Barbadian Non-Life Insurance – Written Premium by Category (BBD Million), 2008–2017
Figure 22: Barbadian Non-Life Insurance – Written Premium by Category (Percentage Share), 2012 and 2017
Figure 23: Barbadian Non-Life Insurance – Dynamics by Category, 2008–2017
Figure 24: Barbadian Non-Life Insurance – Paid Claims by Category (BBD Million), 2008–2012
Figure 25: Barbadian Non-Life Insurance – Paid Claims (BBD Million), 2012–2017
Figure 26: Barbadian Non-Life Insurance – Incurred Loss (BBD Million), 2008–2012
Figure 27: Barbadian Non-Life Insurance – Incurred Loss (BBD Million), 2012–2017
Figure 28: Barbadian Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 29: Barbadian Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 30: Barbadian Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 31: Barbadian Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 32: Barbadian Non-Life Insurance – Total Assets (BBD Million), 2008–2012
Figure 33: Barbadian Non-Life Insurance – Total Assets (BBD Million), 2012–2017
Figure 34: Barbadian Non-Life Insurance – Total Investment Income (BBD Million), 2008–2012
Figure 35: Barbadian Non-Life Insurance – Total Investment Income (BBD Million), 2012–2017
Figure 36: Barbadian Non-Life Insurance – Retentions (BBD Million), 2008–2012
Figure 37: Barbadian Non-Life Insurance – Retentions (US$ Million), 2012–2017
Figure 38: Barbadian Non-Life Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 39: Barbadian Non-Life Insurance – Premium per Capita (BBD), 2008–2012
Figure 40: Barbadian Property Insurance – Written Premium (BBD Million), 2008–2012
Figure 41: Barbadian Property Insurance – Written Premium (BBD Million), 2012–2017
Figure 42: Barbadian Motor Insurance – Written Premium (BBD Million), 2008–2012
Figure 43: Barbadian Motor Insurance – Written Premium (BBD Million), 2012–2017
Figure 44: Barbadian Liability Insurance – Written Premium (BBD Million), 2008–2012
Figure 45: Barbadian Liability Insurance – Written Premium (BBD Million), 2012–2017
Figure 46: Barbadian Marine, Aviation and Transit Insurance – Written Premium (BBD Million), 2008–2012
Figure 47: Barbadian Marine, Aviation and Transit Insurance – Written Premium (BBD Million), 2012–2017
Figure 48: Barbadian Personal Accident and Health Insurance – Written Premium (BBD Million), 2008–2012
Figure 49: Barbadian Personal Accident and Health Insurance – Written Premium (BBD Million), 2012–2017
Figure 50: Barbadian Personal Accident and Health Insurance – Paid Claims by Category (BBD Million), 2008–2012
Figure 51: Barbadian Personal Accident and Health Insurance – Paid Claims (BBD Million), 2012–2017
Figure 52: Barbadian Personal Accident and Health Insurance – Incurred Loss (BBD Million), 2008–2012
Figure 53: Barbadian Personal Accident and Health Insurance – Incurred Loss (BBD Million), 2012–2017
Figure 54: Barbadian Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 55: Barbadian Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 56: Barbadian Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 57: Barbadian Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 58: Barbadian Personal Accident and Health Insurance – Total Assets (BBD Million), 2008–2012
Figure 59: Barbadian Personal Accident and Health Insurance – Total Assets (BBD Million), 2012–2017
Figure 60: Barbadian Personal Accident and Health Insurance – Total Investment Income (BBD Million), 2008–2012
Figure 61: Barbadian Personal Accident and Health Insurance – Total Investment Income (BBD Million), 2012–2017
Figure 62: Barbadian Personal Accident and Health Insurance – Retentions (BBD Million), 2008–2012
Figure 63: Barbadian Personal Accident and Health Insurance – Retentions (US$ Million), 2012–2017
Figure 64: Barbadian Personal Accident and Health Insurance – Penetration (Percentage of GDP), 2008–2012
Figure 65: Barbadian Personal Accident and Health Insurance – Premium Per Capita (BBD), 2008–2012
Figure 66: Barbadian Reinsurance Ceded by Insurance Segment (BBD Million), 2008–2017
Figure 67: Barbadian Reinsurance – Dynamics by Insurance Segment, 2008–2017
Figure 68: Barbadian Life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 69: Barbadian Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 70: Barbadian Non-life Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 71: Barbadian Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 72: Barbadian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2008–2012
Figure 73: Barbadian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2012–2017
Figure 74: Barbadian GDP at Current Prices (US$ Billion), 2007–2011
Figure 75: Barbadian Final Consumption Expenditure (US$ Billion), 2007–2011
Figure 76: Barbadian Agriculture, Hunting, Forestry, Fishing Output (US$ Million), 2007–2011
Figure 77: Barbadian Construction Output (US$ Million), 2007–2011
Figure 78: Barbadian Inflation Rate (%), 2007–2011
Figure 79: Barbadian Total Population (Million), 2007–2011
Figure 80: Barbadian Unemployment Rate (%), 2007–2011
Figure 81: Barbadian Manufacturing Output (US$ Billion), 2007–2011
Figure 82: Barbadian Mining, Manufacturing, Utilities Output (US$ Billion), 2007–2011
Figure 83: Barbadian Exports of Goods and Services (US$ Billion), 2007–2011
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Co-operators General Insurance Company Limited
The Insurance Corporation of Barbados Limited
Sagicor Life Inc
Sagicor General
Guardian General Insurance Limited
Note: Product cover images may vary from those shown
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