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

  • ID: 2553193
  • Report
  • Region: Grenada
  • 74 pages
  • Timetric
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Synopsis
The report provides in depth industry analysis, information and insights into the insurance industry in Grenada, including:
- The Grenadian insurance industry’s growth prospects by insurance segments
- The current trends and drivers of the Grenadian insurance industry
- The challenges facing the Grenadian insurance industry
- The regulatory framework of the Grenadian insurance industry

Summary
Grenada has a small insurance industry that exhibited gradual growth alongside the overall economy, which increased by 4.5% in 2010 and 5.8% in 2012. The destructive tropical storms and hurricanes that pass through the islands are factors driving new construction activities in the country. New construction amid frequent natural disasters is expected to support the growth of the industry. The industry is regulated by the Grenada International Financial Services Authority (GIFSA). The regulatory authority provides licenses and sets the fees to operate in the country. There are 24 companies operating in the industry. 16 of those companies operate in the general segment, while eight operate in the life segment.

Scope
This report provides a comprehensive analysis of the insurance industry in Grenada:
- It provides historical values for the Grenadian 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 sub-segments in the Grenadian insurance industry, along with 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 Grenada 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 Grenadian insurance industry and each segment within it
- Understand the demand-side dynamics, key trends and growth opportunities within the Grenadian insurance industry
- Assess the competitive dynamics in the Grenadian insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Grenadian insurance industry and its impact on companies and the industry's future

Key Highlights
- The country’s small industry exhibited gradual growth alongside the overall economy, which increased by 4.5% in 2010 and 5.8% in 2012
- The industry is regulated by the Grenada International Financial Services Authority (GIFSA)
- The low insurance density (premium per capita) of the industry is expected to encourage companies to enter and expand their business in the country
- Natural disasters have created opportunities for insurance companies operating in the country. Tropical storms and hurricanes are the most devastating risks for economic and personal damage
- Widespread poverty is a major challenge for companies operating in the country, which also has one of the highest unemployment rates (15%) in the Caribbean
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1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Grenadian Insurance Industry Overview
3.1 Grenadian Insurance Industry
3.2 Regulation
4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.3 Personal Accident and Health Insurance
4.4 Reinsurance
5 Macroeconomic Indicators
5.1 GDP at constant prices (US dollars)
5.2 GDP Per Capita at Constant Prices (US dollar)
5.3 GDP at Current Prices (US dollar)
5.4 GDP Per Capita at Current Prices (US dollar)
6 Appendix
6.1 Methodology
6.2 Contact Us
6.3 About Timetric
6.4 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: List of Registered Insurance Companies in Grenada
Table 3: Grenadian Insurance – Overall Written Premium by Segment (XCD Million), 2008–2012
Table 4: Grenadian Insurance – Overall Written Premium by Segment (US$ Million), 2008–2012
Table 5: Grenadian Insurance – Overall Written Premium by Segment (XCD Million), 2012–2017
Table 6: Grenadian Insurance – Overall Written Premium by Segment (US$ Million), 2012–2017
Table 7: Grenadian Insurance – Segmentation (%), 2008–2017
Table 8: Grenadian Insurance Fee Structure
Table 9: Grenadian Life Insurance – Gross Written Premium (XCD Million), 2008–2012
Table 10: Grenadian Life Insurance – Gross Written Premium (XCD Million), 2012–2017
Table 11: Grenadian Life Insurance – Paid Claims (XCD Million), 2008–2012
Table 12: Grenadian Life Insurance – Paid Claims (XCD Million), 2012–2017
Table 13: Grenadian Life Insurance – Incurred Loss (XCD Million), 2008–2012
Table 14: Grenadian Life Insurance – Incurred Loss (XCD Million), 2012–2017
Table 15: Grenadian Life Insurance – Loss Ratio (%), 2008–2012
Table 16: Grenadian Life Insurance – Loss Ratio (%), 2012–2017
Table 17: Grenadian Life Insurance – Combined Ratio (%), 2008–2012
Table 18: Grenadian Life Insurance – Combined Ratio (%), 2012–2017
Table 19: Grenadian Life Insurance – Retentions (XCD Million), 2008–2012
Table 20: Grenadian Life Insurance – Retentions (XCD Million), 2012–2017
Table 21: Grenadian Non-Life Insurance – Gross Written Premium (XCD Million), 2008–2012
Table 22: Grenadian Non-Life Insurance – Gross Written Premium (XCD Million), 2012–2017
Table 23: Grenadian Non-Life Insurance – Paid Claims (XCD Million), 2008–2012

List of Figures
Figure 1: Grenadian Insurance - Overall Written Premium by Segment (XCD Million), 2008-2017
Figure 2: Grenadian Insurance - Dynamics by Segment, 2008-2017
Figure 3: Grenadian Life Insurance - Gross Written Premium (XCD Million), 2008-2012
Figure 4: Grenadian Life Insurance - Gross Written Premium (XCD Million), 2012-2017
Figure 5: Grenadian Life Insurance - Paid Claims (XCD Million), 2008-2012
Figure 6: Grenadian Life Insurance - Paid Claims (XCD Million), 2012-2017
Figure 7: Grenadian Life Insurance - Incurred Loss (XCD Million), 2008-2012
Figure 8: Grenadian Life Insurance - Incurred Loss (XCD Million), 2012-2017
Figure 9: Grenadian Life Insurance - Loss Ratio (%), 2008-2012
Figure 10: Grenadian Life Insurance - Loss Ratio (%), 2012-2017
Figure 11: Grenadian Life Insurance - Combined Ratio (%), 2008-2012
Figure 12: Grenadian Life Insurance - Combined Ratio (%), 2012-2017
Figure 13: Grenadian Life Insurance - Retentions (XCD Million), 2008-2012
Figure 14: Grenadian Life Insurance - Retentions (XCD Million), 2012-2017
Figure 15: Grenadian Life Insurance - Penetration (Percentage of GDP), 2008-2012
Figure 16: Grenadian Life Insurance - Premium Per Capita (XCD), 2008-2012
Figure 17: Grenadian Non-Life Insurance - Gross Written Premium (XCD Million), 2008-2012
Figure 18: Grenadian Non-Life Insurance - Gross Written Premium (XCD Million), 2012-2017
Figure 19: Grenadian Non-Life Insurance - Paid Claims (XCD Million), 2008-2012
Figure 20: Grenadian Non-Life Insurance - Paid Claims (XCD Million), 2012-2017
Figure 21: Grenadian Non-Life Insurance - Incurred Loss (XCD Million), 2008-2012
Figure 22: Grenadian Non-Life Insurance - Incurred Loss (XCD Million), 2012-2017
Figure 23: Grenadian Non-Life Insurance - Loss Ratio (%), 2008-2012
Figure 24: Grenadian Non-Life Insurance - Loss Ratio (%), 2012-2017
Figure 25: Grenadian Non-Life Insurance - Combined Ratio (%), 2008-2012
Figure 26: Grenadian Non-Life Insurance - Combined Ratio (%), 2012-2017
Figure 27: Grenadian Non-Life Insurance - Retentions (XCD Million), 2008-2012
Figure 28: Grenadian Non-Life Insurance - Retentions (US$ Million), 2012-2017
Figure 29: Grenadian Non-Life Insurance - Penetration (Percentage of GDP), 2008-2012
Figure 30: Grenadian Non-Life Insurance - Premium Per Capita (XCD), 2008-2012
Figure 31: Grenadian Personal Accident and Health Insurance - Gross Written Premium (XCD Million), 2008-2012
Figure 32: Grenadian Personal Accident and Health Insurance - Gross Written Premium (XCD Million), 2012-2017
Figure 33: Grenadian Personal Accident and Health Insurance - Paid Claims (XCD Million), 2008-2012
Figure 34: Grenadian Personal Accident and Health Insurance - Paid Claims (XCD Million), 2012-2017
Figure 35: Grenadian Personal Accident and Health Insurance - Incurred Loss (XCD Million), 2008-2012
Figure 36: Grenadian Personal Accident and Health Insurance - Incurred Loss (XCD Million), 2012-2017
Figure 37: Grenadian Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Figure 38: Grenadian Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Figure 39: Grenadian Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Figure 40: Grenadian Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Figure 41: Grenadian Personal Accident and Health Insurance - Retentions (XCD Million), 2008-2012
Figure 42: Grenadian Personal Accident and Health Insurance - Retentions (US$ Million), 2012-2017
Figure 43: Grenadian Personal Accident and Health Insurance - Penetration (Percentage of GDP), 2008-2012
Figure 44: Grenadian Personal Accident and Health Insurance - Premium Per Capita (XCD), 2008-2012
Figure 45: Grenadian Reinsurance Ceded by Insurance Segment (XCD Million), 2008-2017
Figure 46: Grenadian Reinsurance - Dynamics by Insurance Segment, 2008-2017
Figure 47: Grenadian Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 48: Grenadian Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 49: Grenadian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 50: Grenadian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 51: Grenadian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2008-2012
Figure 52: Grenadian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2012-2017
Figure 53: Grenadian GDP at Constant Prices (US$ Billion), 2007-2011
Figure 54: Grenadian GDP Per Capita at Constant Prices (US$), 2007-2011
Figure 55: Grenadian GDP at Current Prices (US$ Billion), 2007-2011
Figure 56: Grenadian GDP Per Capita at Current Prices (US$), 2007-2011
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