The Insurance Industry in Saint Lucia, Key Trends and Opportunities to 2022
Summary
This "The Insurance Industry in Saint Lucia, Key Trends and Opportunities to 2022" report provides detailed analysis of the market trends, drivers and challenges in the Saint Lucian insurance industry.
It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Saint Lucian economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together This 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 the regulatory structure.
Inside this report, we look at the top themes, its predictions and identify winners and losers.
The report provides in-depth market analysis, information and insights into the Saint Lucian insurance industry, including -
Scope
Reasons to buy
Summary
This "The Insurance Industry in Saint Lucia, Key Trends and Opportunities to 2022" report provides detailed analysis of the market trends, drivers and challenges in the Saint Lucian insurance industry.
It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Saint Lucian economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together This 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 the regulatory structure.
Inside this report, we look at the top themes, its predictions and identify winners and losers.
The report provides in-depth market analysis, information and insights into the Saint Lucian insurance industry, including -
- The Saint Lucian insurance industry's growth prospects by segment and category
- A comprehensive overview of the Saint Lucian economy and demographics
- Details of the competitive landscape in the Saint Lucian insurance industry
- The various distribution channels in the Saint Lucian insurance industry
- Details of regulatory policy applicable to the Saint Lucian insurance industry
- Analysis of natural hazards in the Saint Lucian insurance industry.
Scope
- This report provides a comprehensive analysis of the insurance industry in Saint Lucia
- It provides historical values for the Saint Lucian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Saint Lucian insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Saint Lucia.
- It profiles the top insurance companies in Saint Lucia, and outlines the key regulations affecting them.
Reasons to buy
- Make strategic business decisions using in-depth historic and forecast market data related to the Saint Lucian insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Saint Lucian insurance industry.
- Assess the competitive dynamics in the Saint Lucian insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Saint Lucian insurance industry and their impact on companies and the industry's future.
Table of Contents
1 KEY FACTS AND HIGHLIGHTS2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
5 LIFE INSURANCE OUTLOOK
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Penetration
6 GENERAL INSURANCE OUTLOOK
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Penetration
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.4 Personal Accident and Health Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.5 Miscellaneous
6.5.1 Gross written premium
6.5.2 Penetration
7 REINSURANCE OUTLOOK
8 DISTRIBUTION CHANNEL OUTLOOK
9 NATURAL AND MAN-MADE HAZARDS
9.1 Hurricanes
9.2 Volcanoes
9.3 Epidemics
9.4 Exposure
10 COMPETITIVE LANDSCAPE
10.1 Company Profiles
10.1.1 Sun General Insurance Inc. - company overview
10.1.2 Beacon Insurance Company Ltd - company overview
10.1.3 Caribbean Alliance Insurance Company Ltd - company overview
10.1.4 Demerara Mutual Life Assurance Society Ltd - company overview
10.1.5 Sagicor Life Inc. - company overview
11 GOVERNANCE, RISK AND COMPLIANCE
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Liability insurance for ship owners in respect of oil pollution
11.4.2 Professional indemnity insurance for insurance brokers
11.5 Supervision and Control
11.5.1 The Insurance Association of the Caribbean
11.5.2 Eastern Caribbean Central Bank
11.5.3 Financial Services Regulatory Authority
11.5.4 Caribbean Association of Insurance Regulators
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 DATABOOK
12.1 Life Insurance
12.1.1 Policies and premium
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Property insurance
12.2.3 Motor insurance
12.2.4 Personal accident and health insurance
12.2.5 Miscellaneous
13 DEFINITIONS AND METHODOLOGY
13.1 Definitions
13.2 Methodology
14 About the Publisher
14.1 Contact Information
14.2 About the Publisher
14.3 Services
14.4 Disclaimer
List of Tables
Table 1: Saint Lucian Insurance Industry - Key Facts, 2017
Table 2: Saint Lucian Insurance Industry - Leading Insurers, 2017
Table 3: Saint Lucian Insurance Industry - Gross Written Premium (XCD Million and US$ Million), 2013-2017
Table 4: Saint Lucian Insurance Industry - Gross Written Premium (XCD Million and US$ Million), 2017-2022
Table 5: Saint Lucian Insurance Industry - Density (XCD), 2013-2017
Table 6: Saint Lucian Insurance Industry - Density (XCD), 2017-2022
Table 7: Saint Lucian Life Insurance - Gross Written Premium (XCD Million and US$ Million), 2013-2017
Table 8: Saint Lucian Life Insurance - Gross Written Premium (XCD Million and US$ Million), 2017-2022
Table 9: Saint Lucian General Insurance - Gross Written Premium (XCD Million and US$ Million), 2013-2017
Table 10: Saint Lucian General Insurance - Gross Written Premium (XCD Million and US$ Million), 2017-2022
Table 11: Saint Lucian Property Insurance - Gross Written Premium (XCD Million and US$ Million), 2013-2017
Table 12: Saint Lucian Property Insurance - Gross Written Premium (XCD Million and US$ Million), 2017-2022
Table 13: Saint Lucian Motor Insurance - Gross Written Premium (XCD Million and US$ Million), 2013-2017
Table 14: Saint Lucian Motor Insurance - Gross Written Premium (XCD Million and US$ Million), 2017-2022
Table 15: Saint Lucian Personal Accident and Health Insurance - Gross Written Premium (XCD Million and US$ Million), 2013-2017
Table 16: Saint Lucian Personal Accident and Health Insurance - Gross Written Premium (XCD Million and US$ Million), 2017-2022
Table 17: Saint Lucian Miscellaneous - Gross Written Premium (XCD Million and US$ Million), 2013-2017
Table 18: Saint Lucian Miscellaneous - Gross Written Premium (XCD Million and US$ Million), 2017-2022
Table 19: Saint Lucian Insurance Industry - Leading Insurers, 2017
Table 20: Sun General Insurance Inc. - Key Facts
Table 21: Beacon Insurance Company Ltd - Key Facts
Table 22: Caribbean Alliance Insurance Company Ltd - Key Facts
Table 23: Demerara Mutual Life Assurance Society Ltd - Key Facts
Table 24: Sagicor Life Inc. - Key Facts
Table 25: Saint Lucia - Insurance Regulatory Framework Key Features
Table 26: Saint Lucia - Life Insurance Regulatory Framework
Table 27: Saint Lucia - Property Insurance Regulatory Framework
Table 28: Saint Lucia- Motor Insurance Regulatory Framework
Table 29: Saint Lucia - Liability Insurance Regulatory Framework
Table 30: Saint Lucia - Corporate Tax Rates for the Financial Year 2018
Table 31: Saint Lucian Life Insurance - Policies and Premium, 2013-2017
Table 32: Saint Lucian Life Insurance - Policies and Premium, 2017-2022
Table 33: Saint Lucian General Insurance - Policies and Premium, 2013-2017
Table 34: Saint Lucian General Insurance - Policies and Premium, 2017-2022
Table 35: Saint Lucian General Insurance - Property Insurance, 2013-2017
Table 36: Saint Lucian General Insurance - Property Insurance, 2017-2022
Table 37: Saint Lucian General Insurance - Motor Insurance, 2013-2017
Table 38: Saint Lucian General Insurance - Motor Insurance, 2017-2022
Table 39: Saint Lucian General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 40: Saint Lucian General Insurance - Personal Accident and Health Insurance, 2017-2022
Table 41: Saint Lucian General Insurance - Miscellaneous, 2013-2017
Table 42: Saint Lucian General Insurance - Miscellaneous, 2017-2022
Table 43: Insurance Industry Definitions
List of Figures
Figure 1: Saint Lucian Real GDP (XCD Billion), 2013-2022
Figure 2: Saint Lucian Exchange Rate (XCD per US$), 2013-2022
Figure 3: Saint Lucian Consumer Price Inflation (%), 2013-2022
Figure 4: Saint Lucian Current Account Balance as Percentage of GDP (%), 2013-2022
Figure 5: Saint Lucian Unemployment Rate, 2013-2022
Figure 6: Saint Lucian Population by Age Group, 2013-2022
Figure 7: Saint Lucian Insurance Industry - Gross Written Premium (XCD Million), 2013-2022
Figure 8: Saint Lucian Insurance Industry - Density (XCD), 2013-2022
Figure 9: Saint Lucian Life Insurance - Gross Written Premium (XCD Million), 2013-2022
Figure 10: Saint Lucian Life Insurance - Penetration (%), 2013-2017
Figure 11: Saint Lucian Life Insurance - Penetration (%), 2017-2022
Figure 12: Saint Lucian General Insurance - Gross Written Premium (XCD Million), 2013-2022
Figure 13: Saint Lucian General Insurance - Penetration (%), 2013-2017
Figure 14: Saint Lucian General Insurance - Penetration (%), 2017-2022
Figure 15: Saint Lucian Property Insurance - Gross Written Premium (XCD Million), 2013-2022
Figure 16: Saint Lucian Property Insurance - Penetration (%), 2013-2017
Figure 17: Saint Lucian Property Insurance - Penetration (%), 2017-2022
Figure 18: Saint Lucian Motor Insurance - Gross Written Premium (XCD Million), 2013-2022
Figure 19: Saint Lucian Motor Insurance - Penetration (%), 2013-2017
Figure 20: Saint Lucian Motor Insurance - Penetration (%), 2017-2022
Figure 21: Saint Lucian Personal Accident and Health Insurance - Gross Written Premium (XCD Million), 2013-2022
Figure 22: Saint Lucian Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 23: Saint Lucian Personal Accident and Health Insurance - Penetration (%), 2017-2022
Figure 24: Saint Lucian Miscellaneous - Gross Written Premium (XCD Million), 2013-2022
Figure 25: Saint Lucian Miscellaneous - Penetration (%), 2013-2017
Figure 26: Saint Lucian Miscellaneous - Penetration (%), 2017-2022
Figure 27: Saint Lucia - Insurance Supervision and Control at Various Levels
Figure 28: Saint Lucia - Insurance Regulatory Frameworks for Company Registration and Operation
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Sun General Insurance Inc.
- Beacon Insurance Company Ltd
- Caribbean Alliance Insurance Company Ltd
- Demerara Mutual Life Assurance Society Ltd
- Sagicor Life Inc.
- Sagicor General Insurance
- Guardian General Insurance Ltd
- M&C General Insurance Company Ltd
- St. Lucia Motor & General Insurance Company Ltd
- Massy United Insurance Company Ltd
