The Insurance Industry in Turks and Caicos, Key Trends and Opportunities to 2022
Summary
This "The Insurance Industry in Turks and Caicos, Key Trends and Opportunities to 2022" report provides detailed analysis of the market trends, drivers and challenges in the Turks and Caicos 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 Turks and Caicos 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 Turks and Caicos insurance industry, including -
Scope
Reasons to buy
Summary
This "The Insurance Industry in Turks and Caicos, Key Trends and Opportunities to 2022" report provides detailed analysis of the market trends, drivers and challenges in the Turks and Caicos 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 Turks and Caicos 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 Turks and Caicos insurance industry, including -
- The Turks and Caicos insurance industry's growth prospects by segment and category
- A comprehensive overview of the Turks and Caicos economy and demographics
- Details of the competitive landscape in the Turks and Caicos insurance industry
- The various distribution channels in the Turks and Caicos insurance industry
- Details of regulatory policy applicable to the Turks and Caicos insurance industry
- Analysis of natural hazards in the Turks and Caicos insurance industry.
Scope
- This report provides a comprehensive analysis of the insurance industry in Turks and Caicos
- It provides historical values for the Turks and Caicos 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 Turks and Caicos 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 Turks and Caicos.
- It profiles the top insurance companies in Turks and Caicos, 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 Turks and Caicos insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Turks and Caicos insurance industry.
- Assess the competitive dynamics in the Turks and Caicos insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Turks and Caicos 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
5.1.3 Assets and investments
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Penetration
6.1.3 Loss ratio
6.1.4 Assets and investments
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Hurricanes
9.2 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Colonial Group International - company overview
10.1.2 Turks and Caicos First Insurance Company - company overview
10.1.3 Colina Insurance Ltd - company overview
10.1.4 Caribbean Alliance Insurance Company - company overview
10.1.5 BAF Insurance Company - 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 Professional indemnity insurance for insurance brokers and managers
11.4.2 Motor third-party liability insurance
11.4.3 National insurance scheme
11.4.4 Health insurance
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 Caribbean Association of Insurance Regulators
11.5.3 Financial Services Commission
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
12.1.2 Claims and expenses
12.1.3 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Claims and expenses
12.2.3 Assets and investments
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: Turks and Caicos Insurance Industry - Key Facts, 2017
Table 2: Turks and Caicos Insurance Industry - Leading Insurers
Table 3: Turks and Caicos Insurance Industry - Gross Written Premium (US$ Million), 2013-2017
Table 4: Turks and Caicos Insurance Industry - Gross Written Premium (US$ Million), 2017-2022
Table 5: Turks and Caicos Insurance Industry - Density (US$), 2013-2017
Table 6: Turks and Caicos Insurance Industry - Density (US$), 2017-2022
Table 7: Turks and Caicos Life Insurance - Gross Written Premium (US$ Million), 2013-2017
Table 8: Turks and Caicos Life Insurance - Gross Written Premium (US$ Million), 2017-2022
Table 9: Turks and Caicos Life Insurance - Total Assets (US$ Million), 2013-2017
Table 10: Turks and Caicos Life Insurance - Total Assets (US$ Million), 2017-2022
Table 11: Turks and Caicos Life Insurance - Total Investment Income (US$ Thousand), 2013-2017
Table 12: Turks and Caicos Life Insurance - Total Investment Income (US$ Thousand), 2017-2022
Table 13: Turks and Caicos General Insurance - Gross Written Premium (US$ Million), 2013-2017
Table 14: Turks and Caicos General Insurance - Gross Written Premium (US$ Million), 2017-2022
Table 15: Turks and Caicos General Insurance - Total Assets (US$ Million ), 2013-2017
Table 16: Turks and Caicos General Insurance - Total Assets (US$ Million), 2017-2022
Table 17: Turks and Caicos General Insurance - Total Investment Income (US$ Thousand), 2013-2017
Table 18: Turks and Caicos General Insurance - Total Investment Income (US$ Thousand), 2017-2022
Table 19: Turks and Caicos Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2013-2017
Table 20: Turks and Caicos Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2017-2022
Table 21: Turks and Caicos Insurance Brokers - 2017
Table 22: Turks and Caicos Insurance Agents - 2017
Table 23: Turks and Caicos Insurance Industry - Insurers, 2017
Table 24: Colonial Group International - Key Facts
Table 25: Turks and Caicos First Insurance Company - Key Facts
Table 26: Colina Insurance Ltd - Key Facts
Table 27: Caribbean Alliance Insurance Company - Key Facts
Table 28: BAF Insurance Company - Key Facts
Table 29: The Turks and Caicos Islands - Insurance Regulatory Framework Key Features
Table 30: The Turks and Caicos Islands - Life Insurance Regulatory Framework
Table 31: The Turks and Caicos Islands - Property Insurance Regulatory Framework
Table 32: The Turks and Caicos Islands- Motor Insurance Regulatory Framework
Table 33: The Turks and Caicos Islands - Liability Insurance Regulatory Framework
Table 34: The Turks and Caicos Islands - Solvency Margin Requirement
Table 35: The Turks and Caicos Islands - Fee for Application of a License
Table 36: Turks and Caicos Life Insurance - Policies and Premium, 2013-2017
Table 37: Turks and Caicos Life Insurance - Policies and Premium, 2017-2022
Table 38: Turks and Caicos Life Insurance - Claims and Expenses, 2013-2017
Table 39: Turks and Caicos Life Insurance - Claims and Expenses, 2017-2022
Table 40: Turks and Caicos Life Insurance - Assets and Investments, 2013-2017
Table 41: Turks and Caicos Life Insurance - Assets and Investments, 2017-2022
Table 42: Turks and Caicos General Insurance - Policies and Premium, 2013-2017
Table 43: Turks and Caicos General Insurance - Policies and Premium, 2017-2022
Table 44: Turks and Caicos General Insurance - Claims and Expenses, 2013-2017
Table 45: Turks and Caicos General Insurance - Claims and Expenses, 2017-2022
Table 46: Turks and Caicos General Insurance - Assets and Investments, 2013-2017
Table 47: Turks and Caicos General Insurance - Assets and Investments, 2017-2022
Table 48: Insurance Industry Definitions
List of Figures
Figure 1: Turks and Caicos Real GDP (US$ Million), 2013-2022
Figure 2: Turks and Caicos Consumer Price Inflation (%), 2013-2022
Figure 3: Turks and Caicos Unemployment Rate, 2013-2022
Figure 4: Turks and Caicos Population by Age Group, 2013-2022
Figure 5: Turks and Caicos Insurance Industry - Gross Written Premium (US$ Million), 2013-2022
Figure 6: Turks and Caicos Insurance Industry - Density (US$), 2013-2022
Figure 7: Turks and Caicos Life Insurance - Gross Written Premium (US$ Million), 2013-2022
Figure 8: Turks and Caicos Life Insurance - Penetration (%), 2013-2017
Figure 9: Turks and Caicos Life Insurance - Penetration (%), 2017-2022
Figure 10: Turks and Caicos Life Insurance - Total Assets (US$ Million), 2013-2022
Figure 11: Turks and Caicos Life Insurance - Total Investment Income (US$ Thousand), 2013-2022
Figure 12: Turks and Caicos General Insurance - Gross Written Premium (US$ Million), 2013-2022
Figure 13: Turks and Caicos General Insurance - Penetration (%), 2013-2017
Figure 14: Turks and Caicos General Insurance - Penetration (%), 2017-2022
Figure 15: Turks and Caicos General Insurance - Loss Ratio (%), 2013-2017
Figure 16: Turks and Caicos General Insurance - Loss Ratio (%), 2017-2022
Figure 17: Turks and Caicos General Insurance - Total Assets (US$ Million), 2013-2022
Figure 18: Turks and Caicos General Insurance - Total Investment Income (US$ Thousand), 2013-2022
Figure 19: Turks and Caicos Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2013-2022
Figure 20: Turks and Caicos Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 21: Turks and Caicos General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 22: The Turks and Caicos Islands - Insurance Supervision and Control at Various Levels
Figure 23: The Turks and Caicos Islands - 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:
- BAF Insurance Company (TCI) Ltd
- British Atlantic Financial Services Ltd (BAFSL) (In liquidation)
- CLICO (in liquidation)
- Colina Insurance Ltd
- Sagicor Life of the Cayman Islands
- Scotia Insurance Caribbean Ltd
- BAF Insurance Company (TCI) Ltd
- Insurance Company of the Bahamas
- GK General Insurance Company Ltd
- RoyalStar Assurance Ltd
