The Insurance Industry in Solomon Islands, Key Trends and Opportunities to 2022

The Insurance Industry in Solomon Islands, Key Trends and Opportunities to 2022

Summary

The Author's "The Insurance Industry in Solomon Islands, Key Trends and Opportunities to 2022", report provides detailed analysis of the market trends, drivers and challenges in the Solomon Islands 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 Solomon Islands economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together The Author's 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.

This report provides in-depth market analysis, information and insights into the Solomon Islands insurance industry, including:

The Solomon Islands insurance industry's growth prospects by segment and category

A comprehensive overview of the Solomon Islands economy and demographics

Details of the competitive landscape in the Solomon Islands insurance industry

The various distribution channels in the Solomon Islands insurance industry

Details of regulatory policy applicable to the Solomon Islands insurance industry

Analysis of natural hazards in the Solomon Islands insurance industry

Key Highlights

In June 2018, PFIP, in collaboration with the Solomon Islands National Provident Fund, launched the nationwide micropension product.

In May 2017, the PFIP granted SBD1.4 million (US$176,820.0) to the National Provident Fund (NPF) for the launch of a new savings product, youSave, for self-employed people on a pilot basis.

As of 2017, four insurance companies were operating in the Solomon Islands insurance industry.

Scope

This report provides a comprehensive analysis of the insurance industry in Solomon Islands:

It provides historical values for the Solomon Islands 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 Solomon Islands 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 Solomon Islands.

It profiles the top insurance companies in Solomon Islands, 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 Solomon Islands insurance industry and each segment and category within it.

Understand the demand-side dynamics, key market trends and growth opportunities in the Solomon Islands insurance industry.

Assess the competitive dynamics in the Solomon Islands insurance industry.

Identify the growth opportunities and market dynamics in key segments.

Gain insights into key regulations governing the Solomon Islands insurance industry and their impact on companies and the industry's future.

1 Key Facts and Highlights2 Executive Summary3 Economy and Demographics

4 Industry Outlook

4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
4.1.3 Paid claims

5 Distribution Channel Outlook

6 Natural and Man-Made Hazards

6.1 Flooding
6.2 Earthquakes
6.3 Exposure

7 Competitive Landscape

7.1 Company Profiles
7.1.1 TOWER Insurance Company - company overview
7.1.2 Australia and New Zealand (ANZ) Banking Group Ltd - company overview
7.1.3 QBE Insurance (International) Pty Ltd - company overview
7.1.4 Capital Insurance Group - company overview

8 Governance, Risk and Compliance

8.1 Legislation Overview and Historical Evolution
8.2 Latest Changes in Regulation
8.3 Legislation and Market Practice by Type of Insurance
8.3.1 Life insurance
8.3.2 Property insurance
8.3.3 Motor insurance
8.3.4 Liability insurance
8.3.5 Marine, aviation and transit insurance
8.3.6 Personal accident and health insurance
8.4 Compulsory Insurance
8.4.1 Motor third-party liability insurance
8.4.2 Workmen’s compensation insurance
8.5 Supervision and Control
8.5.1 Central Bank of the Solomon Islands (Controller of Insurance)
8.6 Non-Admitted Insurance Regulations
8.6.1 Overview
8.6.2 Intermediaries
8.6.3 Market practices
8.6.4 Fines and Penalties
8.7 Company Registration and Operations
8.7.1 Type of insurance organization
8.7.2 Establishing a local company
8.7.3 Foreign ownership
8.7.4 Types of license
8.7.5 Capital requirements
8.7.6 Solvency margin
8.7.7 Reserve requirements
8.7.8 Investment regulations
8.7.9 Statutory return requirements
8.7.10 Fee structure
8.8 Taxation
8.8.1 Insurance premium or policy taxation
8.8.2 Withholding taxes on premium paid overseas
8.8.3 Corporate tax
8.8.4 VAT
8.8.5 Captives
8.9 Legal System
8.9.1 Introduction
8.9.2 Access to court
8.9.3 Alternative dispute resolution

9 Definitions and Methodology

9.1 Definitions
9.2 Methodology

10 About

10.1 Contact
10.2 About
10.3 Services
10.4 Disclaimer

List of Tables

Table 1: The Solomon Islands Insurance Industry - Key Facts, 2017
Table 2: The Solomon Islands Insurance Industry - Leading Insurers, 2017
Table 3: The Solomon Islands Government Credit Ratings
Table 4: The Solomon Islands Insurance Industry - Gross Written Premium (SBD Million and US$ Million), 2013-2017
Table 5: The Solomon Islands Insurance Industry - Gross Written Premium (SBD Million and US$ Million), 2017-2022
Table 6: The Solomon Islands Insurance Industry - Density (SBD), 2013-2017
Table 7: The Solomon Islands Insurance Industry - Density (SBD), 2017-2022
Table 8: The Solomon Islands Insurance Industry - Paid Claims (SBD Million and US$ Million), 2013-2017
Table 9: The Solomon Islands Insurance Industry - Paid Claims (SBD Million and US$ Million), 2017-2022
Table 10: List of Earthquakes in the Solomon Islands (2015-2017)
Table 11: The Solomon Islands Insurance Industry - Leading Insurers, 2017
Table 12: TOWER Insurance Company - Key Facts
Table 13: Australia and New Zealand Banking Group Ltd - Key Facts
Table 14: QBE Insurance (International) Pty Ltd - Key Facts
Table 15: Capital Insurance Group - Key Facts
Table 16: Solomon Islands- Insurance Regulatory Framework Key Features
Table 17: Solomon Islands- Life Insurance Regulatory Framework
Table 18: Solomon Islands- Property Insurance Regulatory Framework
Table 19: Solomon Islands -Motor Insurance Regulatory Framework
Table 20: Solomon Islands- Liability Insurance Regulatory Framework
Table 21: Solomon Islands- Indemnity Limits for Workmen’s Compensation Insurance
Table 22: Solomon Islands- Corporate Tax Rates for the Financial Year 2018
Table 23: Insurance Industry Definitions

List of Figures

Figure 1: The Solomon Islands Real GDP (SBD Billion), 2013-2022
Figure 2: The Solomon Islands Exchange Rate (SBD per US$), 2013-2022
Figure 3: The Solomon Islands Consumer Price Inflation (%), 2013-2022
Figure 4: The Solomon Islands Current Account Balance (% of GDP), 2013-2022
Figure 5: The Solomon Islands Population by Age Group (Thousand), 2013-2022
Figure 6: The Solomon Islands Insurance Industry - Gross Written Premium (SBD Million), 2013-2022
Figure 7: The Solomon Islands Insurance Industry - Density (SBD), 2013-2022
Figure 8: The Solomon Islands Insurance Industry - Paid Claims (SBD Million), 2013-2022
Figure 9: Solomon Islands- Insurance Regulatory Frameworks for Company Registration and Operation