The Insurance Industry in Aruba, Key Trends and Opportunities to 2022

The Insurance Industry in Aruba, Key Trends and Opportunities to 2022

Summary

The 'The Insurance Industry in Aruba, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Aruban 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 Aruban 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.

The report provides in-depth market analysis, information and insights into the Aruban insurance industry, including:

The Aruban insurance industry's growth prospects by segment and category

A comprehensive overview of the Aruban economy and demographics

Details of the competitive landscape in the Aruban insurance industry

The various distribution channels in the Aruban insurance industry

Details of regulatory policy applicable to the Aruban insurance industry

Analysis of natural hazards in the Aruban insurance industry

Key Highlights:

As of 2017, eight general insurance companies were operating in motor insurance.

Despite charging corporate tax at 25.0%, the country had four registered captive insurers in 2017.

As of 2017, 16 insurance brokers were operating in the Aruban insurance industry.

Scope

This report provides a comprehensive analysis of the insurance industry in Aruba.

It provides historical values for the Aruban 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 Aruban 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 Aruba.

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

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

Assess the competitive dynamics in the Aruban insurance industry.

Identify the growth opportunities and market dynamics in key segments.

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

1.KEY FACTS AND HIGHLIGHTS2 EXECUTIVE SUMMARY3.ECONOMY AND DEMOGRAPHICS4 INDUSTRY OUTLOOK

5.LIFE INSURANCE OUTLOOK

5.1 Segment Indicators
5.1.1 Net written premium
5.1.2 Paid claims
5.1.3 Assets and investments
5.2 Pension Insurance
5.2.1 Gross written premium
5.2.2 Penetration

6.GENERAL INSURANCE OUTLOOK

6.1 Segment Indicators
6.1.1 Net earned premium
6.1.2 Loss ratio
6.1.3 Assets and investments
6.2 Property Insurance
6.2.1 Profitability
6.3 Motor Insurance
6.3.1 Profitability
6.4 Personal Accident and Health Insurance
6.4.1 Profitability
6.5 Miscellaneous
6.5.1 Profitability

7.DISTRIBUTION CHANNEL OUTLOOK8.NATURAL AND MAN-MADE HAZARDS

9.COMPETITIVE LANDSCAPE

9.1 Company Profiles
9.1.1 Nagico Insurances Aruba - company overview
9.1.2 Massy United Insurance Aruba NV - company overview
9.1.3 Pan-American Life Insurance Company of Aruba VBA - company overview
9.1.4 Guardian group Fatum - company overview
9.1.5 Fides Rae Insurance Company NV - company overview

10 GOVERNANCE, RISK AND COMPLIANCE

10.1 Legislation Overview and Historical Evolution
10.2 Latest Changes in Regulation
10.3 Legislation and Market Practice by Type of Insurance
10.3.1 Life insurance
10.3.2 Property insurance
10.3.3 Motor insurance
10.3.4 Liability insurance
10.3.5 Marine, aviation and transit insurance
10.3.6 Personal accident and health insurance
10.4 Compulsory Insurance
10.4.1 Motor liability insurance
10.5 Supervision and Control
10.5.1 International Association of Insurance Supervisors
10.5.2 Central Bank of Aruba
10.6 Non-Admitted Insurance Regulations
10.6.1 Overview
10.6.2 Intermediaries
10.6.3 Market practices
10.6.4 Fines and Penalties
10.7 Company Registration and Operations
10.7.1 Type of insurance organization
10.7.2 Establishing a local company
10.7.3 Foreign ownership
10.7.4 Types of license
10.7.5 Capital requirements
10.7.6 Solvency margin
10.7.7 Reserve requirements
10.7.8 Investment regulations
10.7.9 Statutory return requirements
10.7.10 Fee structure
10.8 Taxation
10.8.1 Insurance premium or policy taxation
10.8.2 Withholding taxes on premium paid overseas
10.8.3 Corporate tax
10.8.4 VAT
10.8.5 Captives
10.9 Legal System
10.9.1 Introduction
10.9.2 Access to court
10.9.3 Alternative dispute resolution

11 DATABOOK

11.1 Life Insurance
11.1.1 Policies and premium
11.1.2 Claims and expenses
11.1.3 Assets and investments
11.2 General Insurance
11.2.1 Policies and premium
11.2.2 Claims and expenses
11.2.3 Assets and investments
11.2.4 Property insurance
11.2.5 Motor insurance
11.2.6 Marine, aviation and transit insurance
11.2.7 Personal accident and health insurance
11.2.8 Miscellaneous

12 DEFINITIONS AND METHODOLOGY

12.1 Definitions
12.2 Methodology

13 ABOUT

13.1 Contact
13.2 About
13.3 Services
13.4 Disclaimer

List of Tables

Table 1: Aruban Insurance Industry - Key Facts, 2017
Table 2: Aruban Insurance Industry - Leading Insurers, 2017
Table 3: Aruban Government Credit Ratings
Table 4: Aruban Life Insurance - Net Written Premium (AWG Million and US$ Million), 2013-2017
Table 5: Aruban Life Insurance - Net Written Premium (AWG Million and US$ Million), 2017-2022
Table 6: Aruban Life Insurance - Paid Claims (AWG Million and US$ Million), 2013-2017
Table 7: Aruban Life Insurance - Paid Claims (AWG Million and US$ Million), 2017-2022
Table 8: Aruban Life Insurance - Total Assets (AWG Billion and US$ Million), 2013-2017
Table 9: Aruban Life Insurance - Total Assets (AWG Billion and US$ Million), 2017-2022
Table 10: Aruban Life Insurance - Total Investment Income (AWG Million and US$ Million), 2013-2017
Table 11: Aruban Life Insurance - Total Investment Income (AWG Million and US$ Million), 2017-2022
Table 12: Aruban Life Insurance - Investment Portfolio (AWG Million), 2013-2017
Table 13: Aruban Life Insurance - Investment Portfolio (AWG Billion), 2017-2022
Table 14: Aruban Pension - Gross Written Premium (AWG Million and US$ Million), 2013-2017
Table 15: Aruban Pension - Gross Written Premium (AWG Million and US$ Million), 2017-2022
Table 16: Aruban General Insurance - Net Earned Premium (AWG Million and US$ Million), 2013-2017
Table 17: Aruban General Insurance - Net Earned Premium (AWG Million and US$ Million), 2017-2022
Table 18: Aruban General Insurance - Total Assets (AWG Million and US$ Million), 2013-2017
Table 19: Aruban General Insurance - Total Assets (AWG Million and US$ Million), 2017-2022
Table 20: Aruban General Insurance - Total Investment Income (AWG Million and US$ Million), 2013-2017
Table 21: Aruban General Insurance - Total Investment Income (AWG Million and US$ Million), 2017-2022
Table 22: Aruban General Insurance - Investment Portfolio (AWG Million), 2013-2017
Table 23: Aruban General Insurance - Investment Portfolio (AWG Million), 2017-2022
Table 24: Aruban Property Insurance - Loss Ratio (%), 2013-2017
Table 25: Aruban Property Insurance - Loss Ratio(%), 2017-2022
Table 26: Aruban Motor Insurance - Loss Ratio (%), 2013-2017
Table 27: Aruban Motor Insurance - Loss Ratio(%), 2017-2022
Table 28: Aruban Personal Accident and Health Insurance - Loss Ratio (%), 2013-2017
Table 29: Aruban Personal Accident and Health Insurance - Loss Ratio(%), 2017-2022
Table 30: Aruban Miscellaneous - Loss Ratio (%), 2013-2017
Table 31: Aruban Miscellaneous - Loss Ratio (%), 2017-2022
Table 32: Aruban Insurance Brokers - 2017
Table 33: Aruban Insurance Industry - General Insurers, 2017
Table 34: Aruban Insurance Industry - Life Insurers, 2017
Table 35: Aruban Insurance Industry - Captive Insurers, 2017
Table 36: Nagico Insurances Aruba - Key Facts
Table 37: Massy United Insurance Aruba NV - Key Facts
Table 38: Pan-American Life Insurance Company of Aruba VBA - Key Facts
Table 39: Guardian group Fatum - Key Facts
Table 40: Fides Rae Insurance Company NV - Key Facts
Table 41: Aruba - Insurance Regulatory Framework Key Features
Table 42: Aruba - Life Insurance Regulatory Framework
Table 43: Aruba - Property Insurance Regulatory Framework
Table 44: Aruba - Motor Insurance Regulatory Framework
Table 45: Aruba - Liability Insurance Regulatory Framework
Table 46: Aruba - Corporate Tax Rates for the Financial Year 2018
Table 47: Aruba Life Insurance - Policies and Premium, 2013-2017
Table 48: Aruba Life Insurance - Policies and Premium, 2017-2022
Table 49: Aruba Life Insurance - Claims and Expenses, 2013-2017
Table 50: Aruba Life Insurance - Claims and Expenses, 2017-2022
Table 51: Aruba Life Insurance - Assets and Investments, 2013-2017
Table 52: Aruba Life Insurance - Assets and Investments, 2017-2022
Table 53: Aruba General Insurance - Policies and Premium, 2013-2017
Table 54: Aruba General Insurance - Policies and Premium, 2017-2022
Table 55: Aruba General Insurance - Claims and Expenses, 2013-2017
Table 56: Aruba General Insurance - Claims and Expenses, 2017-2022
Table 57: Aruba General Insurance - Assets and Investments, 2013-2017
Table 58: Aruba General Insurance - Assets and Investments, 2017-2022
Table 59: Aruba General Insurance - Property Insurance, 2013-2017
Table 60: Aruba General Insurance - Property Insurance, 2017-2022
Table 61: Aruba General Insurance - Motor Insurance, 2013-2017
Table 62: Aruba General Insurance - Motor Insurance, 2017-2022
Table 63: Aruba General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table 64: Aruba General Insurance - Marine, Aviation and Transit Insurance, 2017-2022
Table 65: Aruba General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 66: Aruba General Insurance - Personal Accident and Health Insurance, 2017-2022
Table 67: Aruba General Insurance - Miscellaneous, 2013-2017
Table 68: Aruba General Insurance - Miscellaneous, 2017-2022
Table 69: Insurance Industry Definitions

List of Figures

Figure 1: Aruban Real GDP (AWG Billion), 2013-2022
Figure 2: Aruban Exchange Rate (AWG per US$), 2013-2022
Figure 3: Aruban Consumer Price Inflation (%), 2013-2022
Figure 4: Aruban Unemployment Rate, 2013-2022
Figure 5: Aruban Population by Age Group (Thousand), 2013-2022
Figure 6: Aruban Life Insurance - Net Written Premium (AWG Million), 2013-2022
Figure 7: Aruban Life Insurance - Paid Claims (AWG Million), 2013-2022
Figure 8: Aruban Life Insurance - Total Assets (AWG Billion), 2013-2022
Figure 9: Aruban Life Insurance - Total Investment Income (AWG Million), 2013-2022
Figure 10: Aruban Life Insurance - Investment Portfolio (AWG Billion), 2013-2022
Figure 11: Aruban Life Insurance - Investment Portfolio Dynamics (AWG Billion), 2013-2022
Figure 12: Aruban Pension - Gross Written Premium (AWG Million), 2013-2022
Figure 13: Aruban Pension - Penetration (%), 2013-2017
Figure 14: Aruban Pension - Penetration (%), 2017-2022
Figure 15: Aruban General Insurance - Net Earned Premium (AWG Million), 2013-2022
Figure 16: Aruban General Insurance - Loss Ratio (%), 2013-2017
Figure 17: Aruban General Insurance - Loss Ratio (%), 2017-2022
Figure 18: Aruban General Insurance - Total Assets (AWG Million), 2013-2022
Figure 19: Aruban General Insurance - Total Investment Income (AWG Million), 2013-2022
Figure 20: Aruban General Insurance - Investment Portfolio (AWG Million), 2013-2022
Figure 21: Aruban General Insurance - Investment Portfolio Dynamics (AWG Million), 2013-2022
Figure 22: Aruban Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022
Figure 23: Aruban Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022
Figure 24: Aruban Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022
Figure 25: Aruban Miscellaneous - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022
Figure 26: Aruba - Insurance Supervision and Control at Various Levels
Figure 27: Aruba - Insurance Regulatory Frameworks for Company Registration and Operation