The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2022
November 2018
118
About the Report
About the Report
The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2022
Summary
GlobalData's 'The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Bahamian 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 Bahamian economy and demographics, and provides detailed information on the competitive landscape in the country.
The report brings together GlobalData'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 Bahamian insurance industry, including -
- The Bahamian insurance industry's growth prospects by segment and category
- A comprehensive overview of the Bahamian economy and demographics
- Details of the competitive landscape in the Bahamian insurance industry
- The various distribution channels in the Bahamian insurance industry
- Details of regulatory policy applicable to the Bahamian insurance industry
- Analysis of natural hazards in the Bahamian insurance industry
Key Highlights
- On July 5, 2018, the ICB proposed a risk-based capital framework for general insurers.
- As of December 31, 2017, there were 18 general insurers and 11 life insurers and 165 captive insurers operating in the country.
- On January 13, 2017, the ICB issued a draft for guidelines regarding the capital adequacy framework for both domestic and foreign life insurers operating in the country.
Scope
- This report provides a comprehensive analysis of the insurance industry in the Bahamas.
- It provides historical values for the Bahamian 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 Bahamian 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 the Bahamas.
- It profiles the top insurance companies in the Bahamas, 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 Bahamian insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Bahamian insurance industry.
- Assess the competitive dynamics in the Bahamian insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Bahamian insurance industry and their impact on companies and the industry's future.
Products
Products
Bahamian insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance
Companies
Colina Insurance Ltd
The Bahamas First General Insurance Company
Family Guardian Insurance Company Ltd
RoyalStar Assurance Ltd
Insurance Company of the Bahamas Ltd
New Providence Life Insurance Company Limited
Laurentide Insurance and Mortgage Company Ltd
Fidelity National Title Insurance Company (Branch)
Generali Worldwide Insurance Company Ltd (Branch)
American Home Assurance Company Ltd (Branch)
Table of Contents
Table of Contents
Table of Contents
1 Key Facts and Highlights
2 Executive Summary
3 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 Life Insurance Outlook
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Paid claims
5.1.3 Penetration
5.1.4 Assets and investments
6 General Insurance Outlook
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Paid claims
6.1.3 Penetration
6.1.4 Assets and investments
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 Liability Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.5 Marine, Aviation and Transit Insurance
6.5.1 Gross written premium
6.5.2 Penetration
6.6 Personal Accident and Health Insurance
6.6.1 Gross written premium
6.6.2 Penetration
6.7 Miscellaneous
6.7.1 Gross written premium
6.7.2 Penetration
7 Reinsurance Outlook
7.1 Premium Ceded
8 Distribution Channel Outlook
9 Natural and Man-Made Hazards
9.1 Storms
9.2 Exposure
10 Competitive Landscape
10.1 Company Profiles
10.1.1 Colina Insurance Ltd - company overview
10.1.2 The Bahamas First General Insurance Company - company overview
10.1.3 Family Guardian Insurance Company Ltd - company overview
10.1.4 RoyalStar Assurance Ltd - company overview
10.1.5 Insurance Company of the Bahamas Ltd - 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 Motor third-party liability insurance
11.4.2 Social insurance system
11.4.3 Professional indemnity insurance for insurance brokers
11.4.4 Errors and omission insurance for loss adjusters, risk managers, fund advisers, real estate appraisers and consultants
11.4.5 Fidelity insurance for insurance agents
11.4.6 Liability insurance for ships with respect to oil pollution
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 Insurance Commission of the Bahamas
11.5.3 Bahamas Insurance Association
11.5.4 Insurance Institute of the Bahamas
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 taxations
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
12.2.4 Property insurance
12.2.5 Motor insurance
12.2.6 Liability insurance
12.2.7 Marine, aviation and transit insurance
12.2.8 Personal Accident and Health Insurance
12.2.9 Miscellaneous
13 Definitions and Methodology
13.1 Definitions
13.2 Methodology
14 About GlobalData
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData's Services
14.4 Disclaimer
List of Figure
List of Figures
Figure 1: Bahamian Real GDP (USD Billion), 2013-2022
Figure 2: Bahamian Consumer Price Inflation (%), 2013-2022
Figure 3: Bahamian Current Account Balance as Percentage of GDP (%), 2013-2016
Figure 4: Bahamian Unemployment Rate, 2013-2022
Figure 5: Bahamian Population by Age Group, 2013-2022
Figure 6: Bahamian Insurance Industry - Gross Written Premium (USD Million), 2013-2022
Figure 7: Bahamian Insurance Industry - Density (USD ), 2013-2022
Figure 8: Bahamian Insurance Industry - Paid Claims (USD Million), 2013-2022
Figure 9: Bahamian Life Insurance - Gross Written Premium (USD Million), 2013-2022
Figure 10: Bahamian Life Insurance - Paid Claims (USD Million), 2013-2022
Figure 11: Bahamian Life Insurance - Penetration (%), 2013-2017
Figure 12: Bahamian Life Insurance - Penetration (%), 2017-2022
Figure 13: Bahamian Life Insurance - Total Assets (USD Billion), 2013-2022
Figure 14: Bahamian Life Insurance - Total Investment Income (USD Million), 2013-2022
Figure 15: Bahamian Life Insurance - Investment Portfolio (USD Million), 2013-2022
Figure 16: Bahamian Life Insurance - Investment Portfolio Dynamics (USD Million), 2013-2022
Figure 17: Bahamian General Insurance - Gross Written Premium (USD Million), 2013-2022
Figure 18: Bahamian General Insurance - Paid Claims (USD Million), 2013-2022
Figure 19: Bahamian General Insurance - Penetration (%), 2013-2017
Figure 20: Bahamian General Insurance - Penetration (%), 2017-2022
Figure 21: Bahamian General Insurance - Total Assets (USD Million), 2013-2022
Figure 22: Bahamian General Insurance - Total Investment Income (USD Million), 2013-2022
Figure 23: Bahamian General Insurance - Investment Portfolio (USD Million), 2013-2022
Figure 24: Bahamian General Insurance - Investment Portfolio Dynamics (USD Million), 2013-2022
Figure 25: Bahamian Property Insurance - Gross Written Premium (USD Million), 2013-2022
Figure 26: Bahamian Property Insurance - Penetration (%), 2013-2017
Figure 27: Bahamian Property Insurance - Penetration (%), 2017-2022
Figure 28: Bahamian Motor Insurance - Gross Written Premium (USD Million), 2013-2022
Figure 29: Bahamian Motor Insurance - Penetration (%), 2013-2017
Figure 30: Bahamian Motor Insurance - Penetration (%), 2017-2022
Figure 31: Bahamian Liability Insurance - Gross Written Premium (USD Million), 2013-2022
Figure 32: Bahamian Liability Insurance - Penetration (%), 2013-2017
Figure 33: Bahamian Liability Insurance - Penetration (%), 2017-2022
Figure 34: Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (USD Million), 2013-2022
Figure 35: Bahamian Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
Figure 36: Bahamian Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022
Figure 37: Bahamian Personal Accident and Health Insurance - Gross Written Premium (USD Million), 2013-2022
Figure 38: Bahamian Personal Accident and Health Insurance - Penetration (%), 2013-2017
Figure 39: Bahamian Personal Accident and Health Insurance - Penetration (%), 2017-2022
Figure 40: Bahamian Miscellaneous - Gross Written Premium (USD Million), 2013-2022
Figure 41: Bahamian Miscellaneous - Penetration (%), 2013-2017
Figure 42: Bahamian Miscellaneous - Penetration (%), 2017-2022
Figure 43: Bahamian Reinsurance - Premium Ceded by Insurance Segment (USD Billion), 2013-2022
Figure 44: Bahamian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 45: Bahamian General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
Figure 46: The Bahamas - Insurance Supervision and Control at Various Levels
Figure 47: The Bahamas - Insurance Regulatory Frameworks for Company Registration and Operation
List of Table
List of Tables
Table 1: Bahamian Insurance Industry - Key Facts, 2017
Table 2: Bahamian Insurance Industry - Leading Insurers, 2017
Table 3: Bahamian Government Credit Ratings
Table 4: Bahamian Insurance Industry - Gross Written Premium (USD Million), 2013-2017
Table 5: Bahamian Insurance Industry - Gross Written Premium (USD Million), 2017-2022
Table 6: Bahamian Insurance Industry - Density (USD ), 2013-2017
Table 7: Bahamian Insurance Industry - Density (USD ), 2017-2022
Table 8: Bahamian Insurance Industry - Paid Claims (USD Million), 2013-2017
Table 9: Bahamian Insurance Industry - Paid Claims (USD Million), 2017-2022
Table 10: Bahamian Life Insurance - Gross Written Premium (USD Million), 2013-2017
Table 11: Bahamian Life Insurance - Gross Written Premium (USD Million), 2017-2022
Table 12: Bahamian Life Insurance - Paid Claims (USD Million), 2013-2017
Table 13: Bahamian Life Insurance - Paid Claims (USD Million), 2017-2022
Table 14: Bahamian Life Insurance - Total Assets (USD Billion), 2013-2017
Table 15: Bahamian Life Insurance - Total Assets (USD Billion), 2017-2022
Table 16: Bahamian Life Insurance - Total Investment Income (USD Million), 2013-2017
Table 17: Bahamian Life Insurance - Total Investment Income (USD Million), 2017-2022
Table 18: Bahamian Life Insurance - Investment Portfolio (USD Million), 2013-2017
Table 19: Bahamian Life Insurance - Investment Portfolio (USD Million), 2017-2022
Table 20: Bahamian General Insurance - Gross Written Premium (USD Billion), 2013-2017
Table 21: Bahamian General Insurance - Gross Written Premium (USD Billion and USD Billion), 2017-2022
Table 22: Bahamian General Insurance - Paid Claims (USD Million), 2013-2017
Table 23: Bahamian General Insurance - Paid Claims (USD Million), 2017-2022
Table 24: Bahamian General Insurance - Total Assets (USD Million), 2013-2017
Table 25: Bahamian General Insurance - Total Assets (USD Million), 2017-2022
Table 26: Bahamian General Insurance - Total Investment Income (USD Million), 2013-2017
Table 27: Bahamian General Insurance - Total Investment Income (USD Million), 2017-2022
Table 28: Bahamian General Insurance - Investment Portfolio (USD Million), 2013-2017
Table 29: Bahamian General Insurance - Investment Portfolio (USD Million), 2017-2022
Table 30: Bahamian Property Insurance - Gross Written Premium (USD Million), 2013-2017
Table 31: Bahamian Property Insurance - Gross Written Premium (USD Million), 2017-2022
Table 32: Bahamian Motor Insurance - Gross Written Premium (USD Million), 2013-2017
Table 33: Bahamian Motor Insurance - Gross Written Premium (USD Million), 2017-2022
Table 34: Bahamian Liability Insurance - Gross Written Premium (USD Million), 2013-2017
Table 35: Bahamian Liability Insurance - Gross Written Premium (USD Million), 2017-2022
Table 36: Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (USD Million), 2013-2017
Table 37: Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (USD Billion and USD Billion), 2017-2022
Table 38: Bahamian Personal Accident and Health Insurance - Gross Written Premium (USD Million), 2013-2017
Table 39: Bahamian Personal Accident and Health Insurance - Gross Written Premium (USD Million), 2017-2022
Table 40: Bahamian Miscellaneous - Gross Written Premium (USD Million), 2013-2017
Table 41: Bahamian Miscellaneous - Gross Written Premium (USD Million), 2017-2022
Table 42: Bahamian Reinsurance - Premium Ceded by Insurance Segment (USD Billion), 2013-2017
Table 43: Bahamian Reinsurance - Premium Ceded by Insurance Segment (USD Billion), 2017-2022
Table 44: Bahamian Insurance Industry - Insurance Companies, 2017
Table 45: Colina Insurance Ltd - Key Facts
Table 46: The Bahamas First General Insurance Company - Key Facts
Table 47: Family Guardian Insurance Company Ltd - Key Facts
Table 48: RoyalStar Assurance Ltd - Key Facts
Table 49: Insurance Company of the Bahamas Ltd - Key Facts
Table 50: The Bahamas - Insurance Regulatory Framework Key Features
Table 51: The Bahamas - Life Insurance Regulatory Framework
Table 52: The Bahamas - Property Insurance Regulatory Framework
Table 53: The Bahamas - Motor Insurance Regulatory Framework
Table 54: The Bahamas - Liability Insurance Regulatory Framework
Table 55: Bahamian Life Insurance - Policies and Premium, 2013-2017
Table 56: Bahamian Life Insurance - Policies and Premium, 2017-2022
Table 57: Bahamian Life Insurance - Claims and Expenses, 2013-2017
Table 58: Bahamian Life Insurance - Claims and Expenses, 2017-2022
Table 59: Bahamian Life Insurance - Assets and Investments, 2013-2017
Table 60: Bahamian Life Insurance - Assets and Investments, 2017-2022
Table 61: Bahamian General Insurance - Policies and Premium, 2013-2017
Table 62: Bahamian General Insurance - Policies and Premium, 2017-2022
Table 63: Bahamian General Insurance - Claims and Expenses, 2013-2017
Table 64: Bahamian General Insurance - Claims and Expenses, 2017-2022
Table 65: Bahamian General Insurance - Assets and Investments, 2013-2017
Table 66: Bahamian General Insurance - Assets and Investments, 2017-2022
Table 67: Bahamian General Insurance - Property Insurance, 2013-2017
Table 68: Bahamian General Insurance - Property Insurance, 2017-2022
Table 69: Bahamian General Insurance - Motor Insurance, 2013-2017
Table 70: Bahamian General Insurance - Motor Insurance, 2017-2022
Table 71: Bahamian General Insurance - Liability Insurance, 2013-2017
Table 72: Bahamian General Insurance - Liability Insurance, 2017-2022
Table 73: Bahamian General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
Table 74: Bahamian General Insurance - Marine, Aviation and Transit Insurance, 2017-2022
Table 75: Bahamian General Insurance - Personal Accident and Health Insurance, 2013-2017
Table 76: Bahamian General Insurance - Personal Accident and Health Insurance, 2017-2022
Table 77: Bahamian General Insurance - Miscellaneous, 2013-2017
Table 78: Bahamian General Insurance - Miscellaneous, 2017-2022
Table 79: Insurance Industry Definitions
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