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

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


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Executive Summary

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

Summary

GlobalData's '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 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.

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.



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Table of Contents

1 KEY FACTS AND HIGHLIGHTS 2

2 EXECUTIVE SUMMARY 3

3 ECONOMY AND DEMOGRAPHICS 10

4 INDUSTRY OUTLOOK 15

5 LIFE INSURANCE OUTLOOK 17

5.1 Segment Indicators 17

5.1.1 Net written premium 17

5.1.2 Paid claims 18

5.1.3 Assets and investments 19

5.2 Pension Insurance 23

5.2.1 Gross written premium 23

5.2.2 Penetration 24

6 GENERAL INSURANCE OUTLOOK 25

6.1 Segment Indicators 25

6.1.1 Net earned premium 25

6.1.2 Loss ratio 26

6.1.3 Assets and investments 27

6.2 Property Insurance 31

6.2.1 Profitability 31

6.3 Motor Insurance 32

6.3.1 Profitability 32

6.4 Personal Accident and Health Insurance 33

6.4.1 Profitability 33

6.5 Miscellaneous 34

6.5.1 Profitability 34

7 DISTRIBUTION CHANNEL OUTLOOK 35

8 NATURAL AND MAN-MADE HAZARDS 36

9 COMPETITIVE LANDSCAPE 37

9.1 Company Profiles 39

9.1.1 Nagico Insurances Aruba-company overview 39

9.1.2 Massy United Insurance Aruba NV-company overview 39

9.1.3 Pan-American Life Insurance Company of Aruba VBA-company overview 40

9.1.4 Guardian group Fatum-company overview 40

9.1.5 Fides Rae Insurance Company NV-company overview 41

10 GOVERNANCE, RISK AND COMPLIANCE 42

10.1 Legislation Overview and Historical Evolution 43

10.2 Latest Changes in Regulation 44

10.3 Legislation and Market Practice by Type of Insurance 46

10.3.1 Life insurance 46

10.3.2 Property insurance 47

10.3.3 Motor insurance 48

10.3.4 Liability insurance 49

10.3.5 Marine, aviation and transit insurance 49

10.3.6 Personal accident and health insurance 49

10.4 Compulsory Insurance 50

10.4.1 Motor liability insurance 50

10.5 Supervision and Control 51

10.5.1 International Association of Insurance Supervisors 51

10.5.2 Central Bank of Aruba 52

10.6 Non-Admitted Insurance Regulations 53

10.6.1 Overview 53

10.6.2 Intermediaries 53

10.6.3 Market practices 53

10.6.4 Fines and Penalties 54

10.7 Company Registration and Operations 55

10.7.1 Type of insurance organization 56

10.7.2 Establishing a local company 56

10.7.3 Foreign ownership 57

10.7.4 Types of license 57

10.7.5 Capital requirements 58

10.7.6 Solvency margin 58

10.7.7 Reserve requirements 59

10.7.8 Investment regulations 59

10.7.9 Statutory return requirements 59

10.7.10 Fee structure 60

10.8 Taxation 61

10.8.1 Insurance premium or policy taxation 61

10.8.2 Withholding taxes on premium paid overseas 61

10.8.3 Corporate tax 61

10.8.4 VAT 62

10.8.5 Captives 62

10.9 Legal System 63

10.9.1 Introduction 63

10.9.2 Access to court 63

10.9.3 Alternative dispute resolution 63

11 DATABOOK 64

11.1 Life Insurance 64

11.1.1 Policies and premium 64

11.1.2 Claims and expenses 64

11.1.3 Assets and investments 65

11.2 General Insurance 66

11.2.1 Policies and premium 66

11.2.2 Claims and expenses 66

11.2.3 Assets and investments 67

11.2.4 Property insurance 68

11.2.5 Motor insurance 68

11.2.6 Marine, aviation and transit insurance 69

11.2.7 Personal accident and health insurance 69

11.2.8 Miscellaneous 70

12 DEFINITIONS AND METHODOLOGY 71

12.1 Definitions 71

12.2 Methodology 73

13 ABOUT GLOBALDATA 75

13.1 Contact GlobalData 75

13.2 About GlobalData 75

13.3 GlobalData's Services 76

13.4 Disclaimer 77

List of Figures

Figure 1: Aruban Real GDP (AWG Billion), 2013-2022 10

Figure 2: Aruban Exchange Rate (AWG per USD ), 2013-2022 11

Figure 3: Aruban Consumer Price Inflation (%), 2013-2022 12

Figure 4: Aruban Unemployment Rate, 2013-2022 13

Figure 5: Aruban Population by Age Group (Thousand), 2013-2022 14

Figure 6: Aruban Life Insurance-Net Written Premium (AWG Million), 2013-2022 17

Figure 7: Aruban Life Insurance-Paid Claims (AWG Million), 2013-2022 18

Figure 8: Aruban Life Insurance-Total Assets (AWG Billion), 2013-2022 19

Figure 9: Aruban Life Insurance-Total Investment Income (AWG Million), 2013-2022 20

Figure 10: Aruban Life Insurance-Investment Portfolio (AWG Billion), 2013-2022 22

Figure 11: Aruban Life Insurance-Investment Portfolio Dynamics (AWG Billion), 2013-2022 22

Figure 12: Aruban Pension-Gross Written Premium (AWG Million), 2013-2022 23

Figure 13: Aruban Pension-Penetration (%), 2013-2017 24

Figure 14: Aruban Pension-Penetration (%), 2017-2022 24

Figure 15: Aruban General Insurance-Net Earned Premium (AWG Million), 2013-2022 25

Figure 16: Aruban General Insurance-Loss Ratio (%), 2013-2017 26

Figure 17: Aruban General Insurance-Loss Ratio (%), 2017-2022 26

Figure 18: Aruban General Insurance-Total Assets (AWG Million), 2013-2022 27

Figure 19: Aruban General Insurance-Total Investment Income (AWG Million), 2013-2022 28

Figure 20: Aruban General Insurance-Investment Portfolio (AWG Million), 2013-2022 30

Figure 21: Aruban General Insurance-Investment Portfolio Dynamics (AWG Million), 2013-2022 30

Figure 22: Aruban Property Insurance-Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 31

Figure 23: Aruban Motor Insurance-Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 32

Figure 24: Aruban Personal Accident and Health Insurance-Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 33

Figure 25: Aruban Miscellaneous-Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 34

Figure 26: Aruba-Insurance Supervision and Control at Various Levels 51

Figure 27: Aruba-Insurance Regulatory Frameworks for Company Registration and Operation 55

List of Tables

Table 1: Aruban Insurance Industry-Key Facts, 2017 2

Table 2: Aruban Insurance Industry-Leading Insurers, 2017 2

Table 3: Aruban Government Credit Ratings 11

Table 4: Aruban Life Insurance-Net Written Premium (AWG Million and USD Million), 2013-2017 17

Table 5: Aruban Life Insurance-Net Written Premium (AWG Million and USD Million), 2017-2022 17

Table 6: Aruban Life Insurance-Paid Claims (AWG Million and USD Million), 2013-2017 18

Table 7: Aruban Life Insurance-Paid Claims (AWG Million and USD Million), 2017-2022 18

Table 8: Aruban Life Insurance-Total Assets (AWG Billion and USD Million), 2013-2017 19

Table 9: Aruban Life Insurance-Total Assets (AWG Billion and USD Million), 2017-2022 19

Table 10: Aruban Life Insurance-Total Investment Income (AWG Million and USD Million), 2013-2017 20

Table 11: Aruban Life Insurance-Total Investment Income (AWG Million and USD Million), 2017-2022 20

Table 12: Aruban Life Insurance-Investment Portfolio (AWG Million), 2013-2017 21

Table 13: Aruban Life Insurance-Investment Portfolio (AWG Billion), 2017-2022 21

Table 14: Aruban Pension-Gross Written Premium (AWG Million and USD Million), 2013-2017 23

Table 15: Aruban Pension-Gross Written Premium (AWG Million and USD Million), 2017-2022 23

Table 16: Aruban General Insurance-Net Earned Premium (AWG Million and USD Million), 2013-2017 25

Table 17: Aruban General Insurance-Net Earned Premium (AWG Million and USD Million), 2017-2022 25

Table 18: Aruban General Insurance-Total Assets (AWG Million and USD Million), 2013-2017 27

Table 19: Aruban General Insurance-Total Assets (AWG Million and USD Million), 2017-2022 27

Table 20: Aruban General Insurance-Total Investment Income (AWG Million and USD Million), 2013-2017 28

Table 21: Aruban General Insurance-Total Investment Income (AWG Million and USD Million), 2017-2022 28

Table 22: Aruban General Insurance-Investment Portfolio (AWG Million), 2013-2017 29

Table 23: Aruban General Insurance-Investment Portfolio (AWG Million), 2017-2022 29

Table 24: Aruban Property Insurance-Loss Ratio (%), 2013-2017 31

Table 25: Aruban Property Insurance-Loss Ratio(%), 2017-2022 31

Table 26: Aruban Motor Insurance-Loss Ratio (%), 2013-2017 32

Table 27: Aruban Motor Insurance-Loss Ratio(%), 2017-2022 32

Table 28: Aruban Personal Accident and Health Insurance-Loss Ratio (%), 2013-2017 33

Table 29: Aruban Personal Accident and Health Insurance-Loss Ratio(%), 2017-2022 33

Table 30: Aruban Miscellaneous-Loss Ratio (%), 2013-2017 34

Table 31: Aruban Miscellaneous-Loss Ratio (%), 2017-2022 34

Table 32: Aruban Insurance Brokers-2017 35

Table 33: Aruban Insurance Industry-General Insurers, 2017 37

Table 34: Aruban Insurance Industry-Life Insurers, 2017 38

Table 35: Aruban Insurance Industry-Captive Insurers, 2017 38

Table 36: Nagico Insurances Aruba-Key Facts 39

Table 37: Massy United Insurance Aruba NV-Key Facts 39

Table 38: Pan-American Life Insurance Company of Aruba VBA-Key Facts 40

Table 39: Guardian group Fatum-Key Facts 40

Table 40: Fides Rae Insurance Company NV-Key Facts 41

Table 41: Aruba-Insurance Regulatory Framework Key Features 42

Table 42: Aruba-Life Insurance Regulatory Framework 46

Table 43: Aruba-Property Insurance Regulatory Framework 47

Table 44: Aruba-Motor Insurance Regulatory Framework 48

Table 45: Aruba-Liability Insurance Regulatory Framework 49

Table 46: Aruba-Corporate Tax Rates for the Financial Year 2018 62

Table 47: Aruba Life Insurance-Policies and Premium, 2013-2017 64

Table 48: Aruba Life Insurance-Policies and Premium, 2017-2022 64

Table 49: Aruba Life Insurance-Claims and Expenses, 2013-2017 64

Table 50: Aruba Life Insurance-Claims and Expenses, 2017-2022 64

Table 51: Aruba Life Insurance-Assets and Investments, 2013-2017 65

Table 52: Aruba Life Insurance-Assets and Investments, 2017-2022 65

Table 53: Aruba General Insurance-Policies and Premium, 2013-2017 66

Table 54: Aruba General Insurance-Policies and Premium, 2017-2022 66

Table 55: Aruba General Insurance-Claims and Expenses, 2013-2017 66

Table 56: Aruba General Insurance-Claims and Expenses, 2017-2022 66

Table 57: Aruba General Insurance-Assets and Investments, 2013-2017 67

Table 58: Aruba General Insurance-Assets and Investments, 2017-2022 67

Table 59: Aruba General Insurance-Property Insurance, 2013-2017 68

Table 60: Aruba General Insurance-Property Insurance, 2017-2022 68

Table 61: Aruba General Insurance-Motor Insurance, 2013-2017 68

Table 62: Aruba General Insurance-Motor Insurance, 2017-2022 68

Table 63: Aruba General Insurance-Marine, Aviation and Transit Insurance, 2013-2017 69

Table 64: Aruba General Insurance-Marine, Aviation and Transit Insurance, 2017-2022 69

Table 65: Aruba General Insurance-Personal Accident and Health Insurance, 2013-2017 69

Table 66: Aruba General Insurance-Personal Accident and Health Insurance, 2017-2022 69

Table 67: Aruba General Insurance-Miscellaneous, 2013-2017 70

Table 68: Aruba General Insurance-Miscellaneous, 2017-2022 70

Table 69: Insurance Industry Definitions 71

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Aruba AIG Insurance Company NV

Elvira Verzekeringen NV

Ennia Caribe Schade (Aruba) NV

Fatum General Insurance Aruba NV

NAGICO Aruba NV

Netherlands Antilles & Aruba Assurance Company (NA&A) NV

TRESTON Insurance Company (Aruba) NV

Massy United Insurance Aruba NV

Bupa Insurance Company, Agency

The New India Assurance Co. Ltd, Aruba branch

Stichting Fondo Nacional di Garantia pa Vivienda

Best Doctors Insurance VBA

Aruban insurance industry, Life insurance, General insurance, Property insurance, Motor insurance, Liability insurance, Marine insurance, Personal accident and health insurance, Travel insurance, Health insurance, Reinsurance

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