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

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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.

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Table Of Content

Scope

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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Products and Companies

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)