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The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022

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Details

The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022

Summary

GlobalData's 'The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Manx 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 Manx 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 Manx insurance industry, including-

- The Manx insurance industry's growth prospects by segment and category

- A comprehensive overview of the Manx economy and demographics

- Details of the competitive landscape in the Manx insurance industry

- The various distribution channels in the Manx insurance industry

- Details of regulatory policy applicable to the Manx insurance industry

- Analysis of natural hazards in the Manx insurance industry

Key Highlights

- In 2018, IOMFSA introduced a risk-based solvency regime; the solvency requirement will now depend on insurers' risk cover.

- According to IOMFSA's Roadmap Report July 2018, a new framework is expected to be implemented in the Manx insurance industry.

- As of 2016, there were 84 captive insurers operating in the country.

Scope

- This report provides a comprehensive analysis of the insurance industry in Isle of Man.

- It provides historical values for the Manx 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 Manx 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 Isle of Man.

- It profiles the top insurance companies in Isle of Man, 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 Manx insurance industry and each segment and category within it.

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

- Assess the competitive dynamics in the Manx insurance industry.

- Identify the growth opportunities and market dynamics in key segments.

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

READ MORE

Table Of Content

Scope

Table of Contents

1 KEY FACTS AND HIGHLIGHTS 2

2 EXECUTIVE SUMMARY 3

3 ECONOMY AND DEMOGRAPHICS 9

4 INDUSTRY OUTLOOK 13

4.1 Industry Indicators 15

4.1.1 Gross written premium 15

4.1.2 Insurance density 16

5 LIFE INSURANCE OUTLOOK 17

5.1 Segment Indicators 17

5.1.1 Gross written premium 17

5.1.2 Assets and investments 18

6 GENERAL INSURANCE OUTLOOK 19

6.1 Segment Indicators 19

6.1.1 Gross written premium 19

6.1.2 Assets and investments 20

7 REINSURANCE OUTLOOK 21

8 DISTRIBUTION CHANNEL OUTLOOK 22

9 NATURAL AND MAN-MADE HAZARDS 23

9.1 Flooding 23

9.2 Storms 23

9.3 Exposure 23

10 COMPETITIVE LANDSCAPE 24

10.1 Company Profiles 25

10.1.1 Tower Insurance-company overview 25

10.1.2 Isle of Man Assurance Ltd-company overview 25

10.1.3 Templeton Insurance Ltd-company overview 26

10.1.4 Scottish Widows-company overview 26

10.1.5 Zurich International Life Ltd-company overview 26

11 GOVERNANCE, RISK AND COMPLIANCE 27

11.1 Legislation Overview and Historical Evolution 28

11.2 Latest Changes in Regulation 29

11.3 Legislation and Market Practice by Type of Insurance 36

11.3.1 Life insurance 36

11.3.2 Property insurance 38

11.3.3 Motor insurance 39

11.3.4 Liability insurance 40

11.3.5 Marine, aviation and transit insurance 40

11.3.6 Personal accident and health insurance 40

11.4 Compulsory Insurance 41

11.4.1 Motor third-party liability insurance 41

11.4.2 Social insurance system 41

11.5 Supervision and Control 43

11.5.1 International Association of Insurance Supervisors 43

11.5.2 The Isle of Man Financial Services Authority 44

11.5.3 Manx Insurance Association 44

11.5.4 Isle of Man Captive Association 44

11.6 Non-Admitted Insurance Regulations 45

11.6.1 Overview 45

11.6.2 Intermediaries 45

11.6.3 Market practices 45

11.6.4 Fines and Penalties 45

11.7 Company Registration and Operations 46

11.7.1 Type of insurance organization 47

11.7.2 Establishing a local company 47

11.7.3 Foreign ownership 47

11.7.4 Types of license 47

11.7.5 Capital requirements 48

11.7.6 Solvency margin 48

11.7.7 Reserve requirements 50

11.7.8 Investment regulations 50

11.7.9 Statutory return requirements 50

11.7.10 Fee structure 51

11.8 Taxation 55

11.8.1 Insurance premium or policy taxation 55

11.8.2 Withholding taxes on premium paid overseas 55

11.8.3 Corporate tax 55

11.8.4 VAT 55

11.8.5 Captives 55

11.9 Legal System 56

11.9.1 Introduction 56

11.9.2 Access to court 56

11.9.3 Alternative dispute resolution 56

12 DATABOOK 57

12.1 Life Insurance 57

12.1.1 Policies and premium 57

12.1.2 Assets and investments 57

12.2 General Insurance 58

12.2.1 Policies and premium 58

12.2.2 Assets and investments 58

13 DEFINITIONS AND METHODOLOGY 59

13.1 Definitions 59

13.2 Methodology 61

14 ABOUT GLOBALDATA 63

14.1 Contact GlobalData 63

14.2 About GlobalData 63

14.3 GlobalData Services 64

14.4 Disclaimer 65


List Of Figure

List of Figures

Figure 1: Real GDP (GBP Billion), 2013 to 2016 10

Figure 2: Manx Exchange Rate (GBP per USD ), 2013-2022 11

Figure 3: Manx Consumer Price Inflation (%), 2013-2017 12

Figure 4: Manx Insurance Industry-Gross Written Premium (GBP Billion), 2013-2022 15

Figure 5: Manx Insurance Industry-Density (GBP), 2013-2022 16

Figure 6: Manx Life Insurance-Gross Written Premium (GBP Billion), 2013-2022 17

Figure 7: Manx Life Insurance-Total Assets (GBP Billion), 2013-2022 18

Figure 8: Manx General Insurance-Gross Written Premium (GBP Billion), 2013-2022 19

Figure 9: Manx General Insurance-Total Assets (GBP Billion), 2013-2022 20

Figure 10: Isle of Man-Insurance Supervision and Control at various levels 43

Figure 11: Isle of Man-Insurance Regulatory Frameworks for Company Registration and Operation 46


List Of Table

List of Tables

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

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

Table 3: Manx Government Credit Ratings 10

Table 4: Manx Insurance Industry-Gross Written Premium (GBP Billion and USD Billion), 2013-2017 15

Table 5: Manx Insurance Industry-Gross Written Premium (GBP Billion and USD Billion), 2017-2022 15

Table 6: Manx Insurance Industry-Density (GBP), 2013-2017 16

Table 7: Manx Insurance Industry-Density (GBP), 2017-2022 16

Table 8: Manx Life Insurance-Gross Written Premium (GBP Billion and USD Billion), 2013-2017 17

Table 9: Manx Life Insurance-Gross Written Premium (GBP Billion and USD Billion), 2017-2022 17

Table 10: Manx Life Insurance-Total Assets (GBP Billion and USD Billion), 2013-2017 18

Table 11: Manx Life Insurance-Total Assets (GBP Billion and USD Billion), 2017-2022 18

Table 12: Manx General Insurance-Gross Written Premium (GBP Billion and USD Billion), 2013-2017 19

Table 13: Manx General Insurance-Gross Written Premium (GBP Billion and USD Billion), 2017-2022 19

Table 14: Manx General Insurance-Total Assets (GBP Billion and USD Billion), 2013-2017 20

Table 15: Manx General Insurance-Total Assets (GBP Billion and USD Billion), 2017-2022 20

Table 16: Manx Insurance Industry-Leading Insurers, 2017 24

Table 17: Tower Insurance-Key Facts 25

Table 18: Isle of Man Assurance Ltd-Key Facts 25

Table 19: Templeton Insurance Ltd-Key Facts 26

Table 20: Scottish Widows-Key Facts 26

Table 21: Zurich International Life Ltd-Key Facts 26

Table 22: Isle of Man-Insurance Regulatory Framework Key Features 27

Table 23: Isle of Man-Life Insurance Regulatory Framework 36

Table 24: Isle of Man-Property Insurance Regulatory Framework 38

Table 25: Isle of Man- Motor Insurance Regulatory Framework 39

Table 26: Isle of Man-Liability Insurance Regulatory Framework 40

Table 27: Isle of Man-Application Fees for Insurance Companies 2018 51

Table 28: Isle of Man-Annual Fees in 2018 52

Table 29: Isle of Man-Liability Insurance Regulatory Framework 53

Table 30: Isle of Man-Corporate Tax Rates for the Financial Year 2018 55

Table 31: Manx Life Insurance-Policies and Premium, 2013-2017 57

Table 32: Manx Life Insurance-Policies and Premium, 2017-2022 57

Table 33: Manx Life Insurance-Assets and Investments, 2013-2017 57

Table 34: Manx Life Insurance-Assets and Investments, 2017-2022 57

Table 35: Manx General Insurance-Policies and Premium, 2013-2017 58

Table 36: Manx General Insurance-Policies and Premium, 2017-2022 58

Table 37: Manx General Insurance-Assets and Investments, 2013-2017 58

Table 38: Manx General Insurance-Assets and Investments, 2017-2022 58

Table 39: Insurance Industry Definitions 59

Licence Rights

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

Section Purchase

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

INQUIRE FOR COVID-19 IMPACT ANALYSIS

Products and Companies

Products

Manx 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

Tower Insurance

Isle of Man Assurance Ltd

Templeton Insurance Ltd

Scottish Widows

Zurich International Life Ltd

Company Profile

Company Profile Title

The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022

Summary

GlobalData's 'The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Manx 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 Manx 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 Manx insurance industry, including-

- The Manx insurance industry's growth prospects by segment and category

- A comprehensive overview of the Manx economy and demographics

- Details of the competitive landscape in the Manx insurance industry

- The various distribution channels in the Manx insurance industry

- Details of regulatory policy applicable to the Manx insurance industry

- Analysis of natural hazards in the Manx insurance industry

Key Highlights

- In 2018, IOMFSA introduced a risk-based solvency regime; the solvency requirement will now depend on insurers' risk cover.

- According to IOMFSA's Roadmap Report July 2018, a new framework is expected to be implemented in the Manx insurance industry.

- As of 2016, there were 84 captive insurers operating in the country.

Scope

- This report provides a comprehensive analysis of the insurance industry in Isle of Man.

- It provides historical values for the Manx 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 Manx 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 Isle of Man.

- It profiles the top insurance companies in Isle of Man, 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 Manx insurance industry and each segment and category within it.

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

- Assess the competitive dynamics in the Manx insurance industry.

- Identify the growth opportunities and market dynamics in key segments.

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

READ MORE

Scope

Table of Contents

1 KEY FACTS AND HIGHLIGHTS 2

2 EXECUTIVE SUMMARY 3

3 ECONOMY AND DEMOGRAPHICS 9

4 INDUSTRY OUTLOOK 13

4.1 Industry Indicators 15

4.1.1 Gross written premium 15

4.1.2 Insurance density 16

5 LIFE INSURANCE OUTLOOK 17

5.1 Segment Indicators 17

5.1.1 Gross written premium 17

5.1.2 Assets and investments 18

6 GENERAL INSURANCE OUTLOOK 19

6.1 Segment Indicators 19

6.1.1 Gross written premium 19

6.1.2 Assets and investments 20

7 REINSURANCE OUTLOOK 21

8 DISTRIBUTION CHANNEL OUTLOOK 22

9 NATURAL AND MAN-MADE HAZARDS 23

9.1 Flooding 23

9.2 Storms 23

9.3 Exposure 23

10 COMPETITIVE LANDSCAPE 24

10.1 Company Profiles 25

10.1.1 Tower Insurance-company overview 25

10.1.2 Isle of Man Assurance Ltd-company overview 25

10.1.3 Templeton Insurance Ltd-company overview 26

10.1.4 Scottish Widows-company overview 26

10.1.5 Zurich International Life Ltd-company overview 26

11 GOVERNANCE, RISK AND COMPLIANCE 27

11.1 Legislation Overview and Historical Evolution 28

11.2 Latest Changes in Regulation 29

11.3 Legislation and Market Practice by Type of Insurance 36

11.3.1 Life insurance 36

11.3.2 Property insurance 38

11.3.3 Motor insurance 39

11.3.4 Liability insurance 40

11.3.5 Marine, aviation and transit insurance 40

11.3.6 Personal accident and health insurance 40

11.4 Compulsory Insurance 41

11.4.1 Motor third-party liability insurance 41

11.4.2 Social insurance system 41

11.5 Supervision and Control 43

11.5.1 International Association of Insurance Supervisors 43

11.5.2 The Isle of Man Financial Services Authority 44

11.5.3 Manx Insurance Association 44

11.5.4 Isle of Man Captive Association 44

11.6 Non-Admitted Insurance Regulations 45

11.6.1 Overview 45

11.6.2 Intermediaries 45

11.6.3 Market practices 45

11.6.4 Fines and Penalties 45

11.7 Company Registration and Operations 46

11.7.1 Type of insurance organization 47

11.7.2 Establishing a local company 47

11.7.3 Foreign ownership 47

11.7.4 Types of license 47

11.7.5 Capital requirements 48

11.7.6 Solvency margin 48

11.7.7 Reserve requirements 50

11.7.8 Investment regulations 50

11.7.9 Statutory return requirements 50

11.7.10 Fee structure 51

11.8 Taxation 55

11.8.1 Insurance premium or policy taxation 55

11.8.2 Withholding taxes on premium paid overseas 55

11.8.3 Corporate tax 55

11.8.4 VAT 55

11.8.5 Captives 55

11.9 Legal System 56

11.9.1 Introduction 56

11.9.2 Access to court 56

11.9.3 Alternative dispute resolution 56

12 DATABOOK 57

12.1 Life Insurance 57

12.1.1 Policies and premium 57

12.1.2 Assets and investments 57

12.2 General Insurance 58

12.2.1 Policies and premium 58

12.2.2 Assets and investments 58

13 DEFINITIONS AND METHODOLOGY 59

13.1 Definitions 59

13.2 Methodology 61

14 ABOUT GLOBALDATA 63

14.1 Contact GlobalData 63

14.2 About GlobalData 63

14.3 GlobalData Services 64

14.4 Disclaimer 65


List Of Figure

List of Figures

Figure 1: Real GDP (GBP Billion), 2013 to 2016 10

Figure 2: Manx Exchange Rate (GBP per USD ), 2013-2022 11

Figure 3: Manx Consumer Price Inflation (%), 2013-2017 12

Figure 4: Manx Insurance Industry-Gross Written Premium (GBP Billion), 2013-2022 15

Figure 5: Manx Insurance Industry-Density (GBP), 2013-2022 16

Figure 6: Manx Life Insurance-Gross Written Premium (GBP Billion), 2013-2022 17

Figure 7: Manx Life Insurance-Total Assets (GBP Billion), 2013-2022 18

Figure 8: Manx General Insurance-Gross Written Premium (GBP Billion), 2013-2022 19

Figure 9: Manx General Insurance-Total Assets (GBP Billion), 2013-2022 20

Figure 10: Isle of Man-Insurance Supervision and Control at various levels 43

Figure 11: Isle of Man-Insurance Regulatory Frameworks for Company Registration and Operation 46


List Of Table

List of Tables

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

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

Table 3: Manx Government Credit Ratings 10

Table 4: Manx Insurance Industry-Gross Written Premium (GBP Billion and USD Billion), 2013-2017 15

Table 5: Manx Insurance Industry-Gross Written Premium (GBP Billion and USD Billion), 2017-2022 15

Table 6: Manx Insurance Industry-Density (GBP), 2013-2017 16

Table 7: Manx Insurance Industry-Density (GBP), 2017-2022 16

Table 8: Manx Life Insurance-Gross Written Premium (GBP Billion and USD Billion), 2013-2017 17

Table 9: Manx Life Insurance-Gross Written Premium (GBP Billion and USD Billion), 2017-2022 17

Table 10: Manx Life Insurance-Total Assets (GBP Billion and USD Billion), 2013-2017 18

Table 11: Manx Life Insurance-Total Assets (GBP Billion and USD Billion), 2017-2022 18

Table 12: Manx General Insurance-Gross Written Premium (GBP Billion and USD Billion), 2013-2017 19

Table 13: Manx General Insurance-Gross Written Premium (GBP Billion and USD Billion), 2017-2022 19

Table 14: Manx General Insurance-Total Assets (GBP Billion and USD Billion), 2013-2017 20

Table 15: Manx General Insurance-Total Assets (GBP Billion and USD Billion), 2017-2022 20

Table 16: Manx Insurance Industry-Leading Insurers, 2017 24

Table 17: Tower Insurance-Key Facts 25

Table 18: Isle of Man Assurance Ltd-Key Facts 25

Table 19: Templeton Insurance Ltd-Key Facts 26

Table 20: Scottish Widows-Key Facts 26

Table 21: Zurich International Life Ltd-Key Facts 26

Table 22: Isle of Man-Insurance Regulatory Framework Key Features 27

Table 23: Isle of Man-Life Insurance Regulatory Framework 36

Table 24: Isle of Man-Property Insurance Regulatory Framework 38

Table 25: Isle of Man- Motor Insurance Regulatory Framework 39

Table 26: Isle of Man-Liability Insurance Regulatory Framework 40

Table 27: Isle of Man-Application Fees for Insurance Companies 2018 51

Table 28: Isle of Man-Annual Fees in 2018 52

Table 29: Isle of Man-Liability Insurance Regulatory Framework 53

Table 30: Isle of Man-Corporate Tax Rates for the Financial Year 2018 55

Table 31: Manx Life Insurance-Policies and Premium, 2013-2017 57

Table 32: Manx Life Insurance-Policies and Premium, 2017-2022 57

Table 33: Manx Life Insurance-Assets and Investments, 2013-2017 57

Table 34: Manx Life Insurance-Assets and Investments, 2017-2022 57

Table 35: Manx General Insurance-Policies and Premium, 2013-2017 58

Table 36: Manx General Insurance-Policies and Premium, 2017-2022 58

Table 37: Manx General Insurance-Assets and Investments, 2013-2017 58

Table 38: Manx General Insurance-Assets and Investments, 2017-2022 58

Table 39: Insurance Industry Definitions 59

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

INQUIRE FOR COVID-19 IMPACT ANALYSIS

Products

Manx 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

Tower Insurance

Isle of Man Assurance Ltd

Templeton Insurance Ltd

Scottish Widows

Zurich International Life Ltd