The Insurance Industry in Turks and Caicos, Key Trends and Opportunities to 2022

The Insurance Industry in Turks and Caicos, Key Trends and Opportunities to 2022


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Executive Summary

The Insurance Industry in Turks and Caicos, Key Trends and Opportunities to 2022

Summary

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

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

- A comprehensive overview of the Turks and Caicos economy and demographics

- Details of the competitive landscape in the Turks and Caicos insurance industry

- The various distribution channels in the Turks and Caicos insurance industry

- Details of regulatory policy applicable to the Turks and Caicos insurance industry

- Analysis of natural hazards in the Turks and Caicos insurance industry.

Scope

- This report provides a comprehensive analysis of the insurance industry in Turks and Caicos

- It provides historical values for the Turks and Caicos 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 Turks and Caicos 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 Turks and Caicos.

- It profiles the top insurance companies in Turks and Caicos, 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 Turks and Caicos insurance industry and each segment and category within it.

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

- Assess the competitive dynamics in the Turks and Caicos insurance industry.

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

- Gain insights into key regulations governing the Turks and Caicos 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 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Industry Indicators

4.1.1 Gross written premium

4.1.2 Insurance density

5 Life Insurance Outlook

5.1 Segment Indicators

5.1.1 Gross written premium

5.1.2 Penetration

5.1.3 Assets and investments

6 General Insurance Outlook

6.1 Segment Indicators

6.1.1 Gross written premium

6.1.2 Penetration

6.1.3 Loss ratio

6.1.4 Assets and investments

7 Reinsurance Outlook

7.1 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards

9.1 Hurricanes

9.2 Exposure

10 Competitive Landscape

10.1 Company Profiles

10.1.1 Colonial Group International-company overview

10.1.2 Turks and Caicos First Insurance Company-company overview

10.1.3 Colina Insurance Ltd-company overview

10.1.4 Caribbean Alliance Insurance Company-company overview

10.1.5 BAF Insurance Company-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 Professional indemnity insurance for insurance brokers and managers

11.4.2 Motor third-party liability insurance

11.4.3 National insurance scheme

11.4.4 Health insurance

11.5 Supervision and Control

11.5.1 International Association of Insurance Supervisors

11.5.2 Caribbean Association of Insurance Regulators

11.5.3 Financial Services Commission

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 taxation

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

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 Figures

Figure 1: Turks and Caicos Real GDP (USD Million), 2013-2022

Figure 2: Turks and Caicos Consumer Price Inflation (%), 2013-2022

Figure 3: Turks and Caicos Unemployment Rate, 2013-2022

Figure 4: Turks and Caicos Population by Age Group, 2013-2022

Figure 5: Turks and Caicos Insurance Industry-Gross Written Premium (USD Million), 2013-2022

Figure 6: Turks and Caicos Insurance Industry-Density (USD ), 2013-2022

Figure 7: Turks and Caicos Life Insurance-Gross Written Premium (USD Million), 2013-2022

Figure 8: Turks and Caicos Life Insurance-Penetration (%), 2013-2017

Figure 9: Turks and Caicos Life Insurance-Penetration (%), 2017-2022

Figure 10: Turks and Caicos Life Insurance-Total Assets (USD Million), 2013-2022

Figure 11: Turks and Caicos Life Insurance-Total Investment Income (USD Thousand), 2013-2022

Figure 12: Turks and Caicos General Insurance-Gross Written Premium (USD Million), 2013-2022

Figure 13: Turks and Caicos General Insurance-Penetration (%), 2013-2017

Figure 14: Turks and Caicos General Insurance-Penetration (%), 2017-2022

Figure 15: Turks and Caicos General Insurance-Loss Ratio (%), 2013-2017

Figure 16: Turks and Caicos General Insurance-Loss Ratio (%), 2017-2022

Figure 17: Turks and Caicos General Insurance-Total Assets (USD Million), 2013-2022

Figure 18: Turks and Caicos General Insurance-Total Investment Income (USD Thousand), 2013-2022

Figure 19: Turks and Caicos Reinsurance-Premium Ceded by Insurance Segment (USD Million), 2013-2022

Figure 20: Turks and Caicos Life Insurance-Percentage of Reinsurance Ceded (%), 2013-2022

Figure 21: Turks and Caicos General Insurance-Percentage of Reinsurance Ceded (%), 2013-2022

Figure 22: The Turks and Caicos Islands-Insurance Supervision and Control at Various Levels

Figure 23: The Turks and Caicos Islands-Insurance Regulatory Frameworks for Company Registration and Operation

List of Tables

Table 1: Turks and Caicos Insurance Industry-Key Facts, 2017

Table 2: Turks and Caicos Insurance Industry-Leading Insurers

Table 3: Turks and Caicos Insurance Industry-Gross Written Premium (USD Million), 2013-2017

Table 4: Turks and Caicos Insurance Industry-Gross Written Premium (USD Million), 2017-2022

Table 5: Turks and Caicos Insurance Industry-Density (USD ), 2013-2017

Table 6: Turks and Caicos Insurance Industry-Density (USD ), 2017-2022

Table 7: Turks and Caicos Life Insurance-Gross Written Premium (USD Million), 2013-2017

Table 8: Turks and Caicos Life Insurance-Gross Written Premium (USD Million), 2017-2022

Table 9: Turks and Caicos Life Insurance-Total Assets (USD Million), 2013-2017

Table 10: Turks and Caicos Life Insurance-Total Assets (USD Million), 2017-2022

Table 11: Turks and Caicos Life Insurance-Total Investment Income (USD Thousand), 2013-2017

Table 12: Turks and Caicos Life Insurance-Total Investment Income (USD Thousand), 2017-2022

Table 13: Turks and Caicos General Insurance-Gross Written Premium (USD Million), 2013-2017

Table 14: Turks and Caicos General Insurance-Gross Written Premium (USD Million), 2017-2022

Table 15: Turks and Caicos General Insurance-Total Assets (USD Million ), 2013-2017

Table 16: Turks and Caicos General Insurance-Total Assets (USD Million), 2017-2022

Table 17: Turks and Caicos General Insurance-Total Investment Income (USD Thousand), 2013-2017

Table 18: Turks and Caicos General Insurance-Total Investment Income (USD Thousand), 2017-2022

Table 19: Turks and Caicos Reinsurance-Premium Ceded by Insurance Segment (USD Million), 2013-2017

Table 20: Turks and Caicos Reinsurance-Premium Ceded by Insurance Segment (USD Million), 2017-2022

Table 21: Turks and Caicos Insurance Brokers-2017

Table 22: Turks and Caicos Insurance Agents-2017

Table 23: Turks and Caicos Insurance Industry-Insurers, 2017

Table 24: Colonial Group International-Key Facts

Table 25: Turks and Caicos First Insurance Company-Key Facts

Table 26: Colina Insurance Ltd-Key Facts

Table 27: Caribbean Alliance Insurance Company-Key Facts

Table 28: BAF Insurance Company-Key Facts

Table 29: The Turks and Caicos Islands-Insurance Regulatory Framework Key Features

Table 30: The Turks and Caicos Islands-Life Insurance Regulatory Framework

Table 31: The Turks and Caicos Islands-Property Insurance Regulatory Framework

Table 32: The Turks and Caicos Islands- Motor Insurance Regulatory Framework

Table 33: The Turks and Caicos Islands-Liability Insurance Regulatory Framework

Table 34: The Turks and Caicos Islands-Solvency Margin Requirement

Table 35: The Turks and Caicos Islands-Fee for Application of a License

Table 36: Turks and Caicos Life Insurance-Policies and Premium, 2013-2017

Table 37: Turks and Caicos Life Insurance-Policies and Premium, 2017-2022

Table 38: Turks and Caicos Life Insurance-Claims and Expenses, 2013-2017

Table 39: Turks and Caicos Life Insurance-Claims and Expenses, 2017-2022

Table 40: Turks and Caicos Life Insurance-Assets and Investments, 2013-2017

Table 41: Turks and Caicos Life Insurance-Assets and Investments, 2017-2022

Table 42: Turks and Caicos General Insurance-Policies and Premium, 2013-2017

Table 43: Turks and Caicos General Insurance-Policies and Premium, 2017-2022

Table 44: Turks and Caicos General Insurance-Claims and Expenses, 2013-2017

Table 45: Turks and Caicos General Insurance-Claims and Expenses, 2017-2022

Table 46: Turks and Caicos General Insurance-Assets and Investments, 2013-2017

Table 47: Turks and Caicos General Insurance-Assets and Investments, 2017-2022

Table 48: Insurance Industry Definitions

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BAF Insurance Company (TCI) Ltd

British Atlantic Financial Services Ltd (BAFSL) (In liquidation)

CLICO (in liquidation)

Colina Insurance Ltd

Sagicor Life of the Cayman Islands

Scotia Insurance Caribbean Ltd

BAF Insurance Company (TCI) Ltd

Insurance Company of the Bahamas

GK General Insurance Company Ltd

RoyalStar Assurance Ltd

Turks and Caicos 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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