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Published: Apr, 2016 | Pages:
153 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)
Synopsis The report brings together Publisher'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. "Timetric’s 'The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2019' 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, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019). 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 Timetric’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. Summary Publisher's 'The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2019' 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 - The detailed 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 Bahamian insurance industry 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 2010'2014 review period, and projected figures for the 2014'2019 forecast period. - It offers a detailed analysis of the key segments in the Bahamian insurance industry, with market forecasts to 2019. - It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions. - 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. Key Highlights - The Bahamian insurance industry grew at a CAGR of 4.7% during the review period . - The life segment recovered during 2011'2014, as a result of the recovering US economy. - Growth in high-value construction projects, including resorts, hotels and casinos, to boost tourism activity positively impact the non-life segment during the review period. - A rise in the number of road traffic accidents, increased public awareness of healthcare, and positive momentum in the country's economy resulted in the personal accident and health insurance segment's growth. - The government will be the main consumer for private health insurance, which will generate business for private health insurers over the forecast period - Bahamian insurers reinsure nearly 60% of the risk they underwrite, and almost all the risk reinsured is placed abroad. - Geographical proximity to the US, and factors such as familiarity with the regulatory environment and a well-developed financial services sector, are drawing US-based small and mid-sized enterprises (SMEs) ' with annual revenues of US$10.0 million'1.0 billion ' to associate with the segregated cell aspect of captive insurance in the Bahamas. - Stable growth in compulsory insurance classes, and infrastructure and tourism development will support the insurance industry's growth over the forecast period. Reason 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 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.
Table of Content 1 Key Facts and Highlights 2 Executive Summary 3 Economy and Demographics 4 Bahamian Insurance Industry Overview 4.1 The Bahamian Insurance Industry 5 Life Insurance 5.1 Life Insurance by Category 5.1.1 Individual whole life insurance 5.1.2 Individual general annuity insurance 6 Non-Life Insurance 6.1 Property Insurance 6.2 Motor Insurance 6.3 Liability Insurance 6.4 Marine, Aviation and Transit Insurance 7 Personal Accident and Health Insurance 8 Reinsurance 9 Natural Hazards 9.1 Hurricanes and Storms 9.2 Exposure 10 Distribution Channel Outlook 11 Competitive Landscape 11.1 Overview 11.2 Leading Companies 11.2.1 Colina Insurance Ltd – company overview 11.2.2 The Bahamas First General Insurance Company – company overview 11.2.3 Family Guardian Insurance Company Ltd – company overview 11.2.4 RoyalStar Assurance Ltd – company overview 11.2.5 Insurance Company of the Bahamas Ltd – company overview 12 Governance, Risk and Compliance 12.1 Legislation Overview and Historical Evolution 12.2 Latest Changes in Regulations 12.3 Legislation and Market Practice by Type of Insurance 12.3.1 Life insurance 12.3.2 Property insurance 12.3.3 Motor insurance 12.3.4 Liability Insurance 12.3.5 Marine, aviation and transit insurance 12.3.6 Personal accident and health insurance 12.4 Compulsory Insurance 12.4.1 Motor liability insurance 12.4.2 Social insurance system 12.4.3 Professional indemnity insurance for insurance brokers 12.4.4 Errors and omission insurance for loss adjusters, risk managers, fund advisers, real estate appraisers and consultants 12.4.5 Fidelity insurance for insurance agents 12.5 Supervision and Control 12.5.1 International Association of Insurance Supervisors 12.5.2 Insurance Commission of the Bahamas 12.5.3 Bahamas Insurance Association 12.5.4 Insurance Institute of the Bahamas 12.6 Non-Admitted Insurance Regulations 12.6.1 Overview 12.6.2 Intermediaries 12.6.3 Market practices 12.6.4 Fines and penalties 12.7 Company Registration and Operations 12.7.1 Types of insurance organization 12.7.2 Establishing a local company 12.7.3 Foreign ownership 12.7.4 Types of license 12.7.5 Capital requirements 12.7.6 Solvency margins 12.7.7 Reserve requirements 12.7.8 Investment regulations 12.7.9 Statutory return requirements 12.7.10 Fee structure 12.8 Taxation 12.8.1 Insurance premium or policy taxation 12.8.2 Withholding taxes on premium paid overseas 12.8.3 Corporate tax 12.8.4 VAT 12.8.5 Captives 12.9 Legal System 12.9.1 Introduction 12.9.2 Access to court 12.9.3 Alternative dispute resolution 13 Definitions and Methodology 13.1 Definitions 13.2 Methodology 14 About Timetric 14.1 Contact Timetric 14.2 About Timetric 14.3 Timetric’s Services 14.4 Disclaimer
List of Tables Table 1: The Bahamian Insurance Industry – Key Facts Table 2: Bahamian Government Credit Ratings Table 3: Bahamian Insurance – Gross Written Premium by Segment (US$ Million), 2010–2014 Table 4: Bahamian Insurance – Gross Written Premium by Segment (US$ Million), 2014–2019 Table 5: Bahamian Insurance – Segmentation by Gross Written Premium (% Share), 2010–2019 Table 6: Bahamian Insurance – Direct Written Premium by Segment (US$ Million), 2010–2014 Table 7: Bahamian Insurance – Direct Written Premium by Segment (US$ Million), 2014–2019 Table 8: Bahamian Insurance – Direct Written Premium by Segment (%), 2010–2019 Table 9: Bahamian Life Insurance – Gross Written Premium (US$ Million), 2010–2014 Table 10: Bahamian Life Insurance – Gross Written Premium (US$ Million), 2014–2019 Table 11: Bahamian Life Insurance – Direct Written Premium (US$ Million), 2010–2014 Table 12: Bahamian Life Insurance – Direct Written Premium (US$ Million), 2014–2019 Table 13: Bahamian Life Insurance – Gross Written Premium by Category (US$ Million), 2010–2014 Table 14: Bahamian Life Insurance – Gross Written Premium by Category (US$ Million), 2014–2019 Table 15: Bahamian Life Insurance – Direct Written Premium by Category (US$ Million), 2010–2014 Table 16: Bahamian Life Insurance – Direct Written Premium by Category (US$ Million), 2014–2019 Table 17: Bahamian Life Insurance – Paid Claims (US$ Million), 2010–2014 Table 18: Bahamian Life Insurance – Paid Claims (US$ Million), 2014–2019 Table 19: Bahamian Life Insurance – Net Written Premium as Percentage of Gross Written Premium, 2010–2014 Table 20: Bahamian Life Insurance – Net Written Premium as Percentage of Gross Written Premium, 2014–2019 Table 21: Bahamian Life Insurance – Total Assets (US$ Billion), 2010–2014 Table 22: Bahamian Life Insurance – Total Assets (US$ Billion), 2014–2019 Table 23: Bahamian Life Insurance – Total Investment Income (US$ Million), 2010–2014 Table 24: Bahamian Life Insurance – Total Investment Income (US$ Million), 2014–2019 Table 25: Bahamian Life Insurance – Net Written Premium (US$ Million), 2010–2014 Table 26: Bahamian Life Insurance – Net Written Premium (US$ Million), 2014–2019 Table 27: Bahamian Individual Whole Life Insurance – Gross Written Premium (US$ Million), 2010–2014 Table 28: Bahamian Individual Whole Life Insurance – Gross Written Premium (US$ Million), 2014–2019 Table 29: Bahamian Individual General Annuity Insurance – Gross Written Premium (US$ Million), 2010–2014 Table 30: Bahamian Individual General Annuity Insurance – Gross Written Premium (US$ Million), 2014–2019 Table 31: Bahamian Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2010–2014 Table 32: Bahamian Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2014–2019 Table 33: Bahamian Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2010–2014 Table 34: Bahamian Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2014–2019 Table 35: Bahamian Non-Life Insurance – Paid Claims (US$ Million), 2010–2014 Table 36: Bahamian Non-Life Insurance – Paid Claims (US$ Million), 2014–2019 Table 37: Bahamian Non-Life Insurance – Total Assets (US$ Billion), 2010–2014 Table 38: Bahamian Non-Life Insurance – Total Assets (US$ Billion), 2014–2019 Table 39: Bahamian Non-Life Insurance – Total Investment Income (US$ Million), 2010–2014 Table 40: Bahamian Non-Life Insurance – Total Investment Income (US$ Million), 2014–2019 Table 41: Bahamian Non-Life Insurance – Net Written Premium (US$ Million), 2010–2014 Table 42: Bahamian Non-Life Insurance – Net Written Premium (US$ Million), 2014–2019 Table 43: Bahamian Property Insurance – Gross Written Premium (US$ Million), 2010–2014 Table 44: Bahamian Property Insurance – Gross Written Premium (US$ Million), 2014–2019 Table 45: Bahamian Motor Insurance – Gross Written Premium (US$ Million), 2010–2014 Table 46: Bahamian Motor Insurance – Gross Written Premium (US$ Million), 2014–2019 Table 47: Bahamian Liability Insurance – Gross Written Premium (US$ Million), 2010–2014 Table 48: Bahamian Liability Insurance – Gross Written Premium (US$ Million), 2014–2019 Table 49: Bahamian Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2010–2014 Table 50: Bahamian Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2014–2019 Table 51: Bahamian Personal Accident and Health Insurance – Gross Written Premium (US$ Million), 2010–2014 Table 52: Bahamian Personal Accident and Health Insurance – Gross Written Premium (US$ Million), 2014–2019 Table 53: Bahamian Personal Accident and Health Insurance – Direct Written Premium (US$ Million), 2010–2014 Table 54: Bahamian Personal Accident and Health Insurance – Direct Written Premium (US$ Million), 2014–2019 Table 55: Bahamian Personal Accident and Health Insurance – Paid Claims (US$ Million), 2010–2014 Table 56: Bahamian Personal Accident and Health Insurance – Paid Claims (US$ Million), 2014–2019 Table 57: Bahamian Personal Accident and Health Insurance – Total Assets (US$ Billion), 2010–2014 Table 58: Bahamian Personal Accident and Health Insurance – Total Assets (US$ Billion), 2014–2019 Table 59: Bahamian Personal Accident and Health Insurance – Total Investment Income (US$ Million), 2010–2014 Table 60: Bahamian Personal Accident and Health Insurance – Total Investment Income (US$ Million), 2014–2019 Table 61: Bahamian Personal Accident and Health Insurance – Net Written Premium (US$ Million), 2010–2014 Table 62: Bahamian Personal Accident and Health Insurance – Net Written Premium (US$ Million), 2014–2019 Table 63: Bahamian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010–2014 Table 64: Bahamian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014–2019 Table 65: Bahamian Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014 Table 66: Bahamian Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019 Table 67: Bahamian Non-Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014 Table 68: Bahamian Non-Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019 Table 69: Bahamian Personal Accident and Health Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014 Table 70: Bahamian Personal Accident and Health Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019 Table 71: The Bahamas – Liability Insurance Regulatory Framework Table 72: Colina Insurance Ltd – Key Facts Table 73: The Bahamas First General Insurance Company – Key Facts Table 74: Family Guardian Insurance Company Ltd – Key Facts Table 75: RoyalStar Assurance Ltd – Key Facts Table 76: Insurance Company of the Bahamas Ltd – Key Facts Table 77: The Bahamas – Insurance Regulatory Framework Key Features Table 78: The Bahamas – Life Insurance Regulatory Framework Table 79: The Bahamas – Property Insurance Regulatory Framework Table 80: The Bahamas – Motor Insurance Regulatory Framework Table 81: The Bahamas – Liability Insurance Regulatory Framework Table 82: Insurance Industry Definitions
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