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Barbados Insurance Report Q2 2016

Barbados Insurance Report Q2 2016

BMI View: We hold a mixed outlook for the Barbados insurance sector over forecast period, from 2016-2020. The non-life sector, which constitutes about two-thirds of total domestic insurance industry premiums, has reached market maturity and premiums are expected to post only modest growth, from an estimated USD202mn in 2016 to USD215mn by end of 2020. Driving this contraction is the crucial property insurance line that has stagnated and is dampening total non-life growth prospects. The vital motor insurance line will post modest yet stable growth. Conversely, on the other hand, we hold a positive opinion of the life insurance segment of the Barbados. Premiums are expected to jump from an estimated USD98mn in 2016 to over USD163mn by the end of 2020, representing a strong average annual growth rate of 14.3%.

Key Updates Key Updates & Forecasts Forecasts

We are expecting the total insurance industry in Barbados to grow by 4.2% in 2016, with total gross underwritten premiums reaching USD300mn.

The Life insurance sector will post growth of 16.4% in 2016, with premiums reaching USD98mn, a figure we expect to exceed USD163mn by end of 2020.

Non-life premiums will post another year of contraction in 2016, driven by maturity in the property market. Non-life premiums will grow by an average annual rate of only 1.2% between 2016-2020, reaching USD215mn by end of our forecast period.

BMI Industry View
Table: Headline Insurance Forecasts (Barbados 2013-2020)
Industry Forecast
Life Premiums Forecast
Table: Life Premiums (Barbados 2013-2020)
Table: Life Insurance Claims (Barbados 2008-2015)
Non-Life Premiums Forecast
Table: Non-Life Premiums (Barbados 2013-2020)
Table: Non-Life Insurance Claims (Barbados 2009-2015)
Non-Life Sub-Sector Forecast
Table: Non-Life Insurance Premiums by Product Line (Barbados 2013-2020)
Industry Risk Reward Ratings
Latin America Insurance Risk/Reward Index
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q216
Market Overview
Life Market Overview
The Product Offering
Competitive Landscape
Non-Life Market Overview
The Product Offering
Competitive Landscape
Company Profile
Insurance Corporation of Barbados (ICBL)
Scotia Insurance Caribbean
Industry Forecast Methodology
Risk/Reward Index Methodology
Table: Indicators
Table: Weighting of Indicators

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