Barbados Insurance Q3 2018
The Barbados insurance market, though small in absolute terms, is well-developed in per capita terms, reflecting thehigh incomes and insurance usage of local households as well as the country's sizeable expat population. While the economyremains fragile and consumer confidence is tentative, we see a number of bright spots emerging for the insurance industry over thenext few years. In particular, we see robust growth in both the life and health and personal accident segments, as the retirement-ageand expat populations expand, and economic uncertainty drives demand for savings and investment products. Elsewhere, thethriving tourism market, which grew by about 5% in 2017, is supporting growth in commercial property lines. The mainunderperformer, however, will remain the motor vehicle segment, where the market's maturity, and high levels of insuranceavoidance, are sapping growth.
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