Barbados' status as an offshore financial services hub means that the majority of insuranceactivity is geared towards the international market. Despite the small population of the country, thedomestic market is relatively well developed, however, with local households well attuned to using a rangeof insurance products in their daily lives. The high level of maturity, coupled with a highlight competitiveindustry landscape of local and regional providers, will restrict growth in more established markets such asmotor vehicle and property insurance over the next few years, though growth will still outstrip the outputlevels of the wider economy. Meanwhile, demographic factors and a growing trends towards privatehealthcare spending and savings and investment activity will create opportunities for insurers the healthand personal accident and life insurance segments.
Key Updates And Forecasts
In July 2017, Jamaica's second-largest insurance provider, British Caribbean Insurance CompanyLimited (BCIC) said it was expanding its operations to the Barbados market as part of wider regionalgrowth strategy. The company, which provides non-life products, including BCIC offers general,property and motor vehicle insurance covers, only has operations in the Jamaican market at present.