Trinidad & Tobago Insurance Q1 2019
The insurance industry in Trinidad & Tobago is well developed compared to most markets in the Caribbean. This is due tothe affluence of the local population and the country's high level of industrial development, namely that of the natural gas sector. Asthe economy emerged from recession in 2018, this will have a positive impact on major insurance lines. However, with most of thisgrowth concentrated in the hydrocarbons sector, business confidence will generally remain tepid, tempering demand forcommercial insurance lines, especially the non-life segment. Weak job and wage growth will also impact the consumer segment,with personal lines such as motor vehicle insurance bearing the brunt. While market conditions will remain challenging through theforecast period, longer-term trends point to growth in consumer lines such as life and health insurance as affordability grows andthe number of retiree insurance users increases. Overall, the life segment will experience significant growth, while the non-lifesegment has been growing steadily as the insurance sector continues to expand.
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