Trinidad and Tobago Insurance Report Q2 2016
BMI View: Currency weakness will continue to hurt the dollar value returns for insurers in Trinidad andTobago in the coming years, and will be compounded by weak economic growth over our forecast period(2016-2020). Nevertheless, total gross premiums will increase from USD877.3mn in 2016 to USD982.9mnin 2020. We highlight upside for the health insurance sub-sector in particular given the poor state of thenational health system.
The life insurance sector will expand at a modest pace in the near term, before falling in 2017 as the marketnears saturation levels. Gross life premiums written are already high by regional standards, at USD349.5 percapita, and we expect this will tick upward to USD364.5 in 2016. Over the medium term, the sector willcontinue to outperform its Caribbean peers, with a value of USD565mn by 2020, second only to regionaloffshore behemoth Bermuda. We expect Guardian Life will continue to dominate the market.
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