Trinidad & Tobago Insurance Q4 2018
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 emerges 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. Weak job and wage growth will also impact the consumer segment, with personal lines such as motorvehicle insurance bearing the brunt. While market conditions will remain challenging through the forecast period, longer-termtrends point to growth in consumer lines such as life and health insurance as affordability grows and the number of retireeinsurance users increases. Overall, both life and non-life segments have been growing steadily as the insurance sector continues toexpand.
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