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The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2022

The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2022

Summary

GlobalData’s 'The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Bahamian insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bahamian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

This report provides in-depth market analysis, information and insights into the Bahamian insurance industry, including -

  • The Bahamian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Bahamian economy and demographics
  • Details of the competitive landscape in the Bahamian insurance industry
  • The various distribution channels in the Bahamian insurance industry
  • Details of regulatory policy applicable to the Bahamian insurance industry
  • Analysis of natural hazards in the Bahamian insurance industry
Key Highlights
  • On July 5, 2018, the ICB proposed a risk-based capital framework for general insurers.
  • As of December 31, 2017, there were 18 general insurers and 11 life insurers and 165 captive insurers operating in the country.
  • On January 13, 2017, the ICB issued a draft for guidelines regarding the capital adequacy framework for both domestic and foreign life insurers operating in the country.
Scope
  • This report provides a comprehensive analysis of the insurance industry in the Bahamas.
  • It provides historical values for the Bahamian insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Bahamian insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in the Bahamas.
  • It profiles the top insurance companies in the Bahamas, and outlines the key regulations affecting them.
Reasons to buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Bahamian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Bahamian insurance industry.
  • Assess the competitive dynamics in the Bahamian insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Bahamian insurance industry and their impact on companies and the industry's future.


  • Key Facts and Highlights
    • Table Bahamian Insurance Industry - Key Facts, 2017
    • Table Bahamian Insurance Industry - Leading Insurers, 2017
  • Executive Summary
  • Economy and Demographics
    • Table Figure 1: Bahamian Real GDP (US$ Billion), 2013-2022
    • Table Bahamian Government Credit Ratings
    • Table Figure 2: Bahamian Consumer Price Inflation (%), 2013-2022
    • Table Figure 3: Bahamian Current Account Balance as Percentage of GDP (%), 2013-2016
    • Table Figure 4: Bahamian Unemployment Rate, 2013-2022
    • Table Figure 5: Bahamian Population by Age Group, 2013-2022
  • Industry Outlook
    • Industry Indicators
      • Gross written premium
        • Table Bahamian Insurance Industry - Gross Written Premium (US$ Million), 2013-2017
        • Table Bahamian Insurance Industry - Gross Written Premium (US$ Million), 2017-2022
        • Table Figure 6: Bahamian Insurance Industry - Gross Written Premium (US$ Million), 2013-2022
      • Insurance density
        • Table Bahamian Insurance Industry - Density (US$), 2013-2017
        • Table Bahamian Insurance Industry - Density (US$), 2017-2022
        • Table Figure 7: Bahamian Insurance Industry - Density (US$), 2013-2022
      • Paid claims
        • Table Bahamian Insurance Industry - Paid Claims (US$ Million), 2013-2017
        • Table Bahamian Insurance Industry - Paid Claims (US$ Million), 2017-2022
        • Table Figure 8: Bahamian Insurance Industry - Paid Claims (US$ Million), 2013-2022
  • Life Insurance Outlook
    • Segment Indicators
      • Gross written premium
        • Table Bahamian Life Insurance - Gross Written Premium (US$ Million), 2013-2017
        • Table Bahamian Life Insurance - Gross Written Premium (US$ Million), 2017-2022
        • Table Figure 9: Bahamian Life Insurance - Gross Written Premium (US$ Million), 2013-2022
      • Paid claims
        • Table Bahamian Life Insurance - Paid Claims (US$ Million), 2013-2017
        • Table Bahamian Life Insurance - Paid Claims (US$ Million), 2017-2022
        • Table Figure 10: Bahamian Life Insurance - Paid Claims (US$ Million), 2013-2022
      • Penetration
        • Table Figure 11: Bahamian Life Insurance - Penetration (%), 2013-2017
        • Table Figure 12: Bahamian Life Insurance - Penetration (%), 2017-2022
      • Assets and investments
        • Table Bahamian Life Insurance - Total Assets (US$ Billion), 2013-2017
        • Table Bahamian Life Insurance - Total Assets (US$ Billion), 2017-2022
        • Table Figure 13: Bahamian Life Insurance - Total Assets (US$ Billion), 2013-2022
        • Table Bahamian Life Insurance - Total Investment Income (US$ Million), 2013-2017
        • Table Bahamian Life Insurance - Total Investment Income (US$ Million), 2017-2022
        • Table Figure 14: Bahamian Life Insurance - Total Investment Income (US$ Million), 2013-2022
        • Table Bahamian Life Insurance - Investment Portfolio (US$ Million), 2013-2017
        • Table Bahamian Life Insurance - Investment Portfolio (US$ Million), 2017-2022
        • Table Figure 15: Bahamian Life Insurance - Investment Portfolio (US$ Million), 2013-2022
        • Table Figure 16: Bahamian Life Insurance - Investment Portfolio Dynamics (US$ Million), 2013-2022
  • General Insurance Outlook
    • Segment Indicators
      • Gross written premium
        • Table Bahamian General Insurance - Gross Written Premium (US$ Billion), 2013-2017
        • Table Bahamian General Insurance - Gross Written Premium (US$ Billion and US$ Billion), 2017-2022
        • Table Figure 17: Bahamian General Insurance - Gross Written Premium (US$ Million), 2013-2022
      • Paid claims
        • Table Bahamian General Insurance - Paid Claims (US$ Million), 2013-2017
        • Table Bahamian General Insurance - Paid Claims (US$ Million), 2017-2022
        • Table Figure 18: Bahamian General Insurance - Paid Claims (US$ Million), 2013-2022
      • Penetration
        • Table Figure 19: Bahamian General Insurance - Penetration (%), 2013-2017
        • Table Figure 20: Bahamian General Insurance - Penetration (%), 2017-2022
      • Assets and investments
        • Table Bahamian General Insurance - Total Assets (US$ Million), 2013-2017
        • Table Bahamian General Insurance - Total Assets (US$ Million), 2017-2022
        • Table Figure 21: Bahamian General Insurance - Total Assets (US$ Million), 2013-2022
        • Table Bahamian General Insurance - Total Investment Income (US$ Million), 2013-2017
        • Table Bahamian General Insurance - Total Investment Income (US$ Million), 2017-2022
        • Table Figure 22: Bahamian General Insurance - Total Investment Income (US$ Million), 2013-2022
        • Table Bahamian General Insurance - Investment Portfolio (US$ Million), 2013-2017
        • Table Bahamian General Insurance - Investment Portfolio (US$ Million), 2017-2022
        • Table Figure 23: Bahamian General Insurance - Investment Portfolio (US$ Million), 2013-2022
        • Table Figure 24: Bahamian General Insurance - Investment Portfolio Dynamics (US$ Million), 2013-2022
    • Property Insurance
      • Gross written premium
        • Table Bahamian Property Insurance - Gross Written Premium (US$ Million), 2013-2017
        • Table Bahamian Property Insurance - Gross Written Premium (US$ Million), 2017-2022
        • Table Figure 25: Bahamian Property Insurance - Gross Written Premium (US$ Million), 2013-2022
      • Penetration
        • Table Figure 26: Bahamian Property Insurance - Penetration (%), 2013-2017
        • Table Figure 27: Bahamian Property Insurance - Penetration (%), 2017-2022
    • Motor Insurance
      • Gross written premium
        • Table Bahamian Motor Insurance - Gross Written Premium (US$ Million), 2013-2017
        • Table Bahamian Motor Insurance - Gross Written Premium (US$ Million), 2017-2022
        • Table Figure 28: Bahamian Motor Insurance - Gross Written Premium (US$ Million), 2013-2022
      • Penetration
        • Table Figure 29: Bahamian Motor Insurance - Penetration (%), 2013-2017
        • Table Figure 30: Bahamian Motor Insurance - Penetration (%), 2017-2022
    • Liability Insurance
      • Gross written premium
        • Table Bahamian Liability Insurance - Gross Written Premium (US$ Million), 2013-2017
        • Table Bahamian Liability Insurance - Gross Written Premium (US$ Million), 2017-2022
        • Table Figure 31: Bahamian Liability Insurance - Gross Written Premium (US$ Million), 2013-2022
      • Penetration
        • Table Figure 32: Bahamian Liability Insurance - Penetration (%), 2013-2017
        • Table Figure 33: Bahamian Liability Insurance - Penetration (%), 2017-2022
    • Marine, Aviation and Transit Insurance
      • Gross written premium
        • Table Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2013-2017
        • Table Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Billion and US$ Billion), 2017-2022
        • Table Figure 34: Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2013-2022
      • Penetration
        • Table Figure 35: Bahamian Marine, Aviation and Transit Insurance - Penetration (%), 2013-2017
        • Table Figure 36: Bahamian Marine, Aviation and Transit Insurance - Penetration (%), 2017-2022
    • Personal Accident and Health Insurance
      • Gross written premium
        • Table Bahamian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2013-2017
        • Table Bahamian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2017-2022
        • Table Figure 37: Bahamian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2013-2022
      • Penetration
        • Table Figure 38: Bahamian Personal Accident and Health Insurance - Penetration (%), 2013-2017
        • Table Figure 39: Bahamian Personal Accident and Health Insurance - Penetration (%), 2017-2022
    • Miscellaneous
      • Gross written premium
        • Table Bahamian Miscellaneous - Gross Written Premium (US$ Million), 2013-2017
        • Table Bahamian Miscellaneous - Gross Written Premium (US$ Million), 2017-2022
        • Table Figure 40: Bahamian Miscellaneous - Gross Written Premium (US$ Million), 2013-2022
      • Penetration
        • Table Figure 41: Bahamian Miscellaneous - Penetration (%), 2013-2017
        • Table Figure 42: Bahamian Miscellaneous - Penetration (%), 2017-2022
  • Reinsurance Outlook
    • Premium Ceded
      • Table Bahamian Reinsurance - Premium Ceded by Insurance Segment (US$ Billion), 2013-2017
      • Table Bahamian Reinsurance - Premium Ceded by Insurance Segment (US$ Billion), 2017-2022
      • Table Figure 43: Bahamian Reinsurance - Premium Ceded by Insurance Segment (US$ Billion), 2013-2022
      • Table Figure 44: Bahamian Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
      • Table Figure 45: Bahamian General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
  • Distribution Channel Outlook
  • Natural and Man-Made Hazards
    • Storms
    • Exposure
  • Competitive Landscape
    • Table Bahamian Insurance Industry - Insurance Companies, 2017
    • Company Profiles
      • Colina Insurance Ltd - company overview
        • Table Colina Insurance Ltd - Key Facts
      • The Bahamas First General Insurance Company - company overview
        • Table The Bahamas First General Insurance Company - Key Facts
      • Family Guardian Insurance Company Ltd - company overview
        • Table Family Guardian Insurance Company Ltd - Key Facts
      • RoyalStar Assurance Ltd - company overview
        • Table RoyalStar Assurance Ltd - Key Facts
      • Insurance Company of the Bahamas Ltd - company overview
        • Table Insurance Company of the Bahamas Ltd - Key Facts
  • Governance, Risk and Compliance
    • Table The Bahamas - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulation
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table The Bahamas - Life Insurance Regulatory Framework
      • Property insurance
        • Table The Bahamas - Property Insurance Regulatory Framework
      • Motor insurance
        • Table The Bahamas - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table The Bahamas - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • Social insurance system
      • Professional indemnity insurance for insurance brokers
      • Errors and omission insurance for loss adjusters, risk managers, fund advisers, real estate appraisers and consultants
      • Fidelity insurance for insurance agents
      • Liability insurance for ships with respect to oil pollution
    • Supervision and Control
      • Table Figure 46: The Bahamas - Insurance Supervision and Control at Various Levels
      • International Association of Insurance Supervisors
      • Insurance Commission of the Bahamas
      • Bahamas Insurance Association
      • Insurance Institute of the Bahamas
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Table Figure 47: The Bahamas - Insurance Regulatory Frameworks for Company Registration and Operation
      • Type of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margin
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxations
      • Withholding taxes on premium paid overseas.
      • Corporate tax
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Databook
    • Life Insurance
      • Policies and premium
        • Table Bahamian Life Insurance - Policies and Premium, 2013-2017
        • Table Bahamian Life Insurance - Policies and Premium, 2017-2022
      • Claims and expenses
        • Table Bahamian Life Insurance - Claims and Expenses, 2013-2017
        • Table Bahamian Life Insurance - Claims and Expenses, 2017-2022
      • Assets and investments
        • Table Bahamian Life Insurance - Assets and Investments, 2013-2017
        • Table Bahamian Life Insurance - Assets and Investments, 2017-2022
    • General Insurance
      • Policies and premium
        • Table Bahamian General Insurance - Policies and Premium, 2013-2017
        • Table Bahamian General Insurance - Policies and Premium, 2017-2022
      • Claims and expenses
        • Table Bahamian General Insurance - Claims and Expenses, 2013-2017
        • Table Bahamian General Insurance - Claims and Expenses, 2017-2022
      • Assets and investments
        • Table Bahamian General Insurance - Assets and Investments, 2013-2017
        • Table Bahamian General Insurance - Assets and Investments, 2017-2022
      • Property insurance
        • Table Bahamian General Insurance - Property Insurance, 2013-2017
        • Table Bahamian General Insurance - Property Insurance, 2017-2022
      • Motor insurance
        • Table Bahamian General Insurance - Motor Insurance, 2013-2017
        • Table Bahamian General Insurance - Motor Insurance, 2017-2022
      • Liability insurance
        • Table Bahamian General Insurance - Liability Insurance, 2013-2017
        • Table Bahamian General Insurance - Liability Insurance, 2017-2022
      • Marine, aviation and transit insurance
        • Table Bahamian General Insurance - Marine, Aviation and Transit Insurance, 2013-2017
        • Table Bahamian General Insurance - Marine, Aviation and Transit Insurance, 2017-2022
      • Personal Accident and Health Insurance
        • Table Bahamian General Insurance - Personal Accident and Health Insurance, 2013-2017
        • Table Bahamian General Insurance - Personal Accident and Health Insurance, 2017-2022
      • Miscellaneous
        • Table Bahamian General Insurance - Miscellaneous, 2013-2017
        • Table Bahamian General Insurance - Miscellaneous, 2017-2022
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Appendix
    • Contact GlobalData
    • About GlobalData
      • Table Figure 48: About GlobalData
    • GlobalData's Services
    • Disclaimer

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