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The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022

The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022

Summary

GlobalData’s 'The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Manx 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 Manx 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.

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

  • The Manx insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Manx economy and demographics
  • Details of the competitive landscape in the Manx insurance industry
  • The various distribution channels in the Manx insurance industry
  • Details of regulatory policy applicable to the Manx insurance industry
  • Analysis of natural hazards in the Manx insurance industry
Key Highlights
  • In 2018, IOMFSA introduced a risk-based solvency regime; the solvency requirement will now depend on insurers’ risk cover.
  • According to IOMFSA’s Roadmap Report July 2018, a new framework is expected to be implemented in the Manx insurance industry.
  • As of 2016, there were 84 captive insurers operating in the country.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Isle of Man.
  • It provides historical values for the Manx 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 Manx 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 Isle of Man.
  • It profiles the top insurance companies in Isle of Man, 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 Manx insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Manx insurance industry.
  • Assess the competitive dynamics in the Manx insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Manx insurance industry and their impact on companies and the industry's future.


1 KEY FACTS AND HIGHLIGHTS
2 EXECUTIVE SUMMARY
3 ECONOMY AND DEMOGRAPHICS
4 INDUSTRY OUTLOOK
4.1 Industry Indicators
4.1.1 Gross written premium
4.1.2 Insurance density
5 LIFE INSURANCE OUTLOOK
5.1 Segment Indicators
5.1.1 Gross written premium
5.1.2 Assets and investments
6 GENERAL INSURANCE OUTLOOK
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Assets and investments
7 REINSURANCE OUTLOOK
8 DISTRIBUTION CHANNEL OUTLOOK
9 NATURAL AND MAN-MADE HAZARDS
9.1 Flooding
9.2 Storms
9.3 Exposure
10 COMPETITIVE LANDSCAPE
10.1 Company Profiles
10.1.1 Tower Insurance - company overview
10.1.2 Isle of Man Assurance Ltd - company overview
10.1.3 Templeton Insurance Ltd - company overview
10.1.4 Scottish Widows - company overview
10.1.5 Zurich International Life Ltd - company overview
11 GOVERNANCE, RISK AND COMPLIANCE
11.1 Legislation Overview and Historical Evolution
11.2 Latest Changes in Regulation
11.3 Legislation and Market Practice by Type of Insurance
11.3.1 Life insurance
11.3.2 Property insurance
11.3.3 Motor insurance
11.3.4 Liability insurance
11.3.5 Marine, aviation and transit insurance
11.3.6 Personal accident and health insurance
11.4 Compulsory Insurance
11.4.1 Motor third-party liability insurance
11.4.2 Social insurance system
11.5 Supervision and Control
11.5.1 International Association of Insurance Supervisors
11.5.2 The Isle of Man Financial Services Authority
11.5.3 Manx Insurance Association
11.5.4 Isle of Man Captive Association
11.6 Non-Admitted Insurance Regulations
11.6.1 Overview
11.6.2 Intermediaries
11.6.3 Market practices
11.6.4 Fines and Penalties
11.7 Company Registration and Operations
11.7.1 Type of insurance organization
11.7.2 Establishing a local company
11.7.3 Foreign ownership
11.7.4 Types of license
11.7.5 Capital requirements
11.7.6 Solvency margin
11.7.7 Reserve requirements
11.7.8 Investment regulations
11.7.9 Statutory return requirements
11.7.10 Fee structure
11.8 Taxation
11.8.1 Insurance premium or policy taxation
11.8.2 Withholding taxes on premium paid overseas
11.8.3 Corporate tax
11.8.4 VAT
11.8.5 Captives
11.9 Legal System
11.9.1 Introduction
11.9.2 Access to court
11.9.3 Alternative dispute resolution
12 DATABOOK
12.1 Life Insurance
12.1.1 Policies and premium
12.1.2 Assets and investments
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Assets and investments
13 DEFINITIONS AND METHODOLOGY
13.1 Definitions
13.2 Methodology
14 ABOUT GLOBALDATA
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData Services
14.4 Disclaimer
List of Tables
Table 1: Manx Insurance Industry - Key Facts, 2017
Table 2: Manx Insurance Industry - Leading Insurers, 2017
Table 3: Manx Government Credit Ratings
Table 4: Manx Insurance Industry - Gross Written Premium (GBP Billion and US$ Billion), 2013-2017
Table 5: Manx Insurance Industry - Gross Written Premium (GBP Billion and US$ Billion), 2017-2022
Table 6: Manx Insurance Industry - Density (GBP), 2013-2017
Table 7: Manx Insurance Industry - Density (GBP), 2017-2022
Table 8: Manx Life Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2013-2017
Table 9: Manx Life Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2017-2022
Table 10: Manx Life Insurance - Total Assets (GBP Billion and US$ Billion), 2013-2017
Table 11: Manx Life Insurance - Total Assets (GBP Billion and US$ Billion), 2017-2022
Table 12: Manx General Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2013-2017
Table 13: Manx General Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2017-2022
Table 14: Manx General Insurance - Total Assets (GBP Billion and US$ Billion), 2013-2017
Table 15: Manx General Insurance - Total Assets (GBP Billion and US$ Billion), 2017-2022
Table 16: Manx Insurance Industry - Leading Insurers, 2017
Table 17: Tower Insurance - Key Facts
Table 18: Isle of Man Assurance Ltd - Key Facts
Table 19: Templeton Insurance Ltd - Key Facts
Table 20: Scottish Widows - Key Facts
Table 21: Zurich International Life Ltd - Key Facts
Table 22: Isle of Man - Insurance Regulatory Framework Key Features
Table 23: Isle of Man - Life Insurance Regulatory Framework
Table 24: Isle of Man - Property Insurance Regulatory Framework
Table 25: Isle of Man- Motor Insurance Regulatory Framework
Table 26: Isle of Man - Liability Insurance Regulatory Framework
Table 27: Isle of Man - Application Fees for Insurance Companies 2018
Table 28: Isle of Man - Annual Fees in 2018
Table 29: Isle of Man - Liability Insurance Regulatory Framework
Table 30: Isle of Man - Corporate Tax Rates for the Financial Year 2018
Table 31: Manx Life Insurance - Policies and Premium, 2013-2017
Table 32: Manx Life Insurance - Policies and Premium, 2017-2022
Table 33: Manx Life Insurance - Assets and Investments, 2013-2017
Table 34: Manx Life Insurance - Assets and Investments, 2017-2022
Table 35: Manx General Insurance - Policies and Premium, 2013-2017
Table 36: Manx General Insurance - Policies and Premium, 2017-2022
Table 37: Manx General Insurance - Assets and Investments, 2013-2017
Table 38: Manx General Insurance - Assets and Investments, 2017-2022
Table 39: Insurance Industry Definitions
List of Figures
Figure 1: Real GDP (GBP Billion), 2013 to 2016
Figure 2: Manx Exchange Rate (GBP per US$), 2013-2022
Figure 3: Manx Consumer Price Inflation (%), 2013-2017
Figure 4: Manx Insurance Industry - Gross Written Premium (GBP Billion), 2013-2022
Figure 5: Manx Insurance Industry - Density (GBP), 2013-2022
Figure 6: Manx Life Insurance - Gross Written Premium (GBP Billion), 2013-2022
Figure 7: Manx Life Insurance - Total Assets (GBP Billion), 2013-2022
Figure 8: Manx General Insurance - Gross Written Premium (GBP Billion), 2013-2022
Figure 9: Manx General Insurance - Total Assets (GBP Billion), 2013-2022
Figure 10: Isle of Man - Insurance Supervision and Control at various levels
Figure 11: Isle of Man - Insurance Regulatory Frameworks for Company Registration and Operation

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