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The Insurance Industry in Saint Lucia, Key Trends and Opportunities to 2022

The Insurance Industry in Saint Lucia, Key Trends and Opportunities to 2022

Summary

GlobalData’s The Insurance Industry in Saint Lucia, Key Trends and Opportunities to 2022 report provides detailed analysis of the market trends, drivers and challenges in the Saint Lucian 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 Saint Lucian 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 Saint Lucian insurance industry, including -

  • The Saint Lucian insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Saint Lucian economy and demographics
  • Details of the competitive landscape in the Saint Lucian insurance industry
  • The various distribution channels in the Saint Lucian insurance industry
  • Details of regulatory policy applicable to the Saint Lucian insurance industry
  • Analysis of natural hazards in the Saint Lucian insurance industry.
Scope
  • This report provides a comprehensive analysis of the insurance industry in Saint Lucia
  • It provides historical values for the Saint Lucian 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 Saint Lucian 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 Saint Lucia.
  • It profiles the top insurance companies in Saint Lucia, 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 Saint Lucian insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Saint Lucian insurance industry.
  • Assess the competitive dynamics in the Saint Lucian insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Saint Lucian 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 Penetration
6 GENERAL INSURANCE OUTLOOK
6.1 Segment Indicators
6.1.1 Gross written premium
6.1.2 Penetration
6.2 Property Insurance
6.2.1 Gross written premium
6.2.2 Penetration
6.3 Motor Insurance
6.3.1 Gross written premium
6.3.2 Penetration
6.4 Personal Accident and Health Insurance
6.4.1 Gross written premium
6.4.2 Penetration
6.5 Miscellaneous
6.5.1 Gross written premium
6.5.2 Penetration
7 REINSURANCE OUTLOOK
8 DISTRIBUTION CHANNEL OUTLOOK
9 NATURAL AND MAN-MADE HAZARDS
9.1 Hurricanes
9.2 Volcanoes
9.3 Epidemics
9.4 Exposure
10 COMPETITIVE LANDSCAPE
10.1 Company Profiles
10.1.1 Sun General Insurance Inc. - company overview
10.1.2 Beacon Insurance Company Ltd - company overview
10.1.3 Caribbean Alliance Insurance Company Ltd - company overview
10.1.4 Demerara Mutual Life Assurance Society Ltd - company overview
10.1.5 Sagicor Life Inc. - 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 Liability insurance for ship owners in respect of oil pollution
11.4.2 Professional indemnity insurance for insurance brokers
11.5 Supervision and Control
11.5.1 The Insurance Association of the Caribbean
11.5.2 Eastern Caribbean Central Bank
11.5.3 Financial Services Regulatory Authority
11.5.4 Caribbean Association of Insurance Regulators
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
12.2 General Insurance
12.2.1 Policies and premium
12.2.2 Property insurance
12.2.3 Motor insurance
12.2.4 Personal accident and health insurance
12.2.5 Miscellaneous
13 DEFINITIONS AND METHODOLOGY
13.1 Definitions
13.2 Methodology
14 ABOUT GLOBALDATA
14.1 Contact GlobalData
14.2 About GlobalData
14.3 GlobalData’s Services
14.4 Disclaimer
List of Tables
Table 1: Saint Lucian Insurance Industry - Key Facts,
Table 2: Saint Lucian Insurance Industry - Leading Insurers,
Table 3: Saint Lucian Insurance Industry - Gross Written Premium (XCD Million and US$ Million), 2013-
Table 4: Saint Lucian Insurance Industry - Gross Written Premium (XCD Million and US$ Million), 2017-
Table 5: Saint Lucian Insurance Industry - Density (XCD), 2013-
Table 6: Saint Lucian Insurance Industry - Density (XCD), 2017-
Table 7: Saint Lucian Life Insurance - Gross Written Premium (XCD Million and US$ Million), 2013-
Table 8: Saint Lucian Life Insurance - Gross Written Premium (XCD Million and US$ Million), 2017-
Table 9: Saint Lucian General Insurance - Gross Written Premium (XCD Million and US$ Million), 2013-
Table 10: Saint Lucian General Insurance - Gross Written Premium (XCD Million and US$ Million), 2017-
Table 11: Saint Lucian Property Insurance - Gross Written Premium (XCD Million and US$ Million), 2013-
Table 12: Saint Lucian Property Insurance - Gross Written Premium (XCD Million and US$ Million), 2017-
Table 13: Saint Lucian Motor Insurance - Gross Written Premium (XCD Million and US$ Million), 2013-
Table 14: Saint Lucian Motor Insurance - Gross Written Premium (XCD Million and US$ Million), 2017-
Table 15: Saint Lucian Personal Accident and Health Insurance - Gross Written Premium (XCD Million and US$ Million), 2013-
Table 16: Saint Lucian Personal Accident and Health Insurance - Gross Written Premium (XCD Million and US$ Million), 2017-
Table 17: Saint Lucian Miscellaneous - Gross Written Premium (XCD Million and US$ Million), 2013-
Table 18: Saint Lucian Miscellaneous - Gross Written Premium (XCD Million and US$ Million), 2017-
Table 19: Saint Lucian Insurance Industry - Leading Insurers,
Table 20: Sun General Insurance Inc. - Key Facts
Table 21: Beacon Insurance Company Ltd - Key Facts
Table 22: Caribbean Alliance Insurance Company Ltd - Key Facts
Table 23: Demerara Mutual Life Assurance Society Ltd - Key Facts
Table 24: Sagicor Life Inc. - Key Facts
Table 25: Saint Lucia - Insurance Regulatory Framework Key Features
Table 26: Saint Lucia - Life Insurance Regulatory Framework
Table 27: Saint Lucia - Property Insurance Regulatory Framework
Table 28: Saint Lucia- Motor Insurance Regulatory Framework
Table 29: Saint Lucia - Liability Insurance Regulatory Framework
Table 30: Saint Lucia - Corporate Tax Rates for the Financial Year
Table 31: Saint Lucian Life Insurance - Policies and Premium, 2013-
Table 32: Saint Lucian Life Insurance - Policies and Premium, 2017-
Table 33: Saint Lucian General Insurance - Policies and Premium, 2013-
Table 34: Saint Lucian General Insurance - Policies and Premium, 2017-
Table 35: Saint Lucian General Insurance - Property Insurance, 2013-
Table 36: Saint Lucian General Insurance - Property Insurance, 2017-
Table 37: Saint Lucian General Insurance - Motor Insurance, 2013-
Table 38: Saint Lucian General Insurance - Motor Insurance, 2017-
Table 39: Saint Lucian General Insurance - Personal Accident and Health Insurance, 2013-
Table 40: Saint Lucian General Insurance - Personal Accident and Health Insurance, 2017-
Table 41: Saint Lucian General Insurance - Miscellaneous, 2013-
Table 42: Saint Lucian General Insurance - Miscellaneous, 2017-
Table 43: Insurance Industry Definitions
List of Figures
Figure 1: Saint Lucian Real GDP (XCD Billion), 2013-
Figure 2: Saint Lucian Exchange Rate (XCD per US$), 2013-
Figure 3: Saint Lucian Consumer Price Inflation (%), 2013-
Figure 4: Saint Lucian Current Account Balance as Percentage of GDP (%), 2013-
Figure 5: Saint Lucian Unemployment Rate, 2013-
Figure 6: Saint Lucian Population by Age Group, 2013-
Figure 7: Saint Lucian Insurance Industry - Gross Written Premium (XCD Million), 2013-
Figure 8: Saint Lucian Insurance Industry - Density (XCD), 2013-
Figure 9: Saint Lucian Life Insurance - Gross Written Premium (XCD Million), 2013-
Figure 10: Saint Lucian Life Insurance - Penetration (%), 2013-
Figure 11: Saint Lucian Life Insurance - Penetration (%), 2017-
Figure 12: Saint Lucian General Insurance - Gross Written Premium (XCD Million), 2013-
Figure 13: Saint Lucian General Insurance - Penetration (%), 2013-
Figure 14: Saint Lucian General Insurance - Penetration (%), 2017-
Figure 15: Saint Lucian Property Insurance - Gross Written Premium (XCD Million), 2013-
Figure 16: Saint Lucian Property Insurance - Penetration (%), 2013-
Figure 17: Saint Lucian Property Insurance - Penetration (%), 2017-
Figure 18: Saint Lucian Motor Insurance - Gross Written Premium (XCD Million), 2013-
Figure 19: Saint Lucian Motor Insurance - Penetration (%), 2013-
Figure 20: Saint Lucian Motor Insurance - Penetration (%), 2017-
Figure 21: Saint Lucian Personal Accident and Health Insurance - Gross Written Premium (XCD Million), 2013-
Figure 22: Saint Lucian Personal Accident and Health Insurance - Penetration (%), 2013-
Figure 23: Saint Lucian Personal Accident and Health Insurance - Penetration (%), 2017-
Figure 24: Saint Lucian Miscellaneous - Gross Written Premium (XCD Million), 2013-
Figure 25: Saint Lucian Miscellaneous - Penetration (%), 2013-
Figure 26: Saint Lucian Miscellaneous - Penetration (%), 2017-
Figure 27: Saint Lucia - Insurance Supervision and Control at Various Levels
Figure 28: Saint Lucia - Insurance Regulatory Frameworks for Company Registration and Operation

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