Strategic Market Intelligence: Insurance Industry in St Lucia - Key Trends and Opportunities to 2023
St Lucia is an upper middle-income country, with an estimated real gross domestic product (GDP) of XCD4.3 billion (US$1.6 billion) in 2018. As of 2018, the insurance industry GWP was valued at XCD224.9 million (US$83.3 million). It is expected to value XCD264.5 million (US$97.9 million) by 2023. Penetration has been on a decline since 2014, when it was 4.8%. Insurance density, in contrast, showed a rise during 2014-2018.
The general insurance segment accounts for over 75% of the total insurance industry size. Within this, retail is the predominant consumer segment, with a 51.2% share in 2018. Property insurance was the largest sub-segment, accounting for 45.1% of the general insurance’s GWP, followed by motor insurance with 28.2% and personal accident and health (PA&H) insurance with 20.6% respectively.
The number of brokers decreased from 13 in 2014 to eight in 2018, while the number of insurance agents increased from 17 in 2014 to 19 in 2018. The insurance industry in Saint Lucia is in a developing stage. The country has soft market conditions, and there is high competition in the St Lucian insurance industry. Insurers such as Beacon insurance and Sagicor insurance company provide access to their insurance services via an online portal and mobile applications.
The report Strategic Market Intelligence: Insurance Industry in St Lucia - Key Trends and Opportunities to 2023, provides a detailed outlook by product category for the St Lucian insurance industry. It provides values for key performance indicators such as written premium, density and during the review period (2014-2018) and forecast period (2018-2023). The report gives a comprehensive overview of the St Lucian economy and demographics.
The report brings together research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages of insurers operating in the country.
Companies mentioned: Beacon Insurance Company Ltd., Sun General Insurance Inc., Demerara Mutual Life Assurance Society Ltd., Caribbean Alliance Insurance Company Ltd.
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