The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2019

The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2019

Synopsis

Timetric’s 'The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2019' 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, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2010–2014) and forecast period (2014–2019).

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 Timetric’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.

Summary

Timetric’s 'The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2019' 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
  • The detailed 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 Bahamian insurance industry
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 2010–2014 review period, and projected figures for the 2014–2019 forecast period.
  • It offers a detailed analysis of the key segments in the Bahamian insurance industry, with market forecasts to 2019.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.
  • 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 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 Highlights
  • The Bahamian insurance industry grew at a CAGR of 4.7% during the review period .
  • The life segment recovered during 2011–2014, as a result of the recovering US economy.
  • Growth in high-value construction projects, including resorts, hotels and casinos, to boost tourism activity positively impact the non-life segment during the review period.
  • A rise in the number of road traffic accidents, increased public awareness of healthcare, and positive momentum in the country’s economy resulted in the personal accident and health insurance segment’s growth.
  • The government will be the main consumer for private health insurance, which will generate business for private health insurers over the forecast period
  • Bahamian insurers reinsure nearly 60% of the risk they underwrite, and almost all the risk reinsured is placed abroad.
  • Geographical proximity to the US, and factors such as familiarity with the regulatory environment and a well-developed financial services sector, are drawing US-based small and mid-sized enterprises (SMEs) – with annual revenues of US$10.0 million–1.0 billion – to associate with the segregated cell aspect of captive insurance in the Bahamas.
  • Stable growth in compulsory insurance classes, and infrastructure and tourism development will support the insurance industry’s growth over the forecast period.


  • Key Facts and Highlights
    • Table The Bahamian Insurance Industry - Key Facts
  • Executive Summary
  • Economy and Demographics
    • Table Bahamian Government Credit Ratings
  • Bahamian Insurance Industry Overview
    • The Bahamian Insurance Industry
      • Table Bahamian Insurance - Gross Written Premium by Segment (US$ Million), 2010-2014
      • Table Bahamian Insurance - Gross Written Premium by Segment (US$ Million), 2014-2019
      • Table Bahamian Insurance - Segmentation by Gross Written Premium (% Share), 2010-2019
      • Table Bahamian Insurance - Direct Written Premium by Segment (US$ Million), 2010-2014
      • Table Bahamian Insurance - Direct Written Premium by Segment (US$ Million), 2014-2019
      • Table Bahamian Insurance - Direct Written Premium by Segment (%), 2010-2019
  • Life Insurance
    • Table Bahamian Life Insurance - Gross Written Premium (US$ Million), 2010-2014
    • Table Bahamian Life Insurance - Gross Written Premium (US$ Million), 2014-2019
    • Table Bahamian Life Insurance - Direct Written Premium (US$ Million), 2010-2014
    • Table Bahamian Life Insurance - Direct Written Premium (US$ Million), 2014-2019
    • Table Bahamian Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
    • Table Bahamian Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
    • Table Bahamian Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
    • Table Bahamian Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Table Bahamian Life Insurance - Paid Claims (US$ Million), 2010-2014
    • Table Bahamian Life Insurance - Paid Claims (US$ Million), 2014-2019
    • Table Bahamian Life Insurance - Net Written Premium as Percentage of Gross Written Premium, 2010-2014
    • Table Bahamian Life Insurance - Net Written Premium as Percentage of Gross Written Premium, 2014-2019
    • Table Bahamian Life Insurance - Total Assets (US$ Billion), 2010-2014
    • Table Bahamian Life Insurance - Total Assets (US$ Billion), 2014-2019
    • Table Bahamian Life Insurance - Total Investment Income (US$ Million), 2010-2014
    • Table Bahamian Life Insurance - Total Investment Income (US$ Million), 2014-2019
    • Table Bahamian Life Insurance - Net Written Premium (US$ Million), 2010-2014
    • Table Bahamian Life Insurance - Net Written Premium (US$ Million), 2014-2019
    • Life Insurance by Category
      • Individual whole life insurance
        • Table Bahamian Individual Whole Life Insurance - Gross Written Premium (US$ Million), 2010-2014
        • Table Bahamian Individual Whole Life Insurance - Gross Written Premium (US$ Million), 2014-2019
      • Individual general annuity insurance
        • Table Bahamian Individual General Annuity Insurance - Gross Written Premium (US$ Million), 2010-2014
        • Table Bahamian Individual General Annuity Insurance - Gross Written Premium (US$ Million), 2014-2019
  • Non-Life Insurance
    • Table Bahamian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2010-2014
    • Table Bahamian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2014-2019
    • Table Bahamian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2010-2014
    • Table Bahamian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2014-2019
    • Table Bahamian Non-Life Insurance - Paid Claims (US$ Million), 2010-2014
    • Table Bahamian Non-Life Insurance - Paid Claims (US$ Million), 2014-2019
    • Table Bahamian Non-Life Insurance - Total Assets (US$ Billion), 2010-2014
    • Table Bahamian Non-Life Insurance - Total Assets (US$ Billion), 2014-2019
    • Table Bahamian Non-Life Insurance - Total Investment Income (US$ Million), 2010-2014
    • Table Bahamian Non-Life Insurance - Total Investment Income (US$ Million), 2014-2019
    • Table Bahamian Non-Life Insurance - Net Written Premium (US$ Million), 2010-2014
    • Table Bahamian Non-Life Insurance - Net Written Premium (US$ Million), 2014-2019
    • Property Insurance
      • Table Bahamian Property Insurance - Gross Written Premium (US$ Million), 2010-2014
      • Table Bahamian Property Insurance - Gross Written Premium (US$ Million), 2014-2019
    • Motor Insurance
      • Table Bahamian Motor Insurance - Gross Written Premium (US$ Million), 2010-2014
      • Table Bahamian Motor Insurance - Gross Written Premium (US$ Million), 2014-2019
    • Liability Insurance
      • Table Bahamian Liability Insurance - Gross Written Premium (US$ Million), 2010-2014
      • Table Bahamian Liability Insurance - Gross Written Premium (US$ Million), 2014-2019
    • Marine, Aviation and Transit Insurance
      • Table Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2010-2014
      • Table Bahamian Marine, Aviation and Transit Insurance - Gross Written Premium (US$ Million), 2014-2019
  • Personal Accident and Health Insurance
    • Table Bahamian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2010-2014
    • Table Bahamian Personal Accident and Health Insurance - Gross Written Premium (US$ Million), 2014-2019
    • Table Bahamian Personal Accident and Health Insurance - Direct Written Premium (US$ Million), 2010-2014
    • Table Bahamian Personal Accident and Health Insurance - Direct Written Premium (US$ Million), 2014-2019
    • Table Bahamian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2010-2014
    • Table Bahamian Personal Accident and Health Insurance - Paid Claims (US$ Million), 2014-2019
    • Table Bahamian Personal Accident and Health Insurance - Total Assets (US$ Billion), 2010-2014
    • Table Bahamian Personal Accident and Health Insurance - Total Assets (US$ Billion), 2014-2019
    • Table Bahamian Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2010-2014
    • Table Bahamian Personal Accident and Health Insurance - Total Investment Income (US$ Million), 2014-2019
    • Table Bahamian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2010-2014
    • Table Bahamian Personal Accident and Health Insurance - Net Written Premium (US$ Million), 2014-2019
  • Reinsurance
    • Table Bahamian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010-2014
    • Table Bahamian Reinsurance - Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014-2019
    • Table Bahamian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Bahamian Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
    • Table Bahamian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Bahamian Non-Life Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
    • Table Bahamian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2010-2014
    • Table Bahamian Personal Accident and Health Insurance - Percentage of Premium Ceded (Excluding Retrocession), 2014-2019
  • Natural Hazards
    • Table The Bahamas - Liability Insurance Regulatory Framework
    • Hurricanes and Storms
    • Exposure
  • Distribution Channel Outlook
  • Competitive Landscape
    • Overview
    • Leading Companies
      • 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 Regulations
    • 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 liability insurance
      • Social insurance system
      • Professional indemnity insurance for insurance brokers
      • Errors and omission insurance for loss adjusters, risk managers, fund advisers, real estate
      • Fidelity insurance for insurance agents
    • Supervision and Control
      • 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
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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