Market Research Logo

The Insurance Industry in Trinidad and Tobago, Key Trends and Opportunities to 2018

  • Executive Summary
  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Trinidad and Tobagonian Insurance Industry Overview
    • Trinidad and Tobagonian Insurance Industry
      • Table Trinidad and Tobagonian Insurance Gross Written Premium by Segment (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Insurance Gross Written Premium by Segment (US$ Billion), 2009-2013
      • Table Trinidad and Tobagonian Insurance Gross Written Premium by Segment (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Insurance Gross Written Premium by Segment (US$ Billion), 2013-2018
      • Table Trinidad and Tobagonian Insurance Segmentation by Gross Written Premium (% Share), 2009-2018
      • Table Trinidad and Tobagonian Insurance Direct Written Premium by Segment (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Insurance Direct Written Premium by Segment (US$ Billion), 2009-2013
      • Table Trinidad and Tobagonian Insurance Direct Written Premium by Segment (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Insurance Direct Written Premium by Segment (US$ Billion), 2013-2018
      • Table Trinidad and Tobagonian Insurance Segmentation by Direct Written Premium (Percentage Share), 2009-2018
    • Key Industry Trends and Drivers
    • Challenges
  • Industry Segmentation
    • Life Insurance
      • Table Trinidad and Tobagonian Life Insurance - Gross Written Premium by Sub-Segment (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Gross Written Premium by Sub-Segment (US$ Million), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Gross Written Premium by Sub-Segment (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance - Gross Written Premium by Sub-Segment (US$ Billion), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance Segmentation by Gross Written Premium (Percentage Share), 2009-2018
      • Table Trinidad and Tobagonian Life Insurance - Direct Written Premium by Sub-Segment (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Direct Written Premium by Sub-Segment (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance - Direct Written Premium by Sub-Segment (US$ Million), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance Segmentation by Direct Written Premium (Percentage Share), 2009-2018
    • Individual Life Insurance
      • Table Trinidad and Tobagonian Individual Life Insurance - Gross Written Premium by Category (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
      • Table Trinidad and Tobagonian Individual Life Insurance - Gross Written Premium by Category (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
      • Table Trinidad and Tobagonian Individual Life Insurance - Direct Written Premium by Category (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
      • Table Trinidad and Tobagonian Individual Life Insurance - Direct Written Premium by Category (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
    • Group Life Insurance
      • Table Trinidad and Tobagonian Group Life Insurance - Gross Written Premium by Category (TTD Million), 2009-2013
      • Table Trinidad and Tobagonian Group Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
      • Table Trinidad and Tobagonian Group Life Insurance - Gross Written Premium by Category (TTD Million), 2013-2018
      • Table Trinidad and Tobagonian Group Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
      • Table Trinidad and Tobagonian Group Life Insurance - Direct Written Premium by Category (TTD Million), 2009-2013
      • Table Trinidad and Tobagonian Group Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
      • Table Trinidad and Tobagonian Group Life Insurance - Direct Written Premium by Category (TTD Million), 2013-2018
      • Table Trinidad and Tobagonian Group Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance - Paid Claims (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Paid Claims (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance - Incurred Loss (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Incurred Loss (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance - Loss Ratio (%), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Loss Ratio (%), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance - Combined Ratio (%), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Combined Ratio (%), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance - Total Assets (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Total Assets (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance - Total Investment Income (TTD Million), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Total Investment Income (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance - Retentions (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Retentions (TTD Billion), 2013-2018
    • Life Insurance by Category
      • Individual whole life insurance
        • Table Trinidad and Tobagonian Individual Whole Life Insurance - Gross Written Premium (TTD Billion), 2009-2013
        • Table Trinidad and Tobagonian Individual Whole Life Insurance- Gross Written Premium (TTD Billion), 2013-2018
      • Individual general annuity insurance
        • Table Trinidad and Tobagonian Individual General Annuity Insurance - Gross Written Premium (TTD Billion), 2009-2013
        • Table Trinidad and Tobagonian Individual General Annuity Insurance - Gross Written Premium (TTD Billion), 2013-2018
      • Individual other insurance
        • Table Trinidad and Tobagonian Individual Others - Gross Written Premium (TTD Billion), 2009-2013
        • Table Trinidad and Tobagonian Individual Others - Gross Written Premium (TTD Billion), 2013-2018
      • Group whole life insurance
        • Table Trinidad and Tobagonian Group Whole Life Insurance - Gross Written Premium (TTD Billion), 2009-2013
        • Table Trinidad and Tobagonian Group Whole Life Insurance - Gross Written Premium (TTD Billion), 2013-2018
      • Group superannuation insurance
        • Table Trinidad and Tobagonian Group Superannuation Insurance - Gross Written Premium (TTD Million), 2009-2013
        • Table Trinidad and Tobagonian Group Superannuation Insurance - Gross Written Premium (TTD Million), 2013-2018
    • Non-Life Insurance
      • Table Trinidad and Tobagonian Non-Life Insurance - Gross Written Premium by Category (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Gross Written Premium by Category (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Direct Written Premium by Category (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Direct Written Premium by Category (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Paid Claims (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Paid Claims (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Incurred Loss (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Incurred Loss (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Loss Ratio (%), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Loss Ratio (%), 2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Combined Ratio (%), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Combined Ratio (%), 2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Total Assets (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Total Assets (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Total Investment Income (TTD Million), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Total Investment Income (TTD Million), 2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Retentions (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Retentions (TTD Billion), 2013-2018
      • Property insurance
        • Table Trinidad and Tobagonian Property Insurance - Gross Written Premium (TTD Billion), 2009-2013
        • Table Trinidad and Tobagonian Property Insurance - Gross Written Premium (TTD Billion), 2013-2018
      • Motor insurance
        • Table Trinidad and Tobagonian Motor Insurance - Gross Written Premium (TTD Billion), 2009-2013
        • Table Trinidad and Tobagonian Motor Insurance - Gross Written Premium (TTD Billion), 2013-2018
      • Liability insurance
        • Table Trinidad and Tobagonian Liability Insurance - Gross Written Premium (TTD Billion), 2009-2013
        • Table Trinidad and Tobagonian Liability Insurance - Gross Written Premium (TTD Billion), 2013-2018
      • Marine, aviation and transit insurance
        • Table Trinidad and Tobagonian Marine, Aviation and Transit Insurance - Gross Written Premium (TTD Million), 2009-2013
        • Table Trinidad and Tobagonian Marine, Aviation and Transit Insurance - Gross Written Premium (TTD Million), 2013-2018
    • Personal Accident and Health Insurance
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Paid Claims (TTD Million), 2009-2013
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Paid Claims (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Incurred Loss (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Incurred Loss (TTD Million), 2013-2018
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Total Assets (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Total Assets (TTD Billion), 2013-2018
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Total Investment Income (TTD Million), 2009-2013
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Total Investment Income (TTD Million), 2013-2018
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Retentions (TTD Billion), 2009-2013
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Retentions (TTD Billion), 2013-2018
    • Reinsurance
      • Table Trinidad and Tobagonian Reinsurance - Ceded by Insurance Segment (TTD Million), 2009-2013
      • Table Trinidad and Tobagonian Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
      • Table Trinidad and Tobagonian Reinsurance - Ceded by Insurance Segment (TTD Million), 2013-2018
      • Table Trinidad and Tobagonian Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
      • Table Trinidad and Tobagonian Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
      • Table Trinidad and Tobagonian Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
      • Table Trinidad and Tobagonian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
      • Table Trinidad and Tobagonian Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
      • Table Trinidad and Tobagonian Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
  • Governance, Risk and Compliance
    • Legislation Overview and Historical Evolution
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Trinidad and Tobago - Life Insurance Regulatory Framework
      • Property insurance
        • Table Trinidad and Tobago - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Trinidad and Tobago - Motor Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Workmen's compensation insurance
      • Motor vehicles insurance (third-party risks)
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Caribbean Association of Insurance Regulators
      • Central Bank of Trinidad and Tobago
    • 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
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Trinidad and Tobago - Corporate Tax Rates for the Financial Year 2014
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Competitive Landscape
    • Overview
      • Table Active Insurance Companies, 2012
      • Table Leading Life Insurance Companies, 2012
      • Table Leading Non-life Insurance Companies, 2012
    • Leading Companies
      • Guardian Life of the Caribbean Ltd - company overview
        • Table Guardian Life of the Caribbean Ltd, Main Products
        • Table Guardian Life of the Caribbean Ltd, Key Employees
      • Sagicor - company overview
        • Table Sagicor, Main Products
        • Table Sagicor, Key Employees
      • TATIL Life Assurance Ltd - company overview
        • Table TATIL Life Assurance Ltd, Main Products
        • Table TATIL Life Assurance Ltd, Key Employees
      • Colonial Fire and General Insurance Company Ltd - company overview
        • Table COLFIRE, Main Products
        • Table COLFIRE, Key Employees
      • Maritime General Insurance Company Ltd - company overview
        • Table Maritime General Insurance Company Ltd, Main Products
        • Table Maritime General Insurance Company Ltd, Key Employees
      • CUNA Caribbean Insurance Society Ltd - company overview
        • Table CUNA Caribbean Insurance Society Ltd, Main Products
        • Table CUNA Caribbean Insurance Society Ltd, Key Employees
      • The Beacon Insurance Company Ltd - company overview
        • Table The Beacon Insurance Company Ltd, Main Products
        • Table The Beacon Insurance Company Ltd, Key Employees
  • Economic Indicators
    • GDP at Constant Prices (US$)
    • GDP at Current Prices (US$)
    • GDP per Capita at Current Prices (US$)
    • Inflation
    • Life Expectancy
    • Labor Force
    • Unemployment Rate
    • Total Number of Internet Users
    • Rural and Urban Populations
    • Total Population
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

The Insurance Industry in Trinidad and Tobago, Key Trends and Opportunities to 2018

Synopsis

Trinidad and Tobago is the largest economy in the Caribbean, and is one of the most favored destinations for insurers and foreign investors, especially those from Latin America, due to its high per capita income. The insurance industry grew in terms of gross written premium value, recording a CAGR of 4.9% during the review period, and the industry is likely to be widened when the Insurance Bill 2013 is passed. The bill was tabled in Parliament and is still under consideration.

Strong industrial growth and the government’s social reforms, including the Corporate Social Responsibility Scheme and Community Development Policy, will have a positive impact on the economy. The industry is regulated by the Central Bank of Trinidad and Tobago (CBTT) and is highly consolidated with 23 insurers – including those of both foreign and regional origin.

Summary

The report provides in-depth industry analysis, information and insights into the insurance industry in Trinidad and Tobago, including:

  • The Trinidad and Tobagonian insurance industry’s growth prospects by insurance segment and category
  • The competitive landscape in the Trinidad and Tobagonian insurance industry
  • The current trends and drivers in the Trinidad and Tobagonian insurance industry
  • Challenges facing the Trinidad and Tobagonian insurance industry
  • The detailed regulatory framework of the Trinidad and Tobagonian insurance industry
Scope

This report provides a comprehensive analysis of the insurance industry in Trinidad and Tobago:
  • It provides historical values for the Trinidad and Tobagonian insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Trinidad and Tobagonian insurance industry, along with forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Trinidad and Tobago, and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast industry data related to the Trinidad and Tobagonian insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities in the Trinidad and Tobagonian insurance industry.
  • Assess the competitive dynamics in the Trinidad and Tobagonian insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Trinidad and Tobagonian insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • Trinidad and Tobago has a liberal insurance industry, with both regional and foreign insurance companies present
  • The insurance industry grew in terms of gross written premium value, recording a CAGR of 4.9% during the review period
  • The Trinidad and Tobagonian insurance industry’s penetration stood at 4.3% in 2013
  • Property insurance was the largest category, followed by the motor insurance category
  • Oil and natural gas exports account for over 80% of overall exports.
  • The decrease in the number of insurers and increase in merger and acquisition (M&A) activity indicates that the industry is likely to consolidate over the forecast period (2013–2018)
  • Central Bank of Trinidad and Tobago (CBTT) is the regulator of the insurance industry in Trinidad and Tobago


Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report

;