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

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Published: August 31, 2018 Report Code: GDIS1720MR-ST

Report Overview
Key Players
Table of Contents
Table
Figures

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.

Sun General Insurance Inc.
Beacon Insurance Company Ltd
Caribbean Alliance Insurance Company Ltd
Demerara Mutual Life Assurance Society Ltd
Sagicor Life Inc.
Sagicor General Insurance
Guardian General Insurance Ltd
M&C General Insurance Company Ltd
St. Lucia Motor & General Insurance Company Ltd
Massy United Insurance Company Ltd

Table of Contents

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

Table

List of Tables

Table 1: Saint Lucian Insurance Industry – Key Facts, 2017

Table 2: Saint Lucian Insurance Industry – Leading Insurers, 2017

Table 3: Saint Lucian Insurance Industry – Gross Written Premium (XCD Million and US$ Million), 2013-2017

Table 4: Saint Lucian Insurance Industry – Gross Written Premium (XCD Million and US$ Million), 2017-2022

Table 5: Saint Lucian Insurance Industry – Density (XCD), 2013-2017

Table 6: Saint Lucian Insurance Industry – Density (XCD), 2017-2022

Table 7: Saint Lucian Life Insurance – Gross Written Premium (XCD Million and US$ Million), 2013-2017

Table 8: Saint Lucian Life Insurance – Gross Written Premium (XCD Million and US$ Million), 2017-2022

Table 9: Saint Lucian General Insurance – Gross Written Premium (XCD Million and US$ Million), 2013-2017

Table 10: Saint Lucian General Insurance – Gross Written Premium (XCD Million and US$ Million), 2017-2022

Table 11: Saint Lucian Property Insurance – Gross Written Premium (XCD Million and US$ Million), 2013-2017

Table 12: Saint Lucian Property Insurance – Gross Written Premium (XCD Million and US$ Million), 2017-2022

Table 13: Saint Lucian Motor Insurance – Gross Written Premium (XCD Million and US$ Million), 2013-2017

Table 14: Saint Lucian Motor Insurance – Gross Written Premium (XCD Million and US$ Million), 2017-2022

Table 15: Saint Lucian Personal Accident and Health Insurance – Gross Written Premium (XCD Million and US$ Million), 2013-2017

Table 16: Saint Lucian Personal Accident and Health Insurance – Gross Written Premium (XCD Million and US$ Million), 2017-2022

Table 17: Saint Lucian Miscellaneous – Gross Written Premium (XCD Million and US$ Million), 2013-2017

Table 18: Saint Lucian Miscellaneous – Gross Written Premium (XCD Million and US$ Million), 2017-2022

Table 19: Saint Lucian Insurance Industry – Leading Insurers, 2017

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 2018

Table 31: Saint Lucian Life Insurance – Policies and Premium, 2013-2017

Table 32: Saint Lucian Life Insurance – Policies and Premium, 2017-2022

Table 33: Saint Lucian General Insurance – Policies and Premium, 2013-2017

Table 34: Saint Lucian General Insurance – Policies and Premium, 2017-2022

Table 35: Saint Lucian General Insurance – Property Insurance, 2013-2017

Table 36: Saint Lucian General Insurance – Property Insurance, 2017-2022

Table 37: Saint Lucian General Insurance – Motor Insurance, 2013-2017

Table 38: Saint Lucian General Insurance – Motor Insurance, 2017-2022

Table 39: Saint Lucian General Insurance – Personal Accident and Health Insurance, 2013-2017

Table 40: Saint Lucian General Insurance – Personal Accident and Health Insurance, 2017-2022

Table 41: Saint Lucian General Insurance – Miscellaneous, 2013-2017

Table 42: Saint Lucian General Insurance – Miscellaneous, 2017-2022

Table 43: Insurance Industry Definitions

Figures

List of Figures

Figure 1: Saint Lucian Real GDP (XCD Billion), 2013-2022

Figure 2: Saint Lucian Exchange Rate (XCD per US$), 2013-2022

Figure 3: Saint Lucian Consumer Price Inflation (%), 2013-2022

Figure 4: Saint Lucian Current Account Balance as Percentage of GDP (%), 2013-2022

Figure 5: Saint Lucian Unemployment Rate, 2013-2022

Figure 6: Saint Lucian Population by Age Group, 2013-2022

Figure 7: Saint Lucian Insurance Industry – Gross Written Premium (XCD Million), 2013-2022

Figure 8: Saint Lucian Insurance Industry – Density (XCD), 2013-2022

Figure 9: Saint Lucian Life Insurance – Gross Written Premium (XCD Million), 2013-2022

Figure 10: Saint Lucian Life Insurance – Penetration (%), 2013-2017

Figure 11: Saint Lucian Life Insurance – Penetration (%), 2017-2022

Figure 12: Saint Lucian General Insurance – Gross Written Premium (XCD Million), 2013-2022

Figure 13: Saint Lucian General Insurance – Penetration (%), 2013-2017

Figure 14: Saint Lucian General Insurance – Penetration (%), 2017-2022

Figure 15: Saint Lucian Property Insurance – Gross Written Premium (XCD Million), 2013-2022

Figure 16: Saint Lucian Property Insurance – Penetration (%), 2013-2017

Figure 17: Saint Lucian Property Insurance – Penetration (%), 2017-2022

Figure 18: Saint Lucian Motor Insurance – Gross Written Premium (XCD Million), 2013-2022

Figure 19: Saint Lucian Motor Insurance – Penetration (%), 2013-2017

Figure 20: Saint Lucian Motor Insurance – Penetration (%), 2017-2022

Figure 21: Saint Lucian Personal Accident and Health Insurance – Gross Written Premium (XCD Million), 2013-2022

Figure 22: Saint Lucian Personal Accident and Health Insurance – Penetration (%), 2013-2017

Figure 23: Saint Lucian Personal Accident and Health Insurance – Penetration (%), 2017-2022

Figure 24: Saint Lucian Miscellaneous – Gross Written Premium (XCD Million), 2013-2022

Figure 25: Saint Lucian Miscellaneous – Penetration (%), 2013-2017

Figure 26: Saint Lucian Miscellaneous – Penetration (%), 2017-2022

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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