Bahamas Insurance Industry – Key Trends and Opportunities to 2027

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Bahamas Insurance Market Report Overview

The gross written premium of the Bahamas insurance market was BSD972.06 million ($972.06 million) in 2022. The market is expected to achieve a CAGR of more than 3% during 2023-2027. The Bahamas insurance market research report provides in-depth market analysis, information, and insights into the Bahamas insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.

Bahamas Insurance Market Outlook, 2022-2027 (BSD Million)

Bahamas Insurance Market Outlook, 2022-2027 (BSD Million)

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The Bahamas insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Bahamas economy and demographics. It further evaluates the competitive landscape, which entails information on segment dynamics, 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.

Market Size (2022) BSD972.06 million ($972.06 million)
CAGR (2023-2027) >3%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Segments ·        General Insurance

·        Life Insurance

Key General Insurance LoB •       Property

•       Motor

•       Liability

•       Financial Lines

•       MAT

•       General Insurance PA&H

•       Miscellaneous

Key Life Insurance LoB •       General Annuity

•       Life PA&H

•       Other Life Insurance

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Bahamas Insurance Market Trends

The key trends impacting the Bahamas insurance market are the rising investment in parametric insurance and the focus on mangrove insurance policies. For instance, in July 2023, the EU granted millions to CCRIF members for their 2023 Parametric Insurance Program, administered by the World Bank. The parametric insurance funds helped increase policy coverage for each member country against natural hazards. The CCRIF offers parametric insurance for earthquakes, tropical cyclones, and excess rainfall.

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Bahamas Insurance Market by Segments

The key segments in the Bahamas insurance market are life insurance and general insurance. The life insurance segment dominated the Bahamas insurance market in 2022. The life insurance lines of business include general annuity, life PA&H, and other life insurance. Motor insurance was the dominant line of business in 2022. Life personal accident and health (PA&H) was the highest contributor to life insurance GWP in 2022.

General insurance lines of business in the Bahamas insurance market include property, motor, liability, financial lines, MAT, general insurance PA&H, and miscellaneous. Property insurance was the dominant line of business, in general insurance, in 2022.

Bahamas Insurance Market Analysis by Segments, 2022 (%)

Bahamas Insurance Market Analysis by Segments, 2022 (%)

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Bahamas Insurance Market – Latest Developments

  • On July 5, 2023, the International Association of Insurance Supervisors announced that the ICB became a member of the IAIS Multilateral Memorandum of Understanding.
  • On June 21, 2022, the ICB issued a notice to apply enhanced due diligence and apply counter-measures to all registered insurers. The notice was issued to protect the financial system from the ongoing money laundering, terrorist financing, and proliferation financing emerging from activities by the Russian Federation.

Bahamas Insurance Market Segments Outlook (Value, BSD Million, 2018-2027)

  • Life Insurance
  • General Insurance

Scope

This report provides a comprehensive analysis of the Bahamas insurance industry. It also offers:

  • Historical values for the Bahamas insurance industry for the review period, 2018-2022, and projected figures for the forecast period, 2023-2027.
  • A detailed analysis of the key categories in the Bahamas insurance industry and market forecasts up to 2027.
  • Insights on top life insurance companies in the Bahamas and outlines the key regulations affecting them.
  • Analysis of distribution channels operating in the segment, an overview of the Bahamas economy and demographics, and detailed information on the competitive landscape in the country.
  • Values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review and forecast periods.

Key Highlights

The report provides:

  • Key insights and dynamics of the Bahamas insurance industry.
  • A comprehensive overview of the Bahamas economy, government initiatives, and investment opportunities.
  • A detailed overview of the Bahamas insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
  • Details on the Bahamas insurance industry’s structure and lines of business.
  • Specifics on Bahamas’s reinsurance business’s market structure and the premium ceded along with cession rates.

Reasons to Buy

  • Make strategic business decisions using in-depth historical and forecast market data related to the Bahamas insurance industry, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Bahamas insurance industry.
  • Assess the competitive dynamics in the Bahamas insurance industry.
  • Identify growth opportunities and market dynamics in key product categories.

The Bahamas First General Insurance Company
RoyalStar Assurance Ltd
Colina Insurance Ltd
Generali
CG Atlantic Medical & Life
CG Atlantic General

Table of Contents

Executive Summary

Economy Overview

Regulation and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

General Insurance: Trends and KPIs

General Insurance: LOB

Reinsurance

Appendix

Frequently asked questions

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