Barbados Insurance Industry – Key Trends and Opportunities to 2028
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Barbados Insurance Market Report Overview
The gross written premium of the Barbados insurance market was estimated to be BBD840.5 million ($420.3 million) in 2023. The market will achieve a CAGR of more than 3% during 2024-2028. The Barbados insurance market research report provides in-depth market analysis, information, and insights into the Barbados 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.
Barbados Insurance Market Outlook, 2023-2028 (BBD Million)
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The Barbados insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Barbados 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 (2023) | BBD840.5 million ($420.3 million) |
CAGR (2024-2028) | >3% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Segments | · General Insurance
· Life Insurance |
Key Companies | · Sagicor
· Beacon · ICBL · Guardian · Others |
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Barbados Insurance Market Trends
The key trends impacting the Barbados insurance market are the growing interest in property insurance and life insurance policies. For instance, In April 2023, the ICBL introduced the Sapphire Endowment Plan, which offers fixed premiums for the lifetime of the policy and maturities at 18 years, 25 years, and age 65. Customers can get a discount on premiums by paying for one year in full. The plan also allows cash loans of up to 90% of the available cash value of the policy and guaranteed interest on the lump sum accumulated for qualifying customers.
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Barbados Insurance Market by Segments
The key segments in the Barbados insurance market are life insurance and general insurance. The general insurance segment dominated the Barbados insurance market in 2023 and will register significant growth during 2024-2028. Motor insurance accounted for more than 34% share of general insurance GWP in 2023, making it the dominant line of business (LOB). It was followed by property and liability insurance.
Barbados Insurance Market Analysis by Segments, 2023 (%)
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Barbados Insurance Market – Competitive Landscape
In 2022, Sagicor accounted for the highest market share in the Barbados life insurance market
A few of the key companies in the Barbados insurance market are:
- Sagicor
- Beacon
- ICBL
- Guardian
- Others
Sagicor General Insurance is a subsidiary of Sagicor Financial Corporation. The company has followed a business strategy that has seen the company transform from a local single-line life insurance company to a financial services group with a solid regional base. It has also expanded into the international financial services market.
Barbados Life Insurance Market Analysis by Companies, 2022(%)
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Barbados Insurance Market – Latest Developments
- In November 2023, the Barbados government introduced new legislation to standardize the process of valuing land and property. The General Insurance Association of Barbados and the Barbados Estate Agents and Valuers Association will bring together the valuation of property for insurance, land tax payments, and property sales.
Barbados Insurance Market Segments Outlook (Value, BBD Million, 2019-2028)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Barbados insurance industry. It also offers:
- Historical values for the Barbados insurance industry for the review period, 2019-2023, and projected figures for the forecast period, 2024-2028.
- A detailed analysis of the key categories in the Barbados insurance industry and market forecasts up to 2028.
- Insights on key regulations affecting the market.
- Analysis of distribution channels operating in the segment, an overview of the Barbados economy and demographics, and detailed information on the competitive landscape in the country.
- Profiles of the top life insurance companies in Barbados and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Barbados insurance industry.
- A comprehensive overview of the Barbados economy, government initiatives, and investment opportunities.
- The Barbados insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Barbados insurance industry’s market structure gives details of lines of business.
- Barbados reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Barbados insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Barbados insurance industry.
- Assess the competitive dynamics in the Barbados insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Beacon Insurance
ICBL
Guardian General Insurance Limited
Table of Contents
Frequently asked questions
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What was the Barbados insurance market gross written premium in 2023?
The gross written premium of the Barbados insurance market was BBD840.5 million ($420.3 million) in 2023.
-
What will the growth rate of the Barbados insurance market be during the forecast period?
The insurance market in Barbados is expected to achieve a CAGR of more than 3% during 2024-2028.
-
Which segment dominated the Barbados insurance market in 20223?
The general insurance segment dominated the Barbados insurance market in 2023.
-
Which are the major companies operating in the Barbados insurance market?
A few of the key companies in the Barbados insurance market are Sagicor, Beacon, ICBL, Guardian, and others.
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