British Virgin Islands Insurance Industry – Key Trends and Opportunities to 2026
Powered by
All the vital news, analysis, and commentary curated by our industry experts.
British Virgin Islands Insurance Market Report Overview
The gross written premium of the British Virgin Islands insurance market was estimated to be $190.4 million in 2021. The market is expected to achieve a CAGR of more than 6% during 2021-2026. The British Virgin Islands insurance market research report provides in-depth market analysis, information, and insights into the British Virgin Islands insurance industry. It provides values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the British Virgin Islands economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
British Virgin Islands Insurance Market Outlook, 2021-2026 ($ Million)
For more insights into the British Virgin Islands insurance market forecast, download a free report sample
British Virgin Islands Insurance Market Trends
Parametric insurance, and sanctions against Russia are some of the key trends impacting the BVI insurance market.
The BVI are vulnerable to hurricanes and storms, which usually occur from July to October. In 2017, the islands were hit by two Category 5 hurricanes what severely damaged all major marinas and hotels and destroyed 70% of the homes on the islands. In 2018, the territory became a member of the Caribbean Catastrophe Risk Insurance Facility Segregated Portfolio Company (CCRIF SPC), which provides parametric insurance policies covering tropical cyclones, excess rainfall, and earthquakes for Caribbean and Central American governments.
In response to the Russian invasion of Ukraine, several countries have imposed significant sanctions on Russia’s financial, aviation, shipping, defense, aerospace, and energy sectors, as well as individuals close to the Russian regime. The FSC, which is the regulatory authority of all financial services in the BVI, published sanctions against the Russian transportation sector prohibiting the provision of insurance and reinsurance services relating to aviation and space goods and technology to persons connected with Russia or for use in Russia.
British Virgin Islands Insurance Market by Segments
The key segments in the British Virgin Islands insurance market are life insurance and general insurance. The general insurance segment dominates the insurance market in 2021.
Life Insurance: There was a significant decrease in life insurance premiums between 2017 and 2018. During the review period, life insurance penetration was lower compared to the average for both emerging and developed markets. Since the BVI does not have locally incorporated life, pension, and healthcare insurers, most of the life insurance business is transacted with a few insurance companies in the UK and the US through local agencies or brokers.
General Insurance: It can be further divided into property, liability, MAT, miscellaneous, motor, and PA&H. Property was the largest insurance line of business, followed by non-life personal accident and health insurance.
British Virgin Islands Insurance Market Analysis by Segments, 2021 (%)
For more segment insights into the British Virgin Islands insurance market, download a free report sample
British Virgin Islands Insurance Market Report Overview
Market Size (2021) | $190.4 million (GWP) |
CAGR (2021-2026) | >6% |
Forecast Period | 2022-2026 |
Historical Period | 2017-2021 |
Key Segments | Life Insurance and General Insurance |
Segments Covered in the Report
British Virgin Islands Insurance Market Segments Outlook (Value, $ Million, 2017-2026)
- Life Insurance
- General Insurance
Scope
This report provides:
- Comprehensive analysis of the British Virgin Islands insurance industry.
- Historical values for the British Virgin Islands insurance industry for the report’s review period and projected figures for the forecast period.
- A detailed analysis of the key categories in the British Virgin Islands insurance industry, and market forecasts to 2026.
- Profiles of the top life insurance companies in the British Virgin Islands 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 British Virgin Islands insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the British Virgin Islands insurance industry.
- Assess the competitive dynamics in the British Virgin Islands insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Table of Contents
Frequently asked questions
-
What was the British Virgin Islands insurance market gross written premium in 2021?
The gross written premium of the British Virgin Islands insurance market was $190.4 million in 2021.
-
What is the British Virgin Islands insurance market growth rate?
The insurance market in the British Virgin Islands is expected to achieve a CAGR of more than 6% during 2021-2026.
-
What are the key segments of the British Virgin Islands insurance market?
The key segments of the British Virgin Islands insurance market are life insurance and general insurance.
-
Which segment dominates the British Virgin Islands insurance market in 2021?
The general insurance segment dominates the British Virgin Islands insurance market in 2021.
Get in touch to find out about multi-purchase discounts
reportstore@globaldata.com
Tel +44 20 7947 2745
Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.