Saint Lucia Insurance Industry – Key Trends and Opportunities to 2027
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Saint Lucia Insurance Industry Report Overview
The total gross written premium (GWP) in the Saint Lucia insurance industry was XCD264.5 million in 2022 is expected to record a CAGR of more than 5% during 2023-2027. Saint Lucia’s economy is driven by tourism. A rebound in the tourism sector resulted in real GDP growth of 15.9% in 2022. Tax revenue from higher commodity prices has also driven growth. The services sector accounted for 85% of gross value added in 2022. However, agriculture, fishing, and forestry are expected to grow in 2023 as the government focuses on providing training and introducing new technology in this sector.
Saint Lucia Insurance Industry Outlook 2022-2027 (XCD Million)
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The Saint Lucia insurance industry report provides in-depth market analysis, information, and insights into the Saint Lucia insurance industry. The report has a comprehensive overview of the Saint Lucia economy, government initiatives, and investment opportunities. The Saint Lucia insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements are covered in this report. Furthermore, the report offers Saint Lucia’s insurance market structure giving details of lines of business and premiums ceded along with cession rates.
Market Size (2022) | XCD264.5 million |
CAGR (2023-2027) | >5% |
Key Insurance Sectors | Life Insurance and General Insurance |
Key Trends | Agricultural Insurance |
Key Lines of Business (General Insurance) | Property, Motor, Liability, Financial Lines, MAT, and General Insurance PA&H |
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Saint Lucia Insurance Industry Trends
One of the key trends influencing the Saint Lucia insurance industry is agricultural insurance.
Agricultural Insurance: In June 2023, the country’s Minister of Agriculture recommended the implementation of an agricultural insurance scheme for farmers in Saint Lucia, as the island is highly prone to tropical storms and related disasters. The minister has urged governments across the Windward Islands region and development partners to work together to make agricultural insurance more accessible. This would help reduce pressure on the government to provide relief in the case of natural disasters while protecting the livelihood of farmers.
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Saint Lucia Insurance Industry Sectors
The key sectors in the Saint Lucia insurance industry are life insurance and general insurance. In 2022, the general insurance sector accounted for the highest share of total insurance industry GWP. Property insurance was the largest LOB in the general insurance sector. Saint Lucia’s geographical location makes it vulnerable to cyclones, boosting demand for property insurance. It was followed by motor insurance and non-life PA&H insurance.
Saint Lucia Insurance Industry Analysis by Sector, 2022 (%)
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Key Segments Covered in the Report
Saint Lucia Insurance Industry Sector Outlook (Value, XCD Million, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides a comprehensive analysis of the Saint Lucia insurance industry –
- It provides historical values for the Saint Lucia insurance industry for the report’s 2018–22 review period, and projected figures for the 2023–27 forecast period.
- It offers a detailed analysis of the key categories in the Saint Lucia insurance industry and market forecasts to 2027.
- It profiles the top life insurance companies in Saint Lucia and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Saint Lucia insurance industry.
- A comprehensive overview of the Saint Lucia economy, government initiatives, and investment opportunities.
- The Saint Lucia insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Saint Lucia insurance industry’s market structure giving details of lines of business.
- Saint Lucia’s reinsurance business’s market structure giving 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 Saint Lucia insurance industry, and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Saint Lucia insurance industry.
- Assess the competitive dynamics in the Saint Lucia insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
Demerara Mutual Life Assurance Society Ltd
Caribbean Alliance Insurance Company Ltd
Table of Contents
Frequently asked questions
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What was the Saint Lucia insurance industry gross written premium in 2022?
The gross written premium of the Saint Lucia insurance industry was XCD264.5 million in 2022.
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What is the Saint Lucia insurance industry growth rate?
The insurance industry in Saint Lucia is expected to achieve a CAGR of more than 5% during 2023-2027.
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What sector dominated the Saint Lucia insurance industry in 2022?
The general insurance segment dominated the Saint Lucia insurance industry in 2022.
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Which general insurance LOB dominated the largest Saint Lucia insurance industry share?
Property insurance was the largest LOB in the general insurance sector of the Saint Lucia insurance industry.
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