The Insurance Industry in Suriname, Key Trends and Opportunities to 2020

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Published: September 08, 2016 Report Code: GD-IS1278MR-ST

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GlobalData’s 'The Insurance Industry in Suriname, Key Trends and Opportunities to 2020' report provides a detailed analysis of Surinamese insurance industry.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review (2011–2015) and forecast periods (2015–2020).

The report also gives a comprehensive overview of the Surinamese economy and demographics, and provides detailed information on the competitive landscape in the country. It also includes the impact of natural hazards on the insurance industry.

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.

Scope

This report provides a comprehensive analysis of the insurance industry in Suriname:

• It provides historical values for the Surinamese insurance industry for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.

• It offers a detailed analysis of the key segments in the Surinamese insurance industry, with market forecasts to 2020.

• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions.

• It profiles the top insurance companies in Suriname, and outlines the key regulations affecting them.

• It covers the economy and demographics structure of Suriname.

• It analyzes the impact of natural hazards in the Surinamese insurance industry.

Key Highlights

What is the total of insurance companies operational in Suriname? How is this total broken down between life insurers, general insurers and funeral insurers?

When was the Insurance Act introduced to parliament? What is the status of this act?

At what CAGR did the industry grow in the review period? Which insurance segment was the key driver of this growth? What review period CAGR was recorded by this segment? What percentage of the industry's gross written premium did this segment generate in 2015?

Which category constituted the largest share of the total non-life segment’s industry contribution in 2015?

What is a common characteristic of the total percentage of reinsurance ceded in all three segments of the Suriname industry? What does this indicate?

Reasons to Buy

• Make strategic business decisions using in-depth historic and forecast market data related to the Surinamese insurance industry and each segment and category within it.

• Understand the demand-side dynamics, key market trends and growth opportunities in the Surinamese insurance industry.

• Assess the competitive dynamics in the Surinamese insurance industry.

• Identify growth opportunities and market dynamics in key segments.

• Gain insights into key regulations governing the Surinamese insurance industry, and their impact on companies and the industry's future.

Assuria Levensverzekering NV,Fatum Schadeverzekering NV ,Assuria Schadeverzekering NV

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Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

4.1 Regional Comparison

4.2 Industry Indicators

4.2.1 Gross written premium

4.2.2 Claims

4.2.3 Assets and investments

5 Life Insurance Outlook

5.1 Gross Written Premium

5.2 Individual Life Insurance

5.2.1 Gross written premium

5.2.2 Penetration

5.3 Group Life Insurance

5.3.1 Gross written premium

5.3.2 Penetration

6 Non-Life Insurance Outlook

6.1 Gross written premium

6.2 Property Insurance

6.2.1 Gross written premium

6.2.2 Penetration

6.2.3 Claims

6.3 Motor Insurance

6.3.1 Gross written premium

6.3.2 Penetration

6.3.3 Claims

6.4 Liability Insurance

6.4.1 Gross written premium

6.4.2 Penetration

6.4.3 Claims

7 Personal Accident and Health Insurance Outlook

7.1 Personal Accident Insurance

7.1.1 Gross written premium

7.1.2 Penetration

7.1.3 Claims

7.2 Health Insurance

7.2.1 Gross written premium

7.2.2 Penetration

7.2.3 Claims

8 Reinsurance Outlook

8.1 Premium Ceded

9 Distribution Channels

10 Natural Hazards

10.1 Exposure

11 Competitive Landscape

11.1 Company Profiles

11.1.1 Assuria Levensverzekering NV – company overview

11.1.2 Fatum Schadeverzekering NV – company overview

11.1.3 Assuria Schadeverzekering NV – company overview

12 Governance, Risk and Compliance

12.1 Legislation Overview and Historical Evolution

12.2 Latest Changes in Regulation

12.3 Legislation and Market Practice by Type of Insurance

12.3.1 Life Insurance

12.3.2 Property Insurance

12.3.3 Motor Insurance

12.3.4 Liability insurance

12.3.5 Marine, aviation and transit insurance

12.3.6 Personal accident and health insurance

12.4 Compulsory Insurance

12.4.1 Motor third-party liability insurance

12.4.2 National health insurance (State scheme)

12.5 Supervision and Control

12.5.1 International Association of Insurance Supervisors

12.5.2 Caribbean Association of Insurance Regulators

12.5.3 The Insurance Association of the Caribbean

12.5.4 Central Bank of Suriname

12.6 Non-Admitted Insurance Regulations

12.6.1 Overview

12.6.2 Intermediaries

12.6.3 Market practices

12.6.4 Fines and Penalties

12.7 Company Registration and Operations

12.7.1 Type of insurance organization

12.7.2 Establishing a local company

12.7.3 Foreign ownership

12.7.4 Types of license

12.7.5 Capital requirements

12.7.6 Solvency margin

12.7.7 Reserve requirements

12.7.8 Investment regulations

12.7.9 Statutory return requirements

12.7.10 Fee structure

12.8 Taxation

12.8.1 Insurance premium or policy taxation

12.8.2 Withholding taxes on premium paid overseas

12.8.3 Corporate tax

12.8.4 VAT

12.8.5 Captives

12.9 Legal System

12.9.1 Introduction

12.9.2 Access to court

12.9.3 Alternative dispute resolution (ADR)

13 Databook

13.1 Life Insurance

13.1.1 Policies and Premium

13.1.2 Claims and Expenses

13.1.3 Assets and Investments

13.1.4 Individual Life Insurance

13.1.5 Group Life Insurance

13.1.6 Linked vs Non-Linked Policies

13.2 Non-Life Insurance

13.2.1 Policies and Premium

13.2.2 Claims and Expenses

13.2.3 Assets and Investments

13.2.4 Property Insurance

13.2.5 Motor Insurance

13.2.6 Liability Insurance

13.3 Personal Accident and Health Insurance

13.3.1 Policies and Premium

13.3.2 Claims and Expenses

13.3.3 Assets and Investments

13.3.4 Personal Accident Insurance

13.3.5 Health Insurance

14 Definitions and Methodology

14.1 Definitions

14.2 Methodology

15 About GlobalData

15.1 Contact GlobalData

15.2 About GlobalData

15.3 GlobalData’s Services

15.4 Disclaimer

Table

Table 1: Surinamese Insurance Industry – Key Facts, 2015

Table 2: Surinamese Government Credit Ratings

Table 3: Surinamese Insurance Industry – Gross Written Premium by Segment (SRD Million), 2011–2015

Table 4: Surinamese Insurance Industry – Gross Written Premium by Segment (SRD Million), 2015–2020

Table 5: Surinamese Insurance Industry – Direct Written Premium per Capita by Segment (SRD), 2011–2015

Table 6: Surinamese Insurance Industry – Direct Written Premium per Capita by Segment (SRD), 2015–2020

Table 7: Surinamese Insurance Industry – Paid Claims by Segment (SRD Million), 2011–2015

Table 8: Surinamese Insurance Industry – Paid Claims by Segment (SRD Million), 2015–2020

Table 9: Surinamese Insurance Industry – Total Assets by Segment (SRD Million), 2011–2015

Table 10: Surinamese Insurance Industry – Total Assets by Segment (SRD Million), 2015–2020

Table 11: Surinamese Insurance Industry – Total Investment Income by Segment (SRD Million), 2011–2015

Table 12: Surinamese Insurance Industry – Total Investment Income by Segment (SRD Million), 2015–2020

Table 13: Surinamese Life Insurance Investment (SRD Million and US$ Million), 2011–2015

Table 14: Surinamese Life Insurance Investment (SRD Million and US$ Million), 2015–2020

Table 15: Surinamese Non-Life Insurance Investment (SRD Million and US$ Million), 2011–2015

Table 16: Surinamese Non-Life Insurance Investment (SRD Million and US$ Million), 2015–2020

Table 17: Surinamese Personal Accident and Health Insurance Investment(SRD Million and US$ Million), 2011–2015

Table 18: Surinamese Personal Accident and Health Insurance Investment (SRD Million and US$ Million), 2015–2020

Table 19: Surinamese Life Insurance – Gross Written Premium (SRD Million and US$ Million), 2011–2015

Table 20: Surinamese Individual Life Insurance – Gross Written Premium (SRD Million and US$ Million), 2015–2020

Table 21: Surinamese Individual Life Insurance – Gross Written Premium (SRD Million and US$ Million), 2011–2015

Table 22: Surinamese Individual Life Insurance – Gross Written Premium (SRD Million and US$ Million), 2015–2020

Table 23: Surinamese Group Life Insurance – Gross Written Premium (SRD Million and US$ Million), 2011–2015

Table 24: Surinamese Group Life Insurance – Gross Written Premium (SRD Million and US$ Million), 2015–2020

Table 25: Surinamese Non-Life Insurance – Gross Written Premium (SRD Million and US$ Million), 2011–2015

Table 26: Surinamese Non-Life Insurance – Gross Written Premium (SRD Million and US$ Million), 2015–2020

Table 27: Surinamese Property Insurance – Gross Written Premium (SRD Million and US$ Million), 2011–2015

Table 28: Surinamese Property Insurance – Gross Written Premium (SRD Million and US$ Million), 2015–2020

Table 29: Surinamese Property Insurance – Paid Claims (SRD Million and US$ Million),2011–2015

Table 30: Surinamese Property Insurance – Paid Claims (SRD Million and US$ Million), 2015–2020

Table 31: Surinamese Motor Insurance – Gross Written Premium (SRD Million and US$ Million), 2011–2015

Table 32: Surinamese Motor Insurance – Gross Written Premium (SRD Million and US$ Million), 2015–2020

Table 33: Surinamese Motor Insurance – Paid Claims (SRD Million and US$ Million),2011–2015

Table 34: Surinamese Motor Insurance – Paid Claims (SRD Million and US$ Million), 2015–2020

Table 35: Surinamese Liability Insurance – Gross Written Premium (SRD Million and US$ Million), 2011–2015

Table 36: Surinamese Liability Insurance – Gross Written Premium (SRD Million and US$ Million), 2015–2020

Table 37: Surinamese Liability Insurance – Paid Claims (SRD Million and US$ Million),2011–2015

Table 38: Surinamese Liability Insurance – Paid Claims (SRD Million and US$ Million), 2015–2020

Table 39: Surinamese Personal Accident and Health Insurance – Gross Written Premium (SRD Million and US$ Million), 2011–2015

Table 40: Surinamese Personal Accident and Health Insurance – Gross Written Premium (SRD Million and US$ Million), 2015–2020

Table 41: Surinamese Personal Accident Insurance – Gross Written Premium (SRD Million and US$ Million), 2011–2015

Table 42: Surinamese Personal Accident Insurance – Gross Written Premium (SRD Million and US$ Million), 2015–2020

Table 43: Surinamese Personal Accident Insurance – Paid Claims (SRD Million and US$ Million),2011–2015

Table 44: Surinamese Personal Accident Insurance – Paid Claims (SRD Million and US$ Million), 2015–2020

Table 45: Surinamese Health Insurance – Gross Written Premium (SRD Million and US$), 2011–2015

Table 46: Surinamese Health Insurance – Gross Written Premium (SRD Million and US$), 2015–2020

Table 47: Surinamese Personal Accident Insurance – Paid Claims (SRD Million and US$ Million), 2011–2015

Table 48: Surinamese Health Insurance – Paid Claims (SRD Million and US$), 2015–2020

Table 49: Surinamese Reinsurance – Premium Ceded by Segment (SRD Million), 2011–2015

Table 50: Reinsurance – Premium Ceded by Segment (SRD Million), 2011–2015

Table 51: Surinamese Insurance Industry, Number of Insurers by Type of Operation, 2013

Table 52: Assuria Levensverzekering NV – Key Facts

Table 53: Fatum Schadeverzekering NV – Key Facts

Table 54: Assuria Schadeverzekering NV – Key Facts

Table 55: Suriname – Insurance Regulatory Framework Key Features

Table 56: Suriname – Life Insurance Regulatory Framework

Table 57: Suriname – Property Insurance Regulatory Framework

Table 58: Suriname – Motor Insurance Regulatory Framework

Table 59

Table 60: Suriname – Liability Insurance Regulatory Framework

Table 61: Suriname – Corporate Tax Rates for the Financial Year 2015

Table 62: Surinamese Life Insurance – Policies and Premium, 2011–2015

Table 63: Surinamese Life Insurance – Policies and Premium, 2015–2020

Table 64: Surinamese Life Insurance – Claims and Expenses, 2011–2015

Table 65: Surinamese Life Insurance – Claims and Expenses, 2015–2020

Table 66: Surinamese Life Insurance – Assets and Investments, 2011–2015

Table 67: Surinamese Life Insurance – Assets and Investments, 2015–2020

Table 68: Surinamese Life Insurance – Individual Life Insurance, 2011–2015

Table 69: Surinamese Life Insurance – Individual Life Insurance, 2015–2020

Table 70: Surinamese Life Insurance – Group Life Insurance, 2011–2015

Table 71: Surinamese Life Insurance – Group Life Insurance, 2015–2020

Table 72: Surinamese Life Insurance – Linked vs. Non-Linked Policies, 2011–2015

Table 73: Surinamese Life Insurance – Linked vs. Non-Linked Policies, 2015–2020

Table 74: Surinamese Non-Life Insurance – Policies and Premium, 2011–2015

Table 75: Surinamese Non-Life Insurance – Policies and Premium, 2015–2020

Table 76: Surinamese Non-Life Insurance – Claims and Expenses, 2011–2015

Table 77: Surinamese Non-Life Insurance – Claims and Expenses, 2015–2020

Table 78: Surinamese Non-Life Insurance – Assets and Investments, 2011–2015

Table 79: Surinamese Non-Life Insurance – Assets and Investments, 2015–2020

Table 80: Surinamese Non-Life Insurance – Property Insurance, 2011–2015

Table 81: Surinamese Non-Life Insurance – Property Insurance, 2015–2020

Table 82: Surinamese Non-Life Insurance – Motor Insurance, 2011–2015

Table 83: Surinamese Non-Life Insurance – Motor Insurance, 2015–2020

Table 84: Surinamese Non-Life Insurance – Liability Insurance, 2011–2015

Table 85: Surinamese Non-Life Insurance – Liability Insurance, 2015–2020

Table 86: Surinamese Personal Accident and Health Insurance – Policies and Premium, 2011–2015

Table 87: Surinamese Personal Accident and Health Insurance – Policies and Premium, 2015–2020

Table 88: Surinamese Personal Accident and Health Insurance – Claims and Expenses, 2011–2015

Table 89: Surinamese Personal Accident and Health Insurance – Claims and Expenses, 2015–2020

Table 90: Surinamese Personal Accident and Health Insurance – Assets and Investments, 2011–2015

Table 91: Surinamese Personal Accident and Health Insurance – Assets and Investments, 2015–2020

Table 92: Surinamese Personal Accident and Health Insurance – Personal Accident Insurance, 2011–2015

Table 93: Surinamese Personal Accident and Health Insurance – Personal Accident Insurance, 2015–2020

Table 94: Surinamese Personal Accident and Health Insurance – Health Insurance, 2011–2015

Table 95: Surinamese Personal Accident and Health Insurance – Health Insurance, 2015–2020

Table 96: Insurance Industry Definitions

Figures

Figure 1: Surinamese Real GDP (SRD Billion), 2011–2020

Figure 2: SRD–US$ Exchange Rate, 2011–2020

Figure 3: Surinamese Consumer Price Inflation (%),2011–2020

Figure 4: Surinamese Unemployment Rate, 2011–2020

Figure 5: Surinamese Population by Age Group, 1991–2025

Figure 6: Surinamese Life Insurance Penetration – Regional Comparison (%), 2015

Figure 7: Surinamese Non-Life Insurance Penetration – Regional Comparison (%), 2015

Figure 8: Surinamese Personal Accident and Health Insurance Penetration – Regional Comparison (%), 2015

Figure 9: Surinamese Segment Direct Written Premium Shares – Regional Comparison (%), 2015

Figure 10: Surinamese Insurance Industry – Gross Written Premium by Segment, 2011–2020

Figure 11: Surinamese Insurance Industry – Direct Written Premium per Capita by Segment (SRD), 2011–2020

Figure 12: Surinamese Insurance Industry – Paid Claims by Segment (SRD Million), 2011–2020

Figure 13: Surinamese Insurance Industry – Total Assets by Segment (SRD Billion), 2011–2020

Figure 14: Surinamese Insurance Industry – Total Investment Income by Segment (SRD Million), 2011–2020

Figure 15: Surinamese Life Insurance Investment (SRD Million), 2011–2020

Figure 16: Surinamese Non-Life Insurance Investment (SRD Million), 2011–2020

Figure 17: Surinamese Personal Accident and Health Insurance Investment (SRD Million), 2011–2020

Figure 18: Surinamese Life Insurance – Gross Written Premium (SRD Million), 2011–2020

Figure 19: Surinamese Life Insurance – Gross Written Premium (SRD Million), 2011–2020

Figure 20: Surinamese Individual Life Insurance – Penetration (%), 2011–2015

Figure 21: Surinamese Individual Life Insurance – Penetration (%), 2015–2020

Figure 22: Surinamese Group Insurance – Gross Written Premium (SRD Million), 2011–2020

Figure 23: Surinamese Individual Life Insurance – Penetration (%), 2011–2015

Figure 24: Surinamese Individual Life Insurance – Penetration (%), 2015–2020

Figure 25: Surinamese Non-Life Insurance – Gross Written Premium (SRD Million), 2011–2020

Figure 26: Surinamese Property Insurance – Gross Written Premium (SRD Million), 2011–2020

Figure 27: Surinamese Property Insurance – Penetration (%), 2011–2015

Figure 28: Surinamese Property Insurance – Penetration (%), 2015–2020

Figure 29: Surinamese Property Insurance – Paid Claims (SRD Million), 2011–2020

Figure 30: Surinamese Motor Insurance – Gross Written Premium (SRD Million), 2011–2020

Figure 31: Surinamese Motor Insurance – Penetration (%), 2011–2015

Figure 32: Surinamese Motor Insurance – Penetration (%), 2015–2020

Figure 33: Surinamese Motor Insurance – Paid Claims (SRD Million), 2011–2020

Figure 34: Surinamese Liability Insurance – Gross Written Premium (SRD Million), 2011–2020

Figure 35: Surinamese Liability Insurance – Penetration (%), 2011–2015

Figure 36: Surinamese Liability Insurance – Penetration (%), 2015–2020

Figure 37: Surinamese Liability Insurance – Paid Claims (SRD Million), 2011–2020

Figure 38: Surinamese Personal Accident and Health Insurance – Gross Written Premium (SRD Million), 2011–2020

Figure 39: Surinamese Personal Accident Insurance – Gross Written Premium (SRD Million), 2011–2020

Figure 40: Surinamese Personal Accident Insurance – Penetration (%), 2011–2015

Figure 41: Surinamese Personal Accident Insurance – Penetration (%), 2015–2020

Figure 42: Surinamese Personal Accident Insurance – Paid Claims (SRD Million), 2011–2020

Figure 43: Surinamese Health Insurance – Gross Written Premium (SRD Million), 2011–2020

Figure 44: Surinamese Health Insurance – Penetration (%), 2011–2015

Figure 45: Surinamese Health Insurance – Penetration (%), 2015–2020

Figure 46: Surinamese Health Insurance – Paid Claims (SRD Million), 2011–2020

Figure 47: Reinsurance – Premium Ceded by Segment (SRD Million), 2011–2020

Figure 48: Surinamese Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 49: Surinamese Non-Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 50: Surinamese Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2020

Figure 51: Suriname – Insurance Supervision and Control at Various Levels

Figure 52: Suriname – Insurance Regulatory Frameworks for Company Registration and Operation

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