The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2019

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GlobalData’s 'The Insurance Industry in The Bahamas, Key Trends and Opportunities to 2019' report provides detailed analysis of the market trends, drivers and challenges in the Bahamian 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 period (2010–2014) and forecast period (2014–2019).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Bahamian economy and demographics, and provides detailed information on the competitive landscape in the country.

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 The Bahamas:

• It provides historical values for the Bahamian insurance industry for the report’s 2010–2014 review period, and projected figures for the 2014–2019 forecast period.

• It offers a detailed analysis of the key segments in the Bahamian insurance industry, with market forecasts to 2019.

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

• It analyzes the various distribution channels in The Bahamas.

• It profiles the top insurance companies in The Bahamas and outlines the key regulations affecting them.

Key Highlights

What was the CAGR of the Bahamian insurance industry during the review period?

What drove the recovery of the life segment recovered between 2011 and 2014?

Which feature of the economy positively impacted on the non-life segment during the review period?

Which three factors are boosting growth in the personal accident and health insurance segment?

Who will be the main consumer generating business for Bahamian private health insurers up to 2019?

How much of the risk they underwrite do Bahamian insurers reinsure and where?

What is drawing US-based small and mid-sized enterprises (SMEs) to associate with the segregated cell aspect of captive insurance in the Bahamas? What is the annual revenue range of the US-based SMEs involved?

What is anticipated to support the insurance industry’s growth over the forecast period?

Reasons to Buy

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

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

• Assess the competitive dynamics in the Bahamian insurance industry.

• Identify growth opportunities and market dynamics in key segments.

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

Colina Insurance Ltd
The Bahamas First General Insurance Company
Family Guardian Insurance Company
RoyalStar Assurance Ltd
Insurance Company of the Bahamas Ltd

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Bahamian Insurance Industry Overview

4.1 The Bahamian Insurance Industry

5 Life Insurance

5.1 Life Insurance by Category

5.1.1 Individual whole life insurance

5.1.2 Individual general annuity insurance

6 Non-Life Insurance

6.1 Property Insurance

6.2 Motor Insurance

6.3 Liability Insurance

6.4 Marine, Aviation and Transit Insurance

7 Personal Accident and Health Insurance

8 Reinsurance

9 Natural Hazards

9.1 Hurricanes and Storms

9.2 Exposure

10 Distribution Channel Outlook

11 Competitive Landscape

11.1 Overview

11.2 Leading Companies

11.2.1 Colina Insurance Ltd – company overview

11.2.2 The Bahamas First General Insurance Company – company overview

11.2.3 Family Guardian Insurance Company Ltd – company overview

11.2.4 RoyalStar Assurance Ltd – company overview

11.2.5 Insurance Company of the Bahamas Ltd – company overview

12 Governance, Risk and Compliance

12.1 Legislation Overview and Historical Evolution

12.2 Latest Changes in Regulations

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 liability insurance

12.4.2 Social insurance system

12.4.3 Professional indemnity insurance for insurance brokers

12.4.4 Errors and omission insurance for loss adjusters, risk managers, fund advisers, real estate appraisers and consultants

12.4.5 Fidelity insurance for insurance agents

12.5 Supervision and Control

12.5.1 International Association of Insurance Supervisors

12.5.2 Insurance Commission of the Bahamas

12.5.3 Bahamas Insurance Association

12.5.4 Insurance Institute of the Bahamas

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 Types 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 margins

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

13 Definitions and Methodology

13.1 Definitions

13.2 Methodology

14 About GlobalData

14.1 Contact GlobalData

14.2 About GlobalData

14.3 GlobalData’s Services

14.4 Disclaimer

Table

Table 1: The Bahamian Insurance Industry – Key Facts

Table 2: Bahamian Government Credit Ratings

Table 3: Bahamian Insurance – Gross Written Premium by Segment (US$ Million), 2010–2014

Table 4: Bahamian Insurance – Gross Written Premium by Segment (US$ Million), 2014–2019

Table 5: Bahamian Insurance – Segmentation by Gross Written Premium (% Share), 2010–2019

Table 6: Bahamian Insurance – Direct Written Premium by Segment (US$ Million), 2010–2014

Table 7: Bahamian Insurance – Direct Written Premium by Segment (US$ Million), 2014–2019

Table 8: Bahamian Insurance – Direct Written Premium by Segment (%), 2010–2019

Table 9: Bahamian Life Insurance – Gross Written Premium (US$ Million), 2010–2014

Table 10: Bahamian Life Insurance – Gross Written Premium (US$ Million), 2014–2019

Table 11: Bahamian Life Insurance – Direct Written Premium (US$ Million), 2010–2014

Table 12: Bahamian Life Insurance – Direct Written Premium (US$ Million), 2014–2019

Table 13: Bahamian Life Insurance – Gross Written Premium by Category (US$ Million), 2010–2014

Table 14: Bahamian Life Insurance – Gross Written Premium by Category (US$ Million), 2014–2019

Table 15: Bahamian Life Insurance – Direct Written Premium by Category (US$ Million), 2010–2014

Table 16: Bahamian Life Insurance – Direct Written Premium by Category (US$ Million), 2014–2019

Table 17: Bahamian Life Insurance – Paid Claims (US$ Million), 2010–2014

Table 18: Bahamian Life Insurance – Paid Claims (US$ Million), 2014–2019

Table 19: Bahamian Life Insurance – Net Written Premium as Percentage of Gross Written Premium, 2010–2014

Table 20: Bahamian Life Insurance – Net Written Premium as Percentage of Gross Written Premium, 2014–2019

Table 21: Bahamian Life Insurance – Total Assets (US$ Billion), 2010–2014

Table 22: Bahamian Life Insurance – Total Assets (US$ Billion), 2014–2019

Table 23: Bahamian Life Insurance – Total Investment Income (US$ Million), 2010–2014

Table 24: Bahamian Life Insurance – Total Investment Income (US$ Million), 2014–2019

Table 25: Bahamian Life Insurance – Net Written Premium (US$ Million), 2010–2014

Table 26: Bahamian Life Insurance – Net Written Premium (US$ Million), 2014–2019

Table 27: Bahamian Individual Whole Life Insurance – Gross Written Premium (US$ Million), 2010–2014

Table 28: Bahamian Individual Whole Life Insurance – Gross Written Premium (US$ Million), 2014–2019

Table 29: Bahamian Individual General Annuity Insurance – Gross Written Premium (US$ Million), 2010–2014

Table 30: Bahamian Individual General Annuity Insurance – Gross Written Premium (US$ Million), 2014–2019

Table 31: Bahamian Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2010–2014

Table 32: Bahamian Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2014–2019

Table 33: Bahamian Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2010–2014

Table 34: Bahamian Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2014–2019

Table 35: Bahamian Non-Life Insurance – Paid Claims (US$ Million), 2010–2014

Table 36: Bahamian Non-Life Insurance – Paid Claims (US$ Million), 2014–2019

Table 37: Bahamian Non-Life Insurance – Total Assets (US$ Billion), 2010–2014

Table 38: Bahamian Non-Life Insurance – Total Assets (US$ Billion), 2014–2019

Table 39: Bahamian Non-Life Insurance – Total Investment Income (US$ Million), 2010–2014

Table 40: Bahamian Non-Life Insurance – Total Investment Income (US$ Million), 2014–2019

Table 41: Bahamian Non-Life Insurance – Net Written Premium (US$ Million), 2010–2014

Table 42: Bahamian Non-Life Insurance – Net Written Premium (US$ Million), 2014–2019

Table 43: Bahamian Property Insurance – Gross Written Premium (US$ Million), 2010–2014

Table 44: Bahamian Property Insurance – Gross Written Premium (US$ Million), 2014–2019

Table 45: Bahamian Motor Insurance – Gross Written Premium (US$ Million), 2010–2014

Table 46: Bahamian Motor Insurance – Gross Written Premium (US$ Million), 2014–2019

Table 47: Bahamian Liability Insurance – Gross Written Premium (US$ Million), 2010–2014

Table 48: Bahamian Liability Insurance – Gross Written Premium (US$ Million), 2014–2019

Table 49: Bahamian Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2010–2014

Table 50: Bahamian Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2014–2019

Table 51: Bahamian Personal Accident and Health Insurance – Gross Written Premium (US$ Million), 2010–2014

Table 52: Bahamian Personal Accident and Health Insurance – Gross Written Premium (US$ Million), 2014–2019

Table 53: Bahamian Personal Accident and Health Insurance – Direct Written Premium (US$ Million), 2010–2014

Table 54: Bahamian Personal Accident and Health Insurance – Direct Written Premium (US$ Million), 2014–2019

Table 55: Bahamian Personal Accident and Health Insurance – Paid Claims (US$ Million), 2010–2014

Table 56: Bahamian Personal Accident and Health Insurance – Paid Claims (US$ Million), 2014–2019

Table 57: Bahamian Personal Accident and Health Insurance – Total Assets (US$ Billion), 2010–2014

Table 58: Bahamian Personal Accident and Health Insurance – Total Assets (US$ Billion), 2014–2019

Table 59: Bahamian Personal Accident and Health Insurance – Total Investment Income (US$ Million), 2010–2014

Table 60: Bahamian Personal Accident and Health Insurance – Total Investment Income (US$ Million), 2014–2019

Table 61: Bahamian Personal Accident and Health Insurance – Net Written Premium (US$ Million), 2010–2014

Table 62: Bahamian Personal Accident and Health Insurance – Net Written Premium (US$ Million), 2014–2019

Table 63: Bahamian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010–2014

Table 64: Bahamian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2014–2019

Table 65: Bahamian Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014

Table 66: Bahamian Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019

Table 67: Bahamian Non-Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014

Table 68: Bahamian Non-Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019

Table 69: Bahamian Personal Accident and Health Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014

Table 70: Bahamian Personal Accident and Health Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019

Table 71: The Bahamas – Liability Insurance Regulatory Framework

Table 72: Colina Insurance Ltd – Key Facts

Table 73: The Bahamas First General Insurance Company – Key Facts

Table 74: Family Guardian Insurance Company Ltd – Key Facts

Table 75: RoyalStar Assurance Ltd – Key Facts

Table 76: Insurance Company of the Bahamas Ltd – Key Facts

Table 77: The Bahamas – Insurance Regulatory Framework Key Features

Table 78: The Bahamas – Life Insurance Regulatory Framework

Table 79: The Bahamas – Property Insurance Regulatory Framework

Table 80: The Bahamas – Motor Insurance Regulatory Framework

Table 81: The Bahamas – Liability Insurance Regulatory Framework

Table 82: Insurance Industry Definitions

Figures

Figure 1: Bahamian Real GDP (US$ Billion), 2010–2019

Figure 2: Bahamian Consumer Price Inflation, 2010–2019

Figure 3: Bahamian Unemployment Rate, 2010–2019

Figure 4: Bahamian Population by Age Group, 1991–2025

Figure 5: Bahamian Insurance – Gross Written Premium by Segment (US$ Million), 2010–2019

Figure 6: Bahamian Insurance – Gross Written Premium Dynamics by Segment, 2010–2019

Figure 7: Bahamian Insurance – Direct Written Premium by Segment (US$ Million), 2010–2019

Figure 8: Bahamian Insurance – Direct Written Premium Dynamics by Segment, 2010–2019

Figure 9: Bahamian Life Insurance – Gross Written Premium (US$ Million), 2010–2014

Figure 10: Bahamian Life Insurance – Gross Written Premium (US$ Million), 2014–2019

Figure 11: Bahamian Life Insurance – Direct Written Premium (US$ Million), 2010–2014

Figure 12: Bahamian Life Insurance – Direct Written Premium (US$ Million), 2014–2019

Figure 13: Bahamian Individual Life Insurance – Gross Written Premium by Category (US$ Million), 2010–2019

Figure 14: Bahamian Individual Life Insurance – Gross Written Premium by Category (Percentage Share), 2014 and 2019

Figure 15: Bahamian Individual Life Insurance – Gross Written Premium Dynamics by Category, 2010–2019

Figure 16: Bahamian Life Insurance – Direct Written Premium by Category (US$ Million), 2010–2019

Figure 17: Bahamian Life Insurance – Direct Written Premium by Category (Percentage Share), 2014 and 2019

Figure 18: Bahamian Life Insurance – Direct Written Premium Dynamics by Category, 2010–2019

Figure 19: Bahamian Life Insurance – Paid Claims (US$ Million), 2010–2014

Figure 20: Bahamian Life Insurance – Paid Claims (US$ Million), 2014–2019

Figure 21: Bahamian Life Insurance – Net Written Premium as Percentage of Gross Written Premium, 2010–2014

Figure 22: Bahamian Life Insurance – Net Written Premium as Percentage of Gross Written Premium, 2014–2019

Figure 23: Bahamian Life Insurance – Total Assets (US$ Billion), 2010–2014

Figure 24: Bahamian Life Insurance – Total Assets (US$ Billion), 2014–2019

Figure 25: Bahamian Life Insurance – Total Investment Income (US$ Million), 2010–2014

Figure 26: Bahamian Life Insurance – Total Investment Income (US$ Million), 2014–2019

Figure 27: Bahamian Life Insurance – Net Written Premium (US$ Million), 2010–2014

Figure 28: Bahamian Life Insurance – Net Written Premium (US$ Million), 2014–2019

Figure 29: Bahamian Life Insurance – Total Investment (US$ Million), 2010–2014

Figure 30: Bahamian Life Insurance – Penetration (%), 2010–2014

Figure 31: Bahamian Life Insurance – Direct Premium per Capita (US$), 2010–2014

Figure 32: Bahamian Individual Whole Life Insurance – Gross Written Premium (US$ Million), 2010–2014

Figure 33: Bahamian Individual Whole Life Insurance – Gross Written Premium (US$ Million), 2014–2019

Figure 34: Bahamian Individual General Annuity Insurance – Gross Written Premium (US$ Million), 2010–2014

Figure 35: Bahamian Individual General Annuity Insurance – Gross Written Premium (US$ Million), 2014–2019

Figure 36: Bahamian Imports and Exports of Goods and Services (US$ Billion), 2010–2014

Figure 37: Bahamian Non-Life Insurance – Gross Written Premium by Category (US$ Million), 2010–2019

Figure 38: Bahamian Non-Life Insurance – Gross Written Premium by Category (%), 2014 and 2019

Figure 39: Bahamian Non-Life Insurance – Gross Written Premium Dynamics by Category, 2010–2019

Figure 40: Bahamian Non-Life Insurance – Direct Written Premium by Category (US$ Million), 2010–2019

Figure 41: Bahamian Non-Life Insurance – Direct Written Premium by Category (%), 2014 and 2019

Figure 42: Bahamian Non-Life Insurance – Direct Written Premium Dynamics by Category, 2010–2019

Figure 43: Bahamian Non-Life Insurance – Paid Claims (US$ Million), 2010–2014

Figure 44: Bahamian Non-Life Insurance – Paid Claims (US$ Million), 2014–2019

Figure 45: Bahamian Non-Life Insurance – Total Assets (US$ Billion), 2010–2014

Figure 46: Bahamian Non-Life Insurance – Total Assets (US$ Million), 2014–2019

Figure 47: Bahamian Non-Life Insurance – Total Investment Income (US$ Million), 2010–2014

Figure 48: Bahamian Non-Life Insurance – Total Investment Income (US$ Million), 2014–2019

Figure 49: Bahamian Non-Life Insurance – Net Written Premium (US$ Million), 2010–2014

Figure 50: Bahamian Non-Life Insurance – Net Written Premium (US$ Million), 2014–2019

Figure 51: Bahamian Non-Life Insurance – Total Investment (US$ Million), 2010–2014

Figure 52: Bahamian Non-Life Insurance – Penetration (%), 2010–2014

Figure 53: Bahamian Non-Life Insurance – Direct Premium per Capita (US$), 2010–2014

Figure 54: Bahamian Property Insurance – Gross Written Premium (US$ Million), 2010–2014

Figure 55: Bahamian Property Insurance – Gross Written Premium (US$ Million), 2014–2019

Figure 56: Bahamian Motor Insurance – Gross Written Premium (US$ Million), 2010–2014

Figure 57: Bahamian Motor Insurance – Gross Written Premium (US$ Million), 2014–2019

Figure 58: Bahamian Liability Insurance – Gross Written Premium (US$ Million), 2010–2014

Figure 59: Bahamian Liability Insurance – Gross Written Premium (US$ Million), 2014–2019

Figure 60: Bahamian Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2010–2014

Figure 61: Bahamian Marine, Aviation and Transit Insurance – Gross Written Premium (US$ Million), 2014–2019

Figure 62: Bahamian Personal Accident and Health Insurance – Gross Written Premium (US$ Million), 2010–2014

Figure 63: Bahamian Personal Accident and Health Insurance – Gross Written Premium (US$ Million), 2014–2019

Figure 64: Bahamian Personal Accident and Health Insurance – Direct Written Premium (US$ Million), 2010–2014

Figure 65: Bahamian Personal Accident and Health Insurance – Direct Written Premium (US$ Million), 2014–2019

Figure 66: Bahamian Personal Accident and Health Insurance – Paid Claims by Category (US$ Million), 2010–2014

Figure 67: Bahamian Personal Accident and Health Insurance – Paid Claims (US$ Million), 2014–2019

Figure 68: Bahamian Personal Accident and Health Insurance – Total Assets (US$ Billion), 2010–2014

Figure 69: Bahamian Personal Accident and Health Insurance – Total Assets (US$ Billion), 2014–2019

Figure 70: Bahamian Personal Accident and Health Insurance – Total Investment Income (US$ Million), 2010–2014

Figure 71: Bahamian Personal Accident and Health Insurance – Total Investment Income (US$ Million), 2014–2019

Figure 72: Bahamian Personal Accident and Health Insurance – Net Written Premium (US$ Million), 2010–2014

Figure 73: Bahamian Personal Accident and Health Insurance – Net Written Premium (US$ Million), 2014–2019

Figure 74: Bahamian Personal Accident and Health Insurance – Total Investment (US$ Million), 2010–2014

Figure 75: Bahamian Personal Accident and Health Insurance – Penetration (%), 2010–2014

Figure 76: Bahamian Personal Accident and Health Insurance – Direct Premium per Capita (US$), 2010–2014

Figure 77: Bahamian Reinsurance – Premium Ceded (Excluding Retrocession) by Insurance Segment (US$ Million), 2010–2019

Figure 78: Bahamian Reinsurance – Dynamics by Insurance Segment, 2010–2019

Figure 79: Bahamian Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014

Figure 80: Bahamian Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019

Figure 81: Bahamian Non-Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014

Figure 82: Bahamian Non-Life Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2014–2019

Figure 83: Bahamian Personal Accident and Health Insurance – Percentage of Premium Ceded (Excluding Retrocession), 2010–2014

Figure 84: Bahamian Personal Accident and Health Insurance – Percentage of Premium Ceded (%), 2014–2019

Figure 85: Bahamian Frequency of Hazards by Type, 1990–2014

Figure 86: Bahamian Mortality of Hazards by Type, 1990–2014

Figure 87: Bahamian Economic Issues of Hazards by Type, 1990–2014

Figure 88: The Bahamas – Insurance Supervision and Control at Various Levels

Figure 89: The Bahamas – Insurance Regulatory Frameworks for Company Registration and Operation

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