Trinidad and Tobago Insurance Industry – Key Trends and Opportunities to 2027

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Published: August 04, 2023 Report Code: GDIS2716MR-ST

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Trinidad and Tobago Insurance Industry Report Overview

The total gross written premiums (GWP) in the Trinidad and Tobago insurance industry were TTD10 million in 2022 and is expected to record a CAGR of more than 5% during 2023-2027. Trinidad and Tobago is a high-income country. Its economy depends upon oil and gas exports, which contributed to real GDP growth of 2.5% in 2022. Authorities need to prioritize improving the business environment and enhancing public services, which will foster economic growth. Additionally, the adoption of new technologies to improve the delivery of financial services will boost their availability to small-scale businesses, creating more opportunities for these companies and thus aiding economic growth.

Trinidad and Tobago Insurance Industry Outlook 2022-2027 (TTD Million)

Trinidad and Tobago Insurance Industry Outlook 2022-2027 (TTD Million)

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The Trinidad and Tobago insurance industry report provides in-depth market analysis, information, and insights into the Trinidad and Tobago insurance industry. The report has a comprehensive overview of the Trinidad and Tobago economy, government initiatives, and investment opportunities. The Trinidad and Tobago insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements are covered in this report. Furthermore, the report offers Trinidad and Tobago’s insurance market structure giving details of lines of business and premiums ceded along with cession rates.

Market Size (2022) TTD10 million
CAGR (2023-2027) >5%
Key Insurance Sectors Life Insurance and General Insurance
Key Trends Disaster Relief Fund and Personalization
Key Lines of Business (Life Insurance) General Annuity, Endowment, Whole Life, Pension, Life PA&H, and Others
Key Lines of Business (General Insurance) Property, Motor, Liability, General Insurance PA&H, and Miscellaneous
Key Companies Bankers’ Insurance Company, Sagicor Life, and CUNA Caribbean Insurance Society
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Trinidad and Tobago Insurance Industry Trends

Some of the key trends influencing the Trinidad and Tobago insurance industry are disaster relief funds and personalization.

Personalization: On October 4, 2022, Scotia Insurance enhanced its term product to provide coverage of TTD5 million ($740,278.70). In addition, individuals do not need to undergo any medical tests – they can take out a policy simply by answering a few questions provided by the advisor. This product offers customized investments across three different investment funds based on the customer’s specific needs and goals.

Disaster Relief Fund: Trinidad and Tobago is a hurricane and flood-prone nation, making property insurance essential. However, due to a lack of awareness, many homeowners remain uninsured. In November 2022, the Ministry of Social Development and Family Services announced a relief grant for individuals who do not have property insurance. Such individuals affected by floods can claim up to TTD135,084.26 ($20,000) for purchasing materials to make minor house repairs.

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Trinidad and Tobago Insurance Industry Sectors

The key sectors in the Trinidad and Tobago insurance industry are life insurance and general insurance. In 2022, the life insurance sector accounted for the highest share of the total insurance industry GWP. The sector’s growth was attributed to the growth of the endowment and general annuity LOB. Growth in this LOB can be attributed to an increase in people opting for annuity products. The median age in the country is 37, meaning individuals are at least starting to think about their retirement.

Trinidad and Tobago Insurance Industry Analysis by Sector, 2022 (%)

Trinidad and Tobago Insurance Industry Analysis by Sector, 2022 (%)

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Trinidad and Tobago Insurance Industry – Competitive Landscape

The key companies in the Trinidad and Tobago insurance industry are Bankers’ Insurance Company, Sagicor Life, and CUNA Caribbean Insurance Society.

Sagicor Life: Sagicor Life is a subsidiary of Sagicor Financial Corporation. It was established in 1850. It offers a wide range of products and services to individuals as well as corporate clients.

Bankers’ Insurance Company: The company was established in 1974. It is a registered general insurance company. It provides insurance to both individuals and businesses.

Trinidad and Tobago Insurance Industry Analysis by Companies, 2022 (%)

Trinidad and Tobago Insurance Industry Analysis by Companies, 2022 (%)

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Key Segments Covered in the Report

Trinidad and Tobago Insurance Industry Sector Outlook (Value, TTD Million, 2018-2027)

  • Life Insurance
  • General Insurance

Scope

This report provides a comprehensive analysis of the Trinidad and Tobago insurance industry –

  • It provides historical values for the Trinidad and Tobago 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 Trinidad and Tobago insurance industry and market forecasts to 2027.

  • It profiles the top life insurance companies in Trinidad and Tobago and outlines the key regulations affecting them.

Key Highlights

• Key insights and dynamics of the Trinidad and Tobago insurance industry.

• A comprehensive overview of the Trinidad and Tobago economy, government initiatives, and investment opportunities.

• The Trinidad and Tobago insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.

• The Trinidad and Tobago insurance industry’s market structure giving details of lines of business.

• Trinidad and Tobago’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 historic and forecast market data related to the Trinidad and Tobago insurance industry, and each category within it.

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

  • Assess the competitive dynamics in the Trinidad and Tobago insurance industry.

  • Identify growth opportunities and market dynamics in key product categories.

Bankers' Insurance Company
Sagicor Life Inc.
Cuna Caribbean Insurance Society Ltd

Table of Contents

Executive Summary

Economy Overview

Regulation and Compliance

Key Market Trends

Life Insurance: Trends and KPIs

Life Insurance: LOB

General Insurance: Trends and KPIs

General Insurance: LOB

Competitive Landscape

Appendix

Frequently asked questions

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