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Market Research Report

The Insurance Industry in Turks and Caicos, Key Trends and Opportunities to 2022

Published by GlobalData Product code 692922
Published Content info 68 Pages
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The Insurance Industry in Turks and Caicos, Key Trends and Opportunities to 2022
Published: August 20, 2018 Content info: 68 Pages
Description

GlobalData's "The Insurance Industry in Turks and Caicos, Key Trends and Opportunities to 2022" report provides detailed analysis of the market trends, drivers and challenges in the Turks and Caicos insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Turks and Caicos 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.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Turks and Caicos insurance industry, including -

  • The Turks and Caicos insurance industry's growth prospects by segment and category
  • A comprehensive overview of the Turks and Caicos economy and demographics
  • Details of the competitive landscape in the Turks and Caicos insurance industry
  • The various distribution channels in the Turks and Caicos insurance industry
  • Details of regulatory policy applicable to the Turks and Caicos insurance industry
  • Analysis of natural hazards in the Turks and Caicos insurance industry.

Scope

  • This report provides a comprehensive analysis of the insurance industry in Turks and Caicos
  • It provides historical values for the Turks and Caicos insurance industry for the report's 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
  • It offers a detailed analysis of the key segments in the Turks and Caicos insurance industry, with market forecasts to 2022.
  • It covers an exhaustive list of parameters, including written premium and claims.
  • It analyzes the various distribution channels in Turks and Caicos.
  • It profiles the top insurance companies in Turks and Caicos, 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 Turks and Caicos insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Turks and Caicos insurance industry.
  • Assess the competitive dynamics in the Turks and Caicos insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Turks and Caicos insurance industry and their impact on companies and the industry's future.
Table of Contents
Product Code: GDIS1735MR

Table of Contents

1 Key Facts and Highlights

2 Executive Summary

3 Economy and Demographics

4 Industry Outlook

  • 4.1 Industry Indicators
    • 4.1.1 Gross written premium
    • 4.1.2 Insurance density

5 Life Insurance Outlook

  • 5.1 Segment Indicators
    • 5.1.1 Gross written premium
    • 5.1.2 Penetration
    • 5.1.3 Assets and investments

6 General Insurance Outlook

  • 6.1 Segment Indicators
    • 6.1.1 Gross written premium
    • 6.1.2 Penetration
    • 6.1.3 Loss ratio
    • 6.1.4 Assets and investments

7 Reinsurance Outlook

  • 7.1 Premium Ceded

8 Distribution Channel Outlook

9 Natural and Man-Made Hazards

  • 9.1 Hurricanes
  • 9.2 Exposure

10 Competitive Landscape

  • 10.1 Company Profiles
    • 10.1.1 Colonial Group International - company overview
    • 10.1.2 Turks and Caicos First Insurance Company - company overview
    • 10.1.3 Colina Insurance Ltd - company overview
    • 10.1.4 Caribbean Alliance Insurance Company - company overview
    • 10.1.5 BAF Insurance Company - company overview

11 Governance, Risk and Compliance

  • 11.1 Legislation Overview and Historical Evolution
  • 11.2 Latest Changes in Regulation
  • 11.3 Legislation and Market Practice by Type of Insurance
    • 11.3.1 Life insurance
    • 11.3.2 Property insurance
    • 11.3.3 Motor insurance
    • 11.3.4 Liability insurance
    • 11.3.5 Marine, aviation and transit insurance
    • 11.3.6 Personal accident and health insurance
  • 11.4 Compulsory Insurance
    • 11.4.1 Professional indemnity insurance for insurance brokers and managers
    • 11.4.2 Motor third-party liability insurance
    • 11.4.3 National insurance scheme
    • 11.4.4 Health insurance
  • 11.5 Supervision and Control
    • 11.5.1 International Association of Insurance Supervisors
    • 11.5.2 Caribbean Association of Insurance Regulators
    • 11.5.3 Financial Services Commission
  • 11.6 Non-Admitted Insurance Regulations
    • 11.6.1 Overview
    • 11.6.2 Intermediaries
    • 11.6.3 Market practices
    • 11.6.4 Fines and Penalties
  • 11.7 Company Registration and Operations
    • 11.7.1 Type of insurance organization
    • 11.7.2 Establishing a local company
    • 11.7.3 Foreign ownership
    • 11.7.4 Types of license
    • 11.7.5 Capital requirements
    • 11.7.6 Solvency margin
    • 11.7.7 Reserve requirements
    • 11.7.8 Investment regulations
    • 11.7.9 Statutory return requirements
    • 11.7.10 Fee structure
  • 11.8 Taxation
    • 11.8.1 Insurance premium or policy taxation
    • 11.8.2 Withholding taxes on premium paid overseas
    • 11.8.3 Corporate tax
    • 11.8.4 VAT
    • 11.8.5 Captives
  • 11.9 Legal System
    • 11.9.1 Introduction
    • 11.9.2 Access to court
    • 11.9.3 Alternative dispute resolution

12 Databook

  • 12.1 Life Insurance
    • 12.1.1 Policies and premium
    • 12.1.2 Claims and expenses
    • 12.1.3 Assets and investments
  • 12.2 General Insurance
    • 12.2.1 Policies and premium
    • 12.2.2 Claims and expenses
    • 12.2.3 Assets and investments

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

List of Tables

  • Table 1: Turks and Caicos Insurance Industry - Key Facts, 2017
  • Table 2: Turks and Caicos Insurance Industry - Leading Insurers
  • Table 3: Turks and Caicos Insurance Industry - Gross Written Premium (US$ Million), 2013-2017
  • Table 4: Turks and Caicos Insurance Industry - Gross Written Premium (US$ Million), 2017-2022
  • Table 5: Turks and Caicos Insurance Industry - Density (US$), 2013-2017
  • Table 6: Turks and Caicos Insurance Industry - Density (US$), 2017-2022
  • Table 7: Turks and Caicos Life Insurance - Gross Written Premium (US$ Million), 2013-2017
  • Table 8: Turks and Caicos Life Insurance - Gross Written Premium (US$ Million), 2017-2022
  • Table 9: Turks and Caicos Life Insurance - Total Assets (US$ Million), 2013-2017
  • Table 10: Turks and Caicos Life Insurance - Total Assets (US$ Million), 2017-2022
  • Table 11: Turks and Caicos Life Insurance - Total Investment Income (US$ Thousand), 2013-2017
  • Table 12: Turks and Caicos Life Insurance - Total Investment Income (US$ Thousand), 2017-2022
  • Table 13: Turks and Caicos General Insurance - Gross Written Premium (US$ Million), 2013-2017
  • Table 14: Turks and Caicos General Insurance - Gross Written Premium (US$ Million), 2017-2022
  • Table 15: Turks and Caicos General Insurance - Total Assets (US$ Million ), 2013-2017
  • Table 16: Turks and Caicos General Insurance - Total Assets (US$ Million), 2017-2022
  • Table 17: Turks and Caicos General Insurance - Total Investment Income (US$ Thousand), 2013-2017
  • Table 18: Turks and Caicos General Insurance - Total Investment Income (US$ Thousand), 2017-2022
  • Table 19: Turks and Caicos Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2013-2017
  • Table 20: Turks and Caicos Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2017-2022
  • Table 21: Turks and Caicos Insurance Brokers - 2017
  • Table 22: Turks and Caicos Insurance Agents - 2017
  • Table 23: Turks and Caicos Insurance Industry - Insurers, 2017

Table 24: Colonial Group International - Key Facts

Table 25: Turks and Caicos First Insurance Company - Key Facts

Table 26: Colina Insurance Ltd - Key Facts

Table 27: Caribbean Alliance Insurance Company - Key Facts

Table 28: BAF Insurance Company - Key Facts

  • Table 29: The Turks and Caicos Islands - Insurance Regulatory Framework Key Features
  • Table 30: The Turks and Caicos Islands - Life Insurance Regulatory Framework
  • Table 31: The Turks and Caicos Islands - Property Insurance Regulatory Framework
  • Table 32: The Turks and Caicos Islands- Motor Insurance Regulatory Framework
  • Table 33: The Turks and Caicos Islands - Liability Insurance Regulatory Framework
  • Table 34: The Turks and Caicos Islands - Solvency Margin Requirement
  • Table 35: The Turks and Caicos Islands - Fee for Application of a License
  • Table 36: Turks and Caicos Life Insurance - Policies and Premium, 2013-2017
  • Table 37: Turks and Caicos Life Insurance - Policies and Premium, 2017-2022
  • Table 38: Turks and Caicos Life Insurance - Claims and Expenses, 2013-2017
  • Table 39: Turks and Caicos Life Insurance - Claims and Expenses, 2017-2022
  • Table 40: Turks and Caicos Life Insurance - Assets and Investments, 2013-2017
  • Table 41: Turks and Caicos Life Insurance - Assets and Investments, 2017-2022
  • Table 42: Turks and Caicos General Insurance - Policies and Premium, 2013-2017
  • Table 43: Turks and Caicos General Insurance - Policies and Premium, 2017-2022
  • Table 44: Turks and Caicos General Insurance - Claims and Expenses, 2013-2017
  • Table 45: Turks and Caicos General Insurance - Claims and Expenses, 2017-2022
  • Table 46: Turks and Caicos General Insurance - Assets and Investments, 2013-2017
  • Table 47: Turks and Caicos General Insurance - Assets and Investments, 2017-2022
  • Table 48: Insurance Industry Definitions

List of Figures

  • Figure 1: Turks and Caicos Real GDP (US$ Million), 2013-2022
  • Figure 2: Turks and Caicos Consumer Price Inflation (%), 2013-2022
  • Figure 3: Turks and Caicos Unemployment Rate, 2013-2022
  • Figure 4: Turks and Caicos Population by Age Group, 2013-2022
  • Figure 5: Turks and Caicos Insurance Industry - Gross Written Premium (US$ Million), 2013-2022
  • Figure 6: Turks and Caicos Insurance Industry - Density (US$), 2013-2022
  • Figure 7: Turks and Caicos Life Insurance - Gross Written Premium (US$ Million), 2013-2022
  • Figure 8: Turks and Caicos Life Insurance - Penetration (%), 2013-2017
  • Figure 9: Turks and Caicos Life Insurance - Penetration (%), 2017-2022
  • Figure 10: Turks and Caicos Life Insurance - Total Assets (US$ Million), 2013-2022
  • Figure 11: Turks and Caicos Life Insurance - Total Investment Income (US$ Thousand), 2013-2022
  • Figure 12: Turks and Caicos General Insurance - Gross Written Premium (US$ Million), 2013-2022
  • Figure 13: Turks and Caicos General Insurance - Penetration (%), 2013-2017
  • Figure 14: Turks and Caicos General Insurance - Penetration (%), 2017-2022
  • Figure 15: Turks and Caicos General Insurance - Loss Ratio (%), 2013-2017
  • Figure 16: Turks and Caicos General Insurance - Loss Ratio (%), 2017-2022
  • Figure 17: Turks and Caicos General Insurance - Total Assets (US$ Million), 2013-2022
  • Figure 18: Turks and Caicos General Insurance - Total Investment Income (US$ Thousand), 2013-2022
  • Figure 19: Turks and Caicos Reinsurance - Premium Ceded by Insurance Segment (US$ Million), 2013-2022
  • Figure 20: Turks and Caicos Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
  • Figure 21: Turks and Caicos General Insurance - Percentage of Reinsurance Ceded (%), 2013-2022
  • Figure 22: The Turks and Caicos Islands - Insurance Supervision and Control at Various Levels
  • Figure 23: The Turks and Caicos Islands - Insurance Regulatory Frameworks for Company Registration and Operation
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