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Market Research Report

The Insurance Industry in Aruba, Key Trends and Opportunities to 2022

Published by GlobalData Product code 721749
Published Content info 77 Pages
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The Insurance Industry in Aruba, Key Trends and Opportunities to 2022
Published: September 17, 2018 Content info: 77 Pages
Description

GlobalData's 'The Insurance Industry in Aruba, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Aruban 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 Aruban 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 Aruban insurance industry, including -

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

Key Highlights

  • As of 2017, eight general insurance companies were operating in motor insurance.
  • Despite charging corporate tax at 25.0%, the country had four registered captive insurers in 2017.
  • As of 2017, 16 insurance brokers were operating in the Aruban insurance industry.

Scope

  • This report provides a comprehensive analysis of the insurance industry in Aruba.
  • It provides historical values for the Aruban 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 Aruban 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 Aruba.
  • It profiles the top insurance companies in Aruba, 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 Aruban insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Aruban insurance industry.
  • Assess the competitive dynamics in the Aruban insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Aruban insurance industry and their impact on companies and the industry's future.
Table of Contents
Product Code: GDIS1763MR

Table of Contents

1 KEY FACTS AND HIGHLIGHTS 2

2 EXECUTIVE SUMMARY 3

3 ECONOMY AND DEMOGRAPHICS 10

4 INDUSTRY OUTLOOK 15

5 LIFE INSURANCE OUTLOOK 17

  • 5.1 Segment Indicators 17
    • 5.1.1 Net written premium 17
    • 5.1.2 Paid claims 18
    • 5.1.3 Assets and investments 19
  • 5.2 Pension Insurance 23
    • 5.2.1 Gross written premium 23
    • 5.2.2 Penetration 24

6 GENERAL INSURANCE OUTLOOK 25

  • 6.1 Segment Indicators 25
    • 6.1.1 Net earned premium 25
    • 6.1.2 Loss ratio 26
    • 6.1.3 Assets and investments 27
  • 6.2 Property Insurance 31
    • 6.2.1 Profitability 31
  • 6.3 Motor Insurance 32
    • 6.3.1 Profitability 32
  • 6.4 Personal Accident and Health Insurance 33
    • 6.4.1 Profitability 33
  • 6.5 Miscellaneous 34
    • 6.5.1 Profitability 34

7 DISTRIBUTION CHANNEL OUTLOOK 35

8 NATURAL AND MAN-MADE HAZARDS 36

9 COMPETITIVE LANDSCAPE 37

  • 9.1 Company Profiles 39
    • 9.1.1 Nagico Insurances Aruba - company overview 39
    • 9.1.2 Massy United Insurance Aruba NV - company overview 39
    • 9.1.3 Pan-American Life Insurance Company of Aruba VBA - company overview 40
    • 9.1.4 Guardian group Fatum - company overview 40
    • 9.1.5 Fides Rae Insurance Company NV - company overview 41

10 GOVERNANCE, RISK AND COMPLIANCE 42

  • 10.1 Legislation Overview and Historical Evolution 43
  • 10.2 Latest Changes in Regulation 44
  • 10.3 Legislation and Market Practice by Type of Insurance 46
    • 10.3.1 Life insurance 46
    • 10.3.2 Property insurance 47
    • 10.3.3 Motor insurance 48
    • 10.3.4 Liability insurance 49
    • 10.3.5 Marine, aviation and transit insurance 49
    • 10.3.6 Personal accident and health insurance 49
  • 10.4 Compulsory Insurance 50
    • 10.4.1 Motor liability insurance 50
  • 10.5 Supervision and Control 51
    • 10.5.1 International Association of Insurance Supervisors 51
    • 10.5.2 Central Bank of Aruba 52
  • 10.6 Non-Admitted Insurance Regulations 53
    • 10.6.1 Overview 53
    • 10.6.2 Intermediaries 53
    • 10.6.3 Market practices 53
    • 10.6.4 Fines and Penalties 54
  • 10.7 Company Registration and Operations 55
    • 10.7.1 Type of insurance organization 56
    • 10.7.2 Establishing a local company 56
    • 10.7.3 Foreign ownership 57
    • 10.7.4 Types of license 57
    • 10.7.5 Capital requirements 58
    • 10.7.6 Solvency margin 58
    • 10.7.7 Reserve requirements 59
    • 10.7.8 Investment regulations 59
    • 10.7.9 Statutory return requirements 59
    • 10.7.10 Fee structure 60
  • 10.8 Taxation 61
    • 10.8.1 Insurance premium or policy taxation 61
    • 10.8.2 Withholding taxes on premium paid overseas 61
    • 10.8.3 Corporate tax 61
    • 10.8.4 VAT 62
    • 10.8.5 Captives 62
  • 10.9 Legal System 63
    • 10.9.1 Introduction 63
    • 10.9.2 Access to court 63
    • 10.9.3 Alternative dispute resolution 63

11 DATABOOK 64

  • 11.1 Life Insurance 64
    • 11.1.1 Policies and premium 64
    • 11.1.2 Claims and expenses 64
    • 11.1.3 Assets and investments 65
  • 11.2 General Insurance 66
    • 11.2.1 Policies and premium 66
    • 11.2.2 Claims and expenses 66
    • 11.2.3 Assets and investments 67
    • 11.2.4 Property insurance 68
    • 11.2.5 Motor insurance 68
    • 11.2.6 Marine, aviation and transit insurance 69
    • 11.2.7 Personal accident and health insurance 69
    • 11.2.8 Miscellaneous 70

12 DEFINITIONS AND METHODOLOGY 71

  • 12.1 Definitions 71
  • 12.2 Methodology 73

13 ABOUT GLOBALDATA 75

  • 13.1 Contact GlobalData 75
  • 13.2 About GlobalData 75
  • 13.3 GlobalData's Services 76
  • 13.4 Disclaimer 77

List of Tables

  • Table 1: Aruban Insurance Industry - Key Facts, 2017 2
  • Table 2: Aruban Insurance Industry - Leading Insurers, 2017 2
  • Table 3: Aruban Government Credit Ratings 11
  • Table 4: Aruban Life Insurance - Net Written Premium (AWG Million and US$ Million), 2013-2017 17
  • Table 5: Aruban Life Insurance - Net Written Premium (AWG Million and US$ Million), 2017-2022 17
  • Table 6: Aruban Life Insurance - Paid Claims (AWG Million and US$ Million), 2013-2017 18
  • Table 7: Aruban Life Insurance - Paid Claims (AWG Million and US$ Million), 2017-2022 18
  • Table 8: Aruban Life Insurance - Total Assets (AWG Billion and US$ Million), 2013-2017 19
  • Table 9: Aruban Life Insurance - Total Assets (AWG Billion and US$ Million), 2017-2022 19
  • Table 10: Aruban Life Insurance - Total Investment Income (AWG Million and US$ Million), 2013-2017 20
  • Table 11: Aruban Life Insurance - Total Investment Income (AWG Million and US$ Million), 2017-2022 20
  • Table 12: Aruban Life Insurance - Investment Portfolio (AWG Million), 2013-2017 21
  • Table 13: Aruban Life Insurance - Investment Portfolio (AWG Billion), 2017-2022 21
  • Table 14: Aruban Pension - Gross Written Premium (AWG Million and US$ Million), 2013-2017 23
  • Table 15: Aruban Pension - Gross Written Premium (AWG Million and US$ Million), 2017-2022 23
  • Table 16: Aruban General Insurance - Net Earned Premium (AWG Million and US$ Million), 2013-2017 25
  • Table 17: Aruban General Insurance - Net Earned Premium (AWG Million and US$ Million), 2017-2022 25
  • Table 18: Aruban General Insurance - Total Assets (AWG Million and US$ Million), 2013-2017 27
  • Table 19: Aruban General Insurance - Total Assets (AWG Million and US$ Million), 2017-2022 27
  • Table 20: Aruban General Insurance - Total Investment Income (AWG Million and US$ Million), 2013-2017 28
  • Table 21: Aruban General Insurance - Total Investment Income (AWG Million and US$ Million), 2017-2022 28
  • Table 22: Aruban General Insurance - Investment Portfolio (AWG Million), 2013-2017 29
  • Table 23: Aruban General Insurance - Investment Portfolio (AWG Million), 2017-2022 29
  • Table 24: Aruban Property Insurance - Loss Ratio (%), 2013-2017 31
  • Table 25: Aruban Property Insurance - Loss Ratio(%), 2017-2022 31
  • Table 26: Aruban Motor Insurance - Loss Ratio (%), 2013-2017 32
  • Table 27: Aruban Motor Insurance - Loss Ratio(%), 2017-2022 32
  • Table 28: Aruban Personal Accident and Health Insurance - Loss Ratio (%), 2013-2017 33
  • Table 29: Aruban Personal Accident and Health Insurance - Loss Ratio(%), 2017-2022 33
  • Table 30: Aruban Miscellaneous - Loss Ratio (%), 2013-2017 34
  • Table 31: Aruban Miscellaneous - Loss Ratio (%), 2017-2022 34
  • Table 32: Aruban Insurance Brokers - 2017 35
  • Table 33: Aruban Insurance Industry - General Insurers, 2017 37
  • Table 34: Aruban Insurance Industry - Life Insurers, 2017 38
  • Table 35: Aruban Insurance Industry - Captive Insurers, 2017 38
  • Table 36: Nagico Insurances Aruba - Key Facts 39
  • Table 37: Massy United Insurance Aruba NV - Key Facts 39
  • Table 38: Pan-American Life Insurance Company of Aruba VBA - Key Facts 40
  • Table 39: Guardian group Fatum - Key Facts 40
  • Table 40: Fides Rae Insurance Company NV - Key Facts 41
  • Table 41: Aruba - Insurance Regulatory Framework Key Features 42
  • Table 42: Aruba - Life Insurance Regulatory Framework 46
  • Table 43: Aruba - Property Insurance Regulatory Framework 47
  • Table 44: Aruba - Motor Insurance Regulatory Framework 48
  • Table 45: Aruba - Liability Insurance Regulatory Framework 49
  • Table 46: Aruba - Corporate Tax Rates for the Financial Year 2018 62
  • Table 47: Aruba Life Insurance - Policies and Premium, 2013-2017 64
  • Table 48: Aruba Life Insurance - Policies and Premium, 2017-2022 64
  • Table 49: Aruba Life Insurance - Claims and Expenses, 2013-2017 64
  • Table 50: Aruba Life Insurance - Claims and Expenses, 2017-2022 64
  • Table 51: Aruba Life Insurance - Assets and Investments, 2013-2017 65
  • Table 52: Aruba Life Insurance - Assets and Investments, 2017-2022 65
  • Table 53: Aruba General Insurance - Policies and Premium, 2013-2017 66
  • Table 54: Aruba General Insurance - Policies and Premium, 2017-2022 66
  • Table 55: Aruba General Insurance - Claims and Expenses, 2013-2017 66
  • Table 56: Aruba General Insurance - Claims and Expenses, 2017-2022 66
  • Table 57: Aruba General Insurance - Assets and Investments, 2013-2017 67
  • Table 58: Aruba General Insurance - Assets and Investments, 2017-2022 67
  • Table 59: Aruba General Insurance - Property Insurance, 2013-2017 68
  • Table 60: Aruba General Insurance - Property Insurance, 2017-2022 68
  • Table 61: Aruba General Insurance - Motor Insurance, 2013-2017 68
  • Table 62: Aruba General Insurance - Motor Insurance, 2017-2022 68
  • Table 63: Aruba General Insurance - Marine, Aviation and Transit Insurance, 2013-2017 69
  • Table 64: Aruba General Insurance - Marine, Aviation and Transit Insurance, 2017-2022 69
  • Table 65: Aruba General Insurance - Personal Accident and Health Insurance, 2013-2017 69
  • Table 66: Aruba General Insurance - Personal Accident and Health Insurance, 2017-2022 69
  • Table 67: Aruba General Insurance - Miscellaneous, 2013-2017 70
  • Table 68: Aruba General Insurance - Miscellaneous, 2017-2022 70
  • Table 69: Insurance Industry Definitions 71

List of Figures

  • Figure 1: Aruban Real GDP (AWG Billion), 2013-2022 10
  • Figure 2: Aruban Exchange Rate (AWG per US$), 2013-2022 11
  • Figure 3: Aruban Consumer Price Inflation (%), 2013-2022 12
  • Figure 4: Aruban Unemployment Rate, 2013-2022 13
  • Figure 5: Aruban Population by Age Group (Thousand), 2013-2022 14
  • Figure 6: Aruban Life Insurance - Net Written Premium (AWG Million), 2013-2022 17
  • Figure 7: Aruban Life Insurance - Paid Claims (AWG Million), 2013-2022 18
  • Figure 8: Aruban Life Insurance - Total Assets (AWG Billion), 2013-2022 19
  • Figure 9: Aruban Life Insurance - Total Investment Income (AWG Million), 2013-2022 20
  • Figure 10: Aruban Life Insurance - Investment Portfolio (AWG Billion), 2013-2022 22
  • Figure 11: Aruban Life Insurance - Investment Portfolio Dynamics (AWG Billion), 2013-2022 22
  • Figure 12: Aruban Pension - Gross Written Premium (AWG Million), 2013-2022 23
  • Figure 13: Aruban Pension - Penetration (%), 2013-2017 24
  • Figure 14: Aruban Pension - Penetration (%), 2017-2022 24
  • Figure 15: Aruban General Insurance - Net Earned Premium (AWG Million), 2013-2022 25
  • Figure 16: Aruban General Insurance - Loss Ratio (%), 2013-2017 26
  • Figure 17: Aruban General Insurance - Loss Ratio (%), 2017-2022 26
  • Figure 18: Aruban General Insurance - Total Assets (AWG Million), 2013-2022 27
  • Figure 19: Aruban General Insurance - Total Investment Income (AWG Million), 2013-2022 28
  • Figure 20: Aruban General Insurance - Investment Portfolio (AWG Million), 2013-2022 30
  • Figure 21: Aruban General Insurance - Investment Portfolio Dynamics (AWG Million), 2013-2022 30
  • Figure 22: Aruban Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 31
  • Figure 23: Aruban Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 32
  • Figure 24: Aruban Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 33
  • Figure 25: Aruban Miscellaneous - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 34
  • Figure 26: Aruba - Insurance Supervision and Control at Various Levels 51
  • Figure 27: Aruba - Insurance Regulatory Frameworks for Company Registration and Operation 55
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