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Market Research Report

The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022

Published by GlobalData Product code 721751
Published Content info 65 Pages
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The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022
Published: September 28, 2018 Content info: 65 Pages
Description

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

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

Key Highlights

  • In 2018, IOMFSA introduced a risk-based solvency regime; the solvency requirement will now depend on insurers' risk cover.
  • According to IOMFSA's Roadmap Report July 2018, a new framework is expected to be implemented in the Manx insurance industry.
  • As of 2016, there were 84 captive insurers operating in the country.

Scope

  • This report provides a comprehensive analysis of the insurance industry in Isle of Man.
  • It provides historical values for the Manx 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 Manx 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 Isle of Man.
  • It profiles the top insurance companies in Isle of Man, 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 Manx insurance industry and each segment and category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Manx insurance industry.
  • Assess the competitive dynamics in the Manx insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Manx insurance industry and their impact on companies and the industry's future.
Table of Contents
Product Code: GDIS1773MR

Table of Contents

1 KEY FACTS AND HIGHLIGHTS 2

2 EXECUTIVE SUMMARY 3

3 ECONOMY AND DEMOGRAPHICS 9

4 INDUSTRY OUTLOOK 13

  • 4.1 Industry Indicators 15
    • 4.1.1 Gross written premium 15
    • 4.1.2 Insurance density 16

5 LIFE INSURANCE OUTLOOK 17

  • 5.1 Segment Indicators 17
    • 5.1.1 Gross written premium 17
    • 5.1.2 Assets and investments 18

6 GENERAL INSURANCE OUTLOOK 19

  • 6.1 Segment Indicators 19
    • 6.1.1 Gross written premium 19
    • 6.1.2 Assets and investments 20

7 REINSURANCE OUTLOOK 21

8 DISTRIBUTION CHANNEL OUTLOOK 22

9 NATURAL AND MAN-MADE HAZARDS 23

  • 9.1 Flooding 23
  • 9.2 Storms 23
  • 9.3 Exposure 23

10 COMPETITIVE LANDSCAPE 24

  • 10.1 Company Profiles 25
    • 10.1.1 Tower Insurance - company overview 25
    • 10.1.2 Isle of Man Assurance Ltd - company overview 25
    • 10.1.3 Templeton Insurance Ltd - company overview 26
    • 10.1.4 Scottish Widows - company overview 26
    • 10.1.5 Zurich International Life Ltd - company overview 26

11 GOVERNANCE, RISK AND COMPLIANCE 27

  • 11.1 Legislation Overview and Historical Evolution 28
  • 11.2 Latest Changes in Regulation 29
  • 11.3 Legislation and Market Practice by Type of Insurance 36
    • 11.3.1 Life insurance 36
    • 11.3.2 Property insurance 38
    • 11.3.3 Motor insurance 39
    • 11.3.4 Liability insurance 40
    • 11.3.5 Marine, aviation and transit insurance 40
    • 11.3.6 Personal accident and health insurance 40
  • 11.4 Compulsory Insurance 41
    • 11.4.1 Motor third-party liability insurance 41
    • 11.4.2 Social insurance system 41
  • 11.5 Supervision and Control 43
    • 11.5.1 International Association of Insurance Supervisors 43
    • 11.5.2 The Isle of Man Financial Services Authority 44
    • 11.5.3 Manx Insurance Association 44
    • 11.5.4 Isle of Man Captive Association 44
  • 11.6 Non-Admitted Insurance Regulations 45
    • 11.6.1 Overview 45
    • 11.6.2 Intermediaries 45
    • 11.6.3 Market practices 45
    • 11.6.4 Fines and Penalties 45
  • 11.7 Company Registration and Operations 46
    • 11.7.1 Type of insurance organization 47
    • 11.7.2 Establishing a local company 47
    • 11.7.3 Foreign ownership 47
    • 11.7.4 Types of license 47
    • 11.7.5 Capital requirements 48
    • 11.7.6 Solvency margin 48
    • 11.7.7 Reserve requirements 50
    • 11.7.8 Investment regulations 50
    • 11.7.9 Statutory return requirements 50
    • 11.7.10 Fee structure 51
  • 11.8 Taxation 55
    • 11.8.1 Insurance premium or policy taxation 55
    • 11.8.2 Withholding taxes on premium paid overseas 55
    • 11.8.3 Corporate tax 55
    • 11.8.4 VAT 55
    • 11.8.5 Captives 55
  • 11.9 Legal System 56
    • 11.9.1 Introduction 56
    • 11.9.2 Access to court 56
    • 11.9.3 Alternative dispute resolution 56

12 DATABOOK 57

  • 12.1 Life Insurance 57
    • 12.1.1 Policies and premium 57
    • 12.1.2 Assets and investments 57
  • 12.2 General Insurance 58
    • 12.2.1 Policies and premium 58
    • 12.2.2 Assets and investments 58

13 DEFINITIONS AND METHODOLOGY 59

  • 13.1 Definitions 59
  • 13.2 Methodology 61

14 ABOUT GLOBALDATA 63

  • 14.1 Contact GlobalData 63
  • 14.2 About GlobalData 63
  • 14.3 GlobalData Services 64
  • 14.4 Disclaimer 65

List of Tables

  • Table 1: Manx Insurance Industry - Key Facts, 2017 2
  • Table 2: Manx Insurance Industry - Leading Insurers, 2017 2
  • Table 3: Manx Government Credit Ratings 10
  • Table 4: Manx Insurance Industry - Gross Written Premium (GBP Billion and US$ Billion), 2013-2017 15
  • Table 5: Manx Insurance Industry - Gross Written Premium (GBP Billion and US$ Billion), 2017-2022 15
  • Table 6: Manx Insurance Industry - Density (GBP), 2013-2017 16
  • Table 7: Manx Insurance Industry - Density (GBP), 2017-2022 16
  • Table 8: Manx Life Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2013-2017 17
  • Table 9: Manx Life Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2017-2022 17
  • Table 10: Manx Life Insurance - Total Assets (GBP Billion and US$ Billion), 2013-2017 18
  • Table 11: Manx Life Insurance - Total Assets (GBP Billion and US$ Billion), 2017-2022 18
  • Table 12: Manx General Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2013-2017 19
  • Table 13: Manx General Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2017-2022 19
  • Table 14: Manx General Insurance - Total Assets (GBP Billion and US$ Billion), 2013-2017 20
  • Table 15: Manx General Insurance - Total Assets (GBP Billion and US$ Billion), 2017-2022 20
  • Table 16: Manx Insurance Industry - Leading Insurers, 2017 24
  • Table 17: Tower Insurance - Key Facts 25
  • Table 18: Isle of Man Assurance Ltd - Key Facts 25
  • Table 19: Templeton Insurance Ltd - Key Facts 26
  • Table 20: Scottish Widows - Key Facts 26
  • Table 21: Zurich International Life Ltd - Key Facts 26
  • Table 22: Isle of Man - Insurance Regulatory Framework Key Features 27
  • Table 23: Isle of Man - Life Insurance Regulatory Framework 36
  • Table 24: Isle of Man - Property Insurance Regulatory Framework 38
  • Table 25: Isle of Man- Motor Insurance Regulatory Framework 39
  • Table 26: Isle of Man - Liability Insurance Regulatory Framework 40
  • Table 27: Isle of Man - Application Fees for Insurance Companies 2018 51
  • Table 28: Isle of Man - Annual Fees in 2018 52
  • Table 29: Isle of Man - Liability Insurance Regulatory Framework 53
  • Table 30: Isle of Man - Corporate Tax Rates for the Financial Year 2018 55
  • Table 31: Manx Life Insurance - Policies and Premium, 2013-2017 57
  • Table 32: Manx Life Insurance - Policies and Premium, 2017-2022 57
  • Table 33: Manx Life Insurance - Assets and Investments, 2013-2017 57
  • Table 34: Manx Life Insurance - Assets and Investments, 2017-2022 57
  • Table 35: Manx General Insurance - Policies and Premium, 2013-2017 58
  • Table 36: Manx General Insurance - Policies and Premium, 2017-2022 58
  • Table 37: Manx General Insurance - Assets and Investments, 2013-2017 58
  • Table 38: Manx General Insurance - Assets and Investments, 2017-2022 58
  • Table 39: Insurance Industry Definitions 59

List of Figures

  • Figure 1: Real GDP (GBP Billion), 2013 to 2016 10
  • Figure 2: Manx Exchange Rate (GBP per US$), 2013-2022 11
  • Figure 3: Manx Consumer Price Inflation (%), 2013-2017 12
  • Figure 4: Manx Insurance Industry - Gross Written Premium (GBP Billion), 2013-2022 15
  • Figure 5: Manx Insurance Industry - Density (GBP), 2013-2022 16
  • Figure 6: Manx Life Insurance - Gross Written Premium (GBP Billion), 2013-2022 17
  • Figure 7: Manx Life Insurance - Total Assets (GBP Billion), 2013-2022 18
  • Figure 8: Manx General Insurance - Gross Written Premium (GBP Billion), 2013-2022 19
  • Figure 9: Manx General Insurance - Total Assets (GBP Billion), 2013-2022 20
  • Figure 10: Isle of Man - Insurance Supervision and Control at various levels 43
  • Figure 11: Isle of Man - Insurance Regulatory Frameworks for Company Registration and Operation 46
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