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The Insurance Industry in Barbados, Key Trends and Opportunities to 2017

Barbados insurance market: Hit hard by the global financial crisis


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2014-02-20 16:53:02 - The Insurance Industry in Barbados, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

The Barbados insurance market is well established but underwent a challenging time during the review period (2008−2012). Difficulties began with the government bailout of the CL Financial Group and its subsidiaries, and issues were compounded by the global and domestic economic downturn. Barbados established itself as a strong domicile in which to conduct international insurance business and is ranked among the seven-leading captive domiciles in the world.

Key Highlights

• The Barbadian insurance industry is highly competitive and companies were compelled to maintain low premiums during the review period

• Low premiums are largely attributed to the nations weak economic situation due to which unemployment increased and policyholders struggled to make payments

• Consequently, there has been a rise in the cancellation of policies

 

 

and the profitability of operational companies during 2009−2011

• Unstable international economic conditions, combined with generally lower global and domestic interest rates, have also led to those companies with significant worldwide investments recording reductions in their earnings from those assets

Report Scope

This report provides a comprehensive analysis of the insurance industry in Barbados:

• It provides historical values for the Barbados insurance industry for the reports 2008–2012 review period and forecast figures for the 2012–2017 forecast period
• It offers a detailed analysis of the key segments and categories in the Barbados insurance industry, along with industry forecasts until 2017
• It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
• It profiles the top insurance companies in Barbados and outlines the key regulations affecting them

Reasons to Buy

• Make strategic business decisions using in depth historic and forecast industry data related to the Barbados insurance industry and each segment within it
• Assess the competitive dynamics in the Barbados insurance industry
• Understand the demand-side dynamics, key market trends and growth opportunities within the Barbados insurance industry
• Identify the growth opportunities and market dynamics within key segments
• Gain insights into key regulations governing the Barbados insurance industry and its impact on companies and the industrys future

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Mike King
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