2014-02-25 09:25:04 - The Insurance Industry in the British Virgin Islands, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
Traditionally, the British Virgin Islands (BVI) insurance industry has been a popular captive insurance hub. The share of captive insurance companies accounted for 85% of the total insurance industry during the review period. Indeed, the market share of captive insurance companies declined from 88.8% in 2008 to 86% in 2011, as a result of a decrease in the number of captive insurance companies active in the territory. By the end of the third-quarter of 2012, the BVI had 156 captive insurers and 34 domestic insurers.
â¢ The volume of captive insurance companies licensed to conduct business declined from 2,000 companies in the 1990s to 156 companies in 2012
â¢ The industry is highly competitive, with the presence of 156 captive
insurers and 34 domestic insurers in 2012
â¢ The BVI is one of the most popular domiciles for captive insurance companies in the world and the government took a number of measures during the 1990s to promote the territory as a beneficial domicile for captive insurance companies
â¢ In terms of gross written premiums, domestic life insurers held a market share of 5.4% in 2011. The non-life insurance segment accounted for a share of 6.3% and the personal accident and health insurance segment had a market share of 52%
â¢ Favorable tax rates are encouraging more companies to enter the countrys insurance industry. Many captives are incorporated under the provisions of the International Business Companies Act, or the BVI Business Companies Act, which exempts them from paying income tax
This report provides a comprehensive analysis of the insurance industry in the British Virgin Islands:
â¢ It provides historical values for the British Virgin Islands insurance industry for the reports 2008â2012 review period and forecast figures for the 2012â2017 forecast period
â¢ It offers a detailed analysis of the key segments and categories in the British Virgin Islands insurance industry, along with industry forecasts until 2017
â¢ 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
â¢ It profiles the top insurance companies in British Virgin Islands and outlines the key regulations affecting them
Reasons to Buy
â¢ Make strategic business decisions using in depth historic and forecast industry data related to the British Virgin Islands insurance industry and each segment within it
â¢ Assess the competitive dynamics in the British Virgin Islands insurance industry
â¢ Understand the demand-side dynamics, key market trends and growth opportunities within the British Virgin Islands insurance industry
â¢ Identify the growth opportunities and market dynamics within key segments
â¢ Gain insights into key regulations governing the British Virgin Islands insurance industry and its impact on companies and the industrys future
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