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The Insurance Industry in Saint Lucia, Key Trends and Opportunities to 2017

Saint Lucia insurance market:2.5% CAGR between 2008-2012


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2014-02-20 15:39:03 - The Insurance Industry in Saint Lucia, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

The Saint Lucia insurance market registered positive growth, with gross written premiums recording a CAGR of 2.5% during 2008–2012, higher than the GDP growth of 0.9% during the same period. However, insurance penetration stood at 1.8% in 2012. This low level of penetration indicates that the insurance industry is performing below its potential and has significant scope for future growth. The significant rise in public infrastructural investment following the damage caused by Hurricane Tomas in 2010, is likely to increase the demand for non-life insurance products over the forecast period.

Key Highlights

• Saint Lucia demonstrated significant economic development and registered positive growth in 2009 and 2010, despite the global financial crisis and the decline in economic development in the Eastern Caribbean

 

 

Currency Union (ECCU) region during this period

• Saint Lucia was the only country to record positive growth in the region, at an average of 1.5% during 2009–2010

• The positive growth in the Saint Lucian economy was partly attributed to the healthy performance of the tourism industry and rising exports

• Saint Lucian insurance providers tend to retain a large proportion of their revenues and cede less to reinsurers; the retention rate of life insurance providers increased from 89.2% in 2008 to 90.1% in 2012

• This reflects the in-house expertise and high earnings of insurance providers, but it could leave their capital positions exposed during economically challenging times

Report Scope

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

• It provides historical values for the Saint Lucian 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 Saint Lucian 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 Saint Lucia 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 Saint Lucian insurance industry and each segment within it
• Understand the demand-side dynamics, key market trends and growth opportunities within the Saint Lucian insurance industry
• Assess the competitive dynamics in the Saint Lucian insurance industry
• Identify the growth opportunities and market dynamics within key segments
• Gain insights into key regulations governing the Saint Lucian insurance industry and its impact on companies and the industrys future

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Mike King
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