Friday, October 4, 2013

Global Insurance Industry in Trinidad - Industry Analysis, Size, Share, Growth, Trends and Forecast, 2017

The report provides in depth industry analysis, information and insights into the insurance industry in Trinidad & Tobago, including:

  • The Trinidad & Tobagonian insurance industry’s growth prospects by insurance segments and sub-segments
  • The competitive landscape in the Trinidad & Tobagonian insurance industry
  • The current trends and drivers of the Trinidad & Tobagonian insurance industry
  • The challenges facing the Trinidad & Tobagonian insurance industry
  • Detailed regulatory framework of the Trinidad & Tobagonian insurance industry

Trinidad and Tobago is among the largest economies in the Caribbean with GDP per capita of US$19,018 at the end of 2012. The main growth driver behind the nation’s growth is the abundance of oil and natural gas resources. Despite weak economic growth, Trinidad and Tobago’s insurance industry registered a CAGR of 5.8% during the review period. Stable demand in both the life and non-life insurance segments supported industry growth.

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The industry’s penetration rate increased from 2.9% in 2008 to 3.9% in 2012. The liberal market economy allows insurance companies to establish operations in the country without being exposed to stringent regulations. There were seven life insurers, sixteen non-life insurers and eight composite insurers operating in the industry in 2012. The island’s insurance industry is dominated by the non-life segment, which accounted for 51.0% its gross written premium in 2012.


This report provides a comprehensive analysis of the insurance industry in Trinidad & Tobago:

  • It provides historical values for the Trinidad & Tobagonian insurance industry for the report’s 2008–2012 review period and forecast figures for the 2012–2017 forecast periodIt offers a detailed analysis of the key segments and sub-segments in the Trinidad & Tobagonian insurance industry, along with 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 Trinidad & Tobago 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 Trinidad & Tobagonian insurance industry and each segment within it
  • Understand the demand-side dynamics, key trends and growth opportunities within the Trinidad & Tobagonian insurance industry
  • Assess the competitive dynamics in the Trinidad & Tobagonian insurance industry
  • Identify the growth opportunities and market dynamics within key segments
  • Gain insights into key regulations governing the Trinidad & Tobagonian insurance industry and its impact on companies and the industry's future

Key highlights

The Trinidad and Tobagonian insurance industry is one of the leading insurance industries in the Caribbean region, in terms of penetration of GDP
Both domestic and foreign insurance companies have a presence in the country’s industry
The liberalization policy of Trinidad and Tobago with fewer regulations means that the country is open to foreign insurance companies

The rise in real estate activities, growth in the automobile sector and rising healthcare expenditure supported the growth of the Trinidad and Tobagonian insurance industry over the review period
Annuity and unit-linked insurance products accounted for a major share of the Trinidad and Tobago life insurance segment and also played a major role in driving growth in the segment during the review period
The Trinidad and Tobago population is more inclined towards life insurance products which provide wealth management services

The growth of the country’s non-life insurance segment was primarily supported by growth in property and motor insurance, the two largest categories in the segment

Table of contents

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Trinidad and Tobagonian Insurance Industry Overview
3.1 Trinidad and Tobagonian Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges

4 Industry Segmentation
4.1 Life Insurance Growth Prospects by Category
4.1.1 Individual life insurance category
4.1.2 General annuity insurance category
4.1.3 Individual pension category
4.1.4 Individual endowment insurance category
4.1.5 Other insurance category
4.1.6 Group life insurance category
4.2 Non-Life Insurance Growth Prospects by Category
4.2.1 Property insurance category
4.2.2 Motor insurance category
4.2.3 Liability insurance category
4.2.4 Marine, aviation and transit insurance category
4.3 Personal Accident and Health Insurance Growth Prospects by Category
4.3.1 Personal accident insurance category
4.3.2 Health insurance category
4.4 Reinsurance

5 Governance, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation Trends by Type of Insurance
5.2.1 Life insurance regulatory trends
5.2.2 Property insurance regulatory trends
5.2.3 Motor insurance regulatory trends
5.2.4 Liability insurance regulatory trends
5.2.5 Marine, aviation and transit insurance regulatory trends
5.2.6 Health insurance regulatory trends
5.3 Compulsory Insurance
5.3.1 Workmen\'s Compensation Insurance
5.3.2 Motor Vehicles Insurance (Third-Party Risks)
5.4 Supervision and Control
5.4.1 International Association of Insurance Supervisors
5.4.2 Central Bank of Trinidad and Tobago (CBTT)
5.5 Non-Admitted Insurance Regulatory
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market Practices
5.5.4 Fines and Penalties
5.6 Company Registration and Operations
5.6.1 Types of Insurance Organisation
5.6.2 Establishing a local company
5.6.3 Foreign Ownership
5.6.4 Types of License
5.6.5 Capital Requirements
5.6.6 Solvency Margins
5.6.7 Reserve Requirements
5.6.8 Investment Regulations
5.6.9 Policy Terms and Conditions
5.7 Taxation
5.7.1 Insurance Premium or Policy Taxation
5.7.2 Corporate Tax
5.7.3 VAT
5.7.4 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to Court
5.8.3 Alternative Dispute Resolution (ADR)

6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 The Beacon Insurance Company Ltd – company overview
6.2.2 British American Insurance Company Ltd – company overview
6.2.3 Maritime General Insurance Company Ltd – company overview
6.2.4 TATIL Life Assurance Ltd – company overview
6.2.5 Bankers Insurance Ltd – company overview
6.2.6 COLFIRE – company overview
6.2.7 Furness Anchorage General Insurance Ltd – company overview
6.2.8 Colonial Life Insurance Company – company overview
6.2.9 Cuna Caribbean Insurance Society Limited – company overview
6.2.10 Guardian Life of the Caribbean Ltd – company overview

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