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Bahamas, The

Life Report

Product Insurance Market Reports Life Rev Bahamas

Key Highlights

Get access to Axco’s online product with the latest market intelligence for the market of your choice

 

  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details The Bahamas' insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in The Bahamas' economic and political environment
  • Demographic information
  • Market statistics and company performance

Report Overview

Independent strategic insight, line of business detail, regulatory information & market data for the non-life (P&C) insurance market of The Bahamas

The Bahamas life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of The Bahamas.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit the Bahamas and interview local professionals working across the local market. The report is updated with new information and data regularly throughout the cycle of country visits.

The report provides information about the Bahamas’ demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment in the Bahamas is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted in The Bahamas; as well as the legislation necessary to know regarding the Bahamas’ healthcare, pensions and social security.

Statistics include five years of life insurance market performance indicators, including gross written premiums, premium growth and penetration rates. Company statistics show who are the leading life insurance companies in the Bahamas with local life insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including The Bahamas market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

Healthcare

The report describes the public and private healthcare system in The Bahamas, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Pensions

Axco reports on the three pillars of The Bahamas pension provision.

  • State pension benefits including benefit calculations and eligibility criteria 
  • Workplace pension provision; types of schemes calculations eligibility and; tax implications
  • Voluntary individual pension provision, type of products and tax implications

Social Security

The Bahamas report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

  • state pensions,
  • permanent disability benefit
  • occupational accident and disease
  • maternity and paternity payments 

The Bahamas Life & Benefits Report Extract

Below are brief extracts of information from The Bahamas Life & Benefits Report; more updated information may be available in the latest published report.

Life Insurance

Summary and Trends

Historically the life and healthcare markets in the Bahamas have been strongly influenced by overseas markets, particularly Canada. Generally speaking, those companies writing life business also offer healthcare products. A significant development over recent years has been the emergence of a market leader - Colina Insurance Ltd rin the life insurance sector following a complex sequence of mergers and takeovers.

Pensions

Summary and Trends

Due to the limited benefits available under the state scheme there is likely to be continuing demand for top-up benefits, although this has so far been somewhat limited due to the economic crisis and, more recently, the introduction of value added tax (VAT). Middle and high-income earners are increasingly turning to the private sector for additional benefits, although ...

Healthcare

Summary and Trends

Although there is hypothetically already universal access to primary care in the public sector, shortages and deficiencies in diagnostic and therapeutic services, particularly pharmaceuticals, have created inequities in the current healthcare sector, and in many instances such services can only be acquired by individuals with the financial ability to purchase them from the private sector. Health is a long-term class of insurance.

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