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British Virgin Islands

Life Report

Product Insurance Market Reports Life Rev British Virgin Islands

Overview

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 the BVI's life insurance, healthcare and pensions
  • Details the British Virgin Islands' insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest economic and political developments
  • Demographic information
  • Market statistics and company performance

Key Highlights

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

The British Virgin Islands life and benefits market report provides a comprehensive, impartial analysis of the life insurance market of the BVI.  Information extends to extensive detail on healthcare (public and private), pensions and benefits, and social security. Specialist researchers visit the islands 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 islands demographic profile and assesses its economic, political, climate, operational, and security risks. Key data on the investment environment is available.

Axco’s report describes the regulatory framework that applies to the domestic life insurance sector, including whether non-admitted insurance is permitted; as well as the legislation necessary to know regarding the BVI's 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 local insurance company premiums, market share and year on year growth.

Life Insurance

Axco provides details on the life insurance sector including local 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.
The report provides information on non-life classes for example critical illness and private medical insurance.

Healthcare

The life and benefits report describes the public and private healthcare system in Australia, 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 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 Hong Kong 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 

BVI Life & Benefits Report Extract

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

Life Insurance

Summary & Trends

BVI is a mature Caribbean local market with historic roots in the British insurance market tradition and in its practices based on English law. There are no locally incorporated dedicated life, pension or healthcare insurers; most of this business is transacted with a few players from the US or UK through local agencies or brokers. In October 2020 there were 37 licensed domestic insurance companies, split broadly evenly between those majoring in non-life business and those covering life and healthcare classes, including mutuals as well as joint stock companies. 

Life premiums fell significantly in 2018 from USD 7.09mn to USD 1.33mn largely caused by lost jobs, reducing group and individual sales. The health sector reduced significantly upon the introduction of universal healthcare in 2016. It had seen an income of USD 61.40mn in 2016 but this had fallen to USD 7.49mn in 2018.

Pensions

Summary & Trends

There is no formal private pension market although local agents and brokers have access to retirement plans and annuities from licensed and offshore players, although these tend to be sold to high net-worth individuals representing a tiny section of the population. Regulation relating to this sector that is contained in taxation legislation and in the Pensions Act

Healthcare

Summary & Trends

NHIS legislation, under Social Security (Amendment) Act, 2014, came into force 1 December 2015, going live 1 January 2016, universal in nature, accessible to all subject to registration. It should be noted that, albeit not within the insurance market itself, the government purchases reinsurance for the NHIS.

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