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Cuba

Life Report

Product Insurance Market Reports Life Rev Cuba

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 Cuba's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in Cuba's 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 Cuba

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

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

Life Insurance

Axco provides details on the life insurance sector including Cuban 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 Cuba, 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 Cuban 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 Cuba 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 

Cuba Life and Benefits Report Extract

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

Life Insurance

In 2020 the Cuban insurance market, according to Axco Global Statistics, ranked 81 worldwide in terms of premiums written. That ranking may be somewhat overstated owing to the official exchange rate conversion of local pesos (CUP) to the US dollar at par. From 1 January 2021 there was a devaluation to CUP 24 : USD 1. For life business Cuba ranked 85, amongst its regional neighbours between Barbados (83) and Costa Rica (88).

Despite various positive aspects in Cuba's response to COVID-19, the measures implemented by its government to contain the spread of the virus, together with the weakening world economic growth and the impact ....

Pensions

There is no private pensions market in Cuba. Since the 1959 revolution its development would have been contrary to state philosophy, which severely limited if not actually prohibited any kind of private enterprise.

While there may be no legal impediment to companies establishing pension plans ....

Healthcare

With the highest doctor-to-patient ratio in the world, and the state able to impose strict isolation of suspected cases in state institutions, as well as hospitalisation for all confirmed cases, the early signs were that Cuba had made a well-organised and seemingly effective response to the COVID-19 pandemic. Although infection rates rose strongly during the early months of 2021 after untested visitors were allowed into the country over the Christmas period, by May a mass inoculation programme had begun using vaccines developed by the state's own medical experts.

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