Cuba

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.

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.

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

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 

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 ....

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 ....

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.