Dutch Caribbean

Axco provides details on the life insurance sector including market participants in Aruba, Curacao and Sint Maarten, 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 the islands of the Netherlands Antilles, 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 the Dutch Caribbean 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 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 

Summary & Trends

Curacao and Sint Maarten differ from Aruba and many other countries in the region by being separate countries but with a shared regulator. The Central Bank of Curacao and St Maarten has representation on both islands and is headquartered in Willemstad, Curacao. The two islands are distinguished by being a considerable distance apart with St Maarten in an area frequently affected by hurricanes.

The Aruban market is regulated by the insurance supervisor at the central bank. Separate to the supervisory department are teams handling enforcement and anti-money laundering (AML). It is a small and stable market and ....

Summary & Trends

Before the state schemes were introduced, the pensions market was dominated by Ennia and Fatum; they continue to have the highest profile among those insurers writing pension business. The only specialist pension fund administrator competing with the insurance sector to offer products on a commercial basis to the entire potential group market is Vidanova Pension Management Foundation.

Summary & Trends

State healthcare provision in Aruba is such that the role of the private sector is limited. There are no separate statistics for private medical insurance (PMI) but the total personal accident (PA) and health premium for Aruba has been around 5% of market income or a little higher. In 2011 the government in Aruba took measures to put the state health service financing on a sounder footing by increasing contribution levels with ...