Haiti

Axco provides details on the life insurance sector including Haitian 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 Haiti, 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 Haitian 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 Haiti 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 

Haiti is amongst the smallest life markets in the world. Contrary to the non-admitted rules it is understood that a good deal of life business is written in the US and other overseas markets.

The market size reflects the fact that the country's economy is in a miserable state and that statistically the country is the poorest in the western hemisphere. With nearly 80% of the population estimated to be living below the poverty line ....

Haiti has a social security pension scheme but in practice it covers only those living in and around Port-au-Prince. The scheme is riddled with problems including employers' reluctance to enrol their workers, a tendency to underestimate the numbers of workers and difficulties in establishing their identities due to the fact that many Haitians - up to 50% by some estimates - do not have birth certificates ....

As in the case of life and pensions, demand for healthcare is low, although several plans are available in the market. Typically these are issued by international healthcare specialists whose products are marketed within Haiti by general agents and local insurers effectively acting as intermediaries. Both individual and collective business is written, though most market premium comes from the latter. Even though the state health service is rudimentary, which in most markets would encourage the development of private insurance, in Haiti most people are so poor that they can hardly afford to buy the essentials of life let alone purchase insurance ....