Quantcast

Turks & Caicos Islands

Life Report

Product Insurance Market Reports Life Rev Turks And Caicos Islands

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 the Turks and Caicos Islands' insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in the Turks and Caicos Islands' 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 the Turks and Caicos Islands

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

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

Life Insurance

Axco provides details on the life insurance sector including the Turks and Caicos Islands 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 the Turks and Caicos Islands, 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 the Turks and Caicos Islands 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 Turks and Caicos Islands 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 

Turks and Caicos Islands Life and Benefits Report Extract

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

Life Insurance

The life insurance market in the TCI is extremely small, with annual premium income of USD 2.46mn in 2019, with creditor life premium income accounting for 47.1%.

Until comparatively recently most of the local population lived a precarious existence, where insurance of any kind was either not understood or considered unaffordable ....

Pensions

The Caribbean region has been slow to develop its occupational and private pension structures, particularly in many of the smaller islands where little or no pension legislation currently exists. This is the case in the TCI, where there is no private pension legislation whatsoever. As local residents gain more acquisition power this situation may eventually change; so far, however, the government seems disinclined to introduce pensions legislation and continues to rely on the relatively recent National Insurance Scheme (NIS) to provide pensions to the population ....

Healthcare

The opening of two new Canadian-managed public hospitals on Grand Turk and Providenciales in 2010 coincided with the TCI's implementation of a mandatory and controversial National Health Insurance Plan (NHIP), primarily funded by employer and employee contributions. Facilities at the new hospitals have enabled a broader range of treatment to be offered locally, without patients having to travel overseas as in the past; however, overseas treatment costs continue to place a heavy drain on the government's budget. The government is understood to have reduced the reliance on ....

Back to Report Store

You may also be interested in these reports...

£550

Ready to talk? We're here to help.

Whether you need more information or to discuss which products are best suited to your needs, our dedicated team are here to help.

Get in touch