Life Report

Product Insurance Market Reports Life Rev Uganda

Key Highlights

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  • Key insights and explanations of market developments in life insurance, healthcare and pensions
  • Details 7's insurance, social security, pensions and healthcare regulatory framework and company and personal tax considerations
  • Current legislation and upcoming changes
  • The latest developments in 7'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 the US Virgin Islands

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

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

Life Insurance

Axco provides details on the life insurance sector including Hong Kong 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 Hong Kong, 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 Hong Kong 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 Hong Kong 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 

USVI Life & Benefits Report Extract

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

Life Insurance

Summary & Trends

There are no domestic USVI life insurers. USVI life business is written by US insurers based on the mainland or in neighbouring Puerto Rico.

In September 2018 a further tranche of legislation was introduced in furtherance of the pursuit of NAIC accreditation. The laws concern credit for reinsurance, the protection of life insurance policyholders and reporting requirements.


Summary & Trends

Retirement benefit provisions in the USVI are made up of social security payments, company pension plans (either public or private), personal pension arrangements and any personal individual savings policies that may be taken out.

As with life and health insurance, the pension provision for government employees dominates the market as the single largest buyer of insurance with almost a quarter of the market.


Summary & Trends

Group accident and healthcare is by far the largest class within the life and benefits sector due to the government employees' scheme: the USVI government is easily the largest employer on the islands. There are no domestic USVI health insurance providers, however: almost all business is transacted with US-domiciled insurers or providers.

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