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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Bahamian non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in The Bahamas' insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Bahamian non-life (P&C) market as well as trends by line of business. Axco analysts also report on The Bahamas' economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Bahamian insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in The Bahamas, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in The Bahamas, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in the Bahamas with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Historically The Bahamas was an underwriting agency market in the non-life sector, dominated by UK insurers, but the market has for some time been dominated by Bahamian, and to a lesser extent, other Caribbean insurers. Property and motor accounted for around 67% and 20% respectively of all non-life business in 2018. All local non-life business is required to be placed through intermediaries. Foreign (non-Caribbean) insurers only have a minimal influence in the local market other than by way of providing reinsurance, and many of the general agents have ....
This is a brief extract of information; more updated information may be available in the latest published report.
