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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Barbados non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Barbados' insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Barbados non-life (P&C) market as well as trends by line of business. Axco analysts also report on Barbados' 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 Barbados insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Barbados, 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 Barbados, 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 local insurance company premiums and market share, expense ratios and retentions by line of business. Company statistics show who are the leading non-life insurance companies in Barbados with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
Despite growth in 2019 of 9.5% in non-life premiums (excluding personal accident and healthcare) to BBD 474.56mn (USD 237.28mn), the ailing economy impacted on the insurance sector with negative growth in four of the five years before that, so that the average annual growth in the six years through 2019 was only 0.1%. According to Axco Global Statistics, Barbados ranked worldwide 106 overall and 100 in non-life premiums in 2019, between Angola and Nepal. In Caribbean terms its non-life premiums were behind those of ....
This is a brief extract of information; more updated information may be available in the latest published report.