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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Belizean non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Belize's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Belizean non-life (P&C) market as well as trends by line of business. Axco analysts also report on Belize's 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 - insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Belize, 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 Belize, 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 Belize with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The Belize insurance market is modest in size and stood at BZD 157.34mn (USD 78.67mn) at the end of 2018. The country is stable economically and politically with a long established and small insurance market. Non-life premiums (including personal accident and health written by non-life insurers) amounted to BZD 102.17mn (USD 51.09mn), an 8.83% increase on the previous year. Premiums in the largest class, property, grew by 8.2% to BZD 51.14mn (USD 25.57mn). Motor premiums rose by 10.17% to BZD 34.24mn (USD 17.12mn). In 2020 there were 10 insurers licensed in the market: five non-life including Lloyd's, three life insurers and two composite insurers. Lloyd's is licensed to accept direct non-life business and also operates as a reinsurer ....
This is a brief extract of information; more updated information may be available in the latest published report