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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the US Virgin Islands 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 US Virgin Islands' insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the US Virgin Islands non-life (P&C) market as well as trends by line of business. Axco analysts also report on US Virgin Islands' 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 the US Virgin Islands insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in the US Virgin Islands, 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 US Virgin Islands, 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 US Virgin Islands with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The British Virgin Islands is a mature Caribbean local market with historic roots in the British insurance market tradition and in its practices based on English law. Despite its well known tax-advantageous environment for global legal and financial organisations this has not translated into a strong reinsurance marketplace and there are diminishing numbers of captive insurers. Growth is affected by economic recession and weather events which can have a devastating effect. The tourist sector was particularly affected by the COVID-19 pandemic in 2020. Non-life penetration is one of the strongest in the region ....
This is a brief extract of information; more updated information may be available in the latest published report.