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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the the Turks and Caicos 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 Turks and Caicos' insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the the Turks and Caicos non-life (P&C) market as well as trends by line of business. Axco analysts also report on the Turks and Caicos' 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 Turks and Caicos' insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in the Turks and Caicos, 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 Turks and Caicos, 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 Turks and Caikos with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The Turks and Caicos Islands have two categories of insurers: i) international insurers that are authorised to only write non-TCI risks, and ii) domestic insurers that can write both local and foreign risks. Most insurers licensed in the TCI are international insurers; the FSC licenses over 7,000 producer owned reinsurance companies (PORC) which act as captives for first party risk such as service contract or extended warranty insurance on behalf of their parent companies. There are 18 licensed domestic insurers ....
This is a brief extract of information; more updated information may be available in the latest published report.