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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 economy of the US Virgin Islands was recovering from the 2017 hurricane season only to be set back by lockdown restrictions in 2020 and 2021 as a consequence of the COVID-19 pandemic. Market potential, as ever, relies substantially on the general economy which, in turn, depends upon the tourist trade and, to some extent, on mainland US retirees moving to the islands. GDP is expected to expand by 4.4% in 2021 and 4.3% in 2022. Inflation is expected to run at 1.8% ....
This is a brief extract of information; more updated information may be available in the latest published report.
