Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Bahamas Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for The Bahamas includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Discovered By Christopher Columbus in 1492, The Commonwealth of The Bahamas comprises some 700 islands. Historically The Bahamas was an underwriting agency market in the non-life sector, dominated by UK insurers, but the market has for some time been dominated by Bahamian, and to a lesser extent, other Caribbean insurers. The market is deregulated, and there are no tariffs in force. There are no unduly onerous restrictions on foreign insurers establishing themselves in The Bahamas.
In September 2019, the Bahamas was badly hit by Hurricane Dorian. The category 5 hurricane made landfall on 1 September in Elbow Cay on Great Abaco, with maximum sustained winds of 185 miles (298 km) per hour, and made another landfall on Grand Bahama several hours later. The hurricane struck the islands for three days. It has been the strongest known tropical system ever to impact The Bahamas.