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Cuba

Cuba

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

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 Cuba 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 Cuba includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Cuba can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Global Statistics Regulatory Alerts Insight Compliance Compliance Point Clinical Trials Market Profiles

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP
Insurance Penetration (%)
GMT-5
Havana
CUP
11.50 mn
1.21
1.92%
698.34
0.63

The largest island in the Caribbean, Cuba, is situated at the entrance to the Gulf of Mexico, less than 150 kilometres (90 miles) south of Florida. Small and medium-sized businesses were legalised in 2016. The planned transition to a single Cuban currency was put back from 2015 to 2018 and still not achieved in mid-2019.

The non-life market is traditional and underdeveloped, comprising just two insurers - both ultimately state-owned, within the same financial group - offering a range of relatively standard products and operating almost entirely in different market segments. In a society where the state makes provision for all aspects of life through the social security system and using subsidies, and few segments of the population have disposable income, market concerns centre on the need for growth and where it will come from. The government's stated intention to promote insurance - some action has been seen in this connection in the agriculture sector - is unlikely to produce results until the population is more able to pay for it. The Cuban life market is small, with a single company offering only annual renewable term insurance policies, almost all sold by door-to-door agents.

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