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 Suriname 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 Suriname includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Suriname is one of the smallest countries in South America, whose economy is primarily based on mineral extraction and agriculture. There are extensive mining operations, as well as some oil production, and suspected untapped hydrocarbon reserves. There is also a significant unregulated informal sector.
Total market premiums for Suriname amounted to SRD 935.70mn in 2018, up by 17.32% over the previous year. Non-life premiums including PA and medical expenses represented 85.70% with an income of SRD 801.89mn.
In early 2020 there were 12 insurance companies registered with the market supervisor, the Central Bank of Suriname (Centrale Bank van Suriname - CBvS). Of these, six were licensed to underwrite non-life business (five in operation), one of which handles healthcare business only; and four were licensed to underwrite life business (three in operation). The remaining two companies handle funeral expenses cover and associated burial services.