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 Turks and Caicos Islands 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 Turks and Caicos Islands includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
latest GWP (USD)
Insurance Penetration (%)
The Turks & Caicos Islands lie in the Caribbean and comprise two groups of 40 islands and cays, many of which are uninhabited. 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.
Total non-life market premium income in 2019 was USD 53.15mn according to the Financial Services Commission (FSC), of which USD 4.75mn related to personal accident and healthcare business, which is written in the non-life account.
There are currently 12 licensed non-life companies along with two composite insurers. The non-life market is dominated by foreign insurers operating through local brokers/managing agencies.