A.M. BestTV: Caribbean Insurance Growth Continues, But Performance Varies

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In this A.M.BestTV episode, Meg Mulry, senior economist, economic & industry research, A.M. Best, reviews a recent Best’s Special Report based on a survey of Caribbean insurance regulators that shows four nations dominating results, which were helped by fewer catastrophes. Click on http://www.ambest.com/v.asp?v=caribbean717 to view the entire program.

In the Caribbean Association of Insurance Regulator survey, 20 of the 22 member countries that participated had direct premiums grow by 3.9% to $4.3 billion in 2015, a sixth straight year of premium growth.

“A couple of things are driving the profitability,” said Mulry.” One would be fewer catastrophes in recent years. Another would be higher retention rates from much of the jurisdictions, along with a decrease in reinsurance costs.”

The Bahamas, the Cayman Islands, Jamaica and Trinidad and Tobago are the region’s largest insurance markets, according to the report, and make up over 65% of the written premiums in the region. As a result, Mulry said, a major change in any of these countries would affect the entire region.

”Any changes in these markets could have an impact on the overall regional results. Each jurisdiction is different, whether its regulation or real estate prices that drive the individual markets,” she said. “Each country has a very specific market, and any change in the larger ones does impact the overall regional results.”

To access a copy of this Best’s Special Report, titled, “Caribbean-Based Insurers Weathering the Storm,” visit http://www3.ambest.com/bestweek/purchase.asp?record_code=262225.

Recent episodes of A.M.BestTV include:

  • Global Uncertainty Affects Insurers’ Finances, Says Swiss Re Chief Economist: Kurt Karl, chief economist and head of economic research & consulting at Swiss Reinsurance Company Ltd., said protectionism and shifting political fortunes increase the likelihood of change in individual markets, making it harder for insurers to accurately budget and invest: http://www.ambest.com/v.asp?v=karl517.
  • Cyber Coverage Goes It Alone: Fred Eslami, senior financial analyst, A.M. Best, discusses a recent Best’s Special Report that examines how more insurers are writing cyber coverage on a stand-alone basis, as opposed to packaging it with other products: http://www.ambest.com/v.asp?v=cyber717.
  • 265 Years Later, a Revolutionary Idea Continues to Thrive: A look into the insurance roots of Philadelphia, PA, shows a city that begat an industry that helped support a nation's growth: http://www.ambest.com/v.asp?v=philadelphia717.
  • Insurers React to Changes to U.K. Discount Rate: A.M. Best Senior Director, Analytics Catherine Thomas, examines a recent Best’s Briefing on changes in the Ogden rate, which is applied to claims for personal injury compensation in the U.K. These changes have forced some insurers to adjust their reserves and rates: http://www.ambest.com/v.asp?v=ukdiscountrate617.

A.M.BestTV covers exclusive A.M. Best information and reports, targeted topics and key developments in the (re)insurance industry every Monday, Wednesday and Friday. Sign up for alerts of episodes at http://www.ambest.com/multimedia/ambtvsignup.html. View A.M.BestTV episodes at http://www.ambest.tv.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2017 by A.M. Best Company, Inc. and/or its subsidiaries. ALL RIGHTS RESERVED.

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Business Wire: 20:25 GMT Monday 17th July 2017

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