Boston, MA -- (SBWIRE) -- 02/05/2013 -- As in previous annual reports, we think that it is still fair and reasonable to describe the Caribbean as something of a backwater in terms of the insurance sectors of the various countries. A comparison with nearby markets in Latin America indicates that the Caribbean markets are small and not particularly rapidly growing.

In all five countries that we consider - Trinidad and Tobago, Jamaica, Bahamas, Dominican Republic and Barbados - a lacklustre economic has contained the growth of premiums and - in the life segments especially - boosted lapse rates. This has happened at a time that low interest rates have reduced investment income. Nevertheless, many of the players are benefiting from lower claims and losses - and not just because of the lack of exposure to the catastrophes elsewhere in the world that were the defining feature of H111.

The opportunities vary from country to country. We would highlight: consolidation in the non-life segment of Trinidad and Tobago; offshore insurance in Barbados and the Bahamas; and the development of products that are attractive to low income groups in the Dominican Republic and Jamaica.

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