New Insurance research report from Timetric is now available from Fast Market Research

Boston, MA -- (SBWire) -- 07/04/2013 --The Dominican insurance industry is very small, both in size and significance. The industry registered positive growth, with gross written premium recording a CAGR of 1.7% during the review period (2008-2012), higher than the GDP growth of 0.6% registered during the same period. Insurers typically cede some revenue to reinsurance providers in order to avoid financial losses in times of stock market collapse, financial crisis or other unforeseen events. Dominican providers, especially life insurance providers, tend to retain a large proportion of their revenues and cede less to reinsurance providers. Such a high retention rate reflects the providers' in-house expertise and high earnings.
The industry has had a difficult period due to financial crisis, debt crises in the EU, and massive catastrophe losses in 2011. The global industry lost approximately US$350-380 billion in 2011 due to earthquakes in New Zealand and the tsunami in Japan alone. Those events had little impact on the Dominican industry due to increased bank financing, minimal participation of its financial services industry in the global economy and limited access to international credit. Dominica suffered an economic and financial crisis during 2003-2004.

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Key Highlights

- The country registered marginal GDP decline at an average of -0.7% for 2009 and 2010 due to the country's minimal participation in the global economy and limited access to international credit
- The industry has had a difficult period due to financial crisis, debt crises in the EU, and massive catastrophe losses in 2011
- Dominica has one of the smallest populations in the ECCB; it declined from 68,434 in 2007 to 67,675 in 2011, at a CAGR of -0.3%
- The industry is dominated by life insurance. The segment accounted for the largest share of the industry's gross written premiums in 2012
- Industry activities in the country are supervised by the Superintendent of Insurance under the Ministry of Finance; the government authority responsible for laws relating to the financial regulation and supervision of the insurance industry

Scope

This report provides a comprehensive analysis of the insurance industry in Dominica:

- It provides historical values for the Dominican insurance industry for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key segments and sub-segments in the Dominican insurance industry, along with forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Dominica and outlines the key regulations affecting them

Reasons to Get This Report

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