New Insurance market report from Timetric: "The Insurance Industry in Guyana, Key Trends and Opportunities to 2017"

Boston, MA -- (SBWire) -- 07/18/2013 --The Guyanese insurance industry grew in terms of written premium value at a CAGR of 7.3%. The increase was partly attributed to stable economic development and the country's favorable regulatory framework including no Value Added Tax (VAT) on insurance premiums. These indicators are expected to support the country's insurance industry even over the forecast period. The industry is projected to grow at a CAGR of 6.2% over the forecast period. The favorable regulatory framework supports the demand for insurance products in Guyana; licensed insurers are encouraged with exemptions from VAT on insurance premiums. Guyanese insurance providers, especially life insurance providers, tend to retain a large proportion of their revenues and cede less to reinsurance providers.

Key Highlights

- The life insurance segment accounted for the largest share of the total insurance written premium value in 2012.
- The non-life insurance segment grew at a CAGR of 14.2% during the review period.
- The favorable regulatory framework supports the demand for insurance products in Guyana; licensed insurers are encouraged with exemptions from VAT on insurance premiums.
- Guyanese insurance providers largely generate revenue from premiums, with only a small proportion coming from investments in government securities, corporate bonds and investment funds.
- Motor insurance was the largest category in the total non-life segment in terms of written premium value , which represented a share of 55.2% of total written premium in 2012.

View Full Report Details and Table of Contents

Scope

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

- It provides historical values for the Guyanese 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 categories in the Guyanese insurance industry, along with industry forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, combined ratio, total assets, total investment income and retentions
- It profiles the top insurance companies in Guyana and outlines the key regulations affecting them

Reasons to Get This Report

- Make strategic business decisions using in depth historic and forecast industry data related to the Guyanese insurance industry and each segment within it
- Assess the competitive dynamics in the Guyanese insurance industry
- Understand the demand-side dynamics, key market trends and growth opportunities within the Guyanese insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Guyanese insurance industry and its impact on companies and the industry's future

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