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

Boston, MA -- (SBWire) -- 07/25/2013 --The Bahamas is ranked fourth amongst the leading offshore financial centers (OFC) in the world. According to the IMF, the Bahamian financial sector accounted for 12% of total foreign bank assets held at global offshore financial centers at the end of March 2012. The large financial sector has benefited the insurance industry in the country, which is well-developed with a high penetration rate of 8.5% in 2012. The industry is very competitive, with 24 domestic (including both-life and non-life insurers) and 15 foreign insurers (including captive insurers). The Insurance Commission of the Bahamas (ICB) is the regulator of the industry. The Bahamian economy, which is highly dependent on financial and tourism sectors, was impacted by the global financial crisis, leading to a stagnation of growth for the insurance industry.

Key Highlights

- The large financial sector has benefited the insurance industry in the country, which is well-developed with a high penetration rate of 8.5% in 2012
- In 2009, a new regulatory body, the Insurance Commission of the Bahamas (ICB) was established and new legislation was enacted to increase supervision of the industry
- The Bahamian economy, which is highly dependent on financial and tourism sectors, was impacted by the global financial crisis, leading to a stagnation of growth for the insurance industry
- The Bahamian insurance industry is dominated by non-life insurance
- The industry is witnessing an increase in competition as companies offer huge discounts on premiums

View Full Report Details and Table of Contents

Scope

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

- It provides historical values for the Bahamian 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 Bahamian insurance industry, along with industry 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 Bahamas 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 Bahamian insurance industry and each segment within it
- Assess the competitive dynamics in the Bahamian insurance industry
- Understand the demand-side dynamics, key market trends and growth opportunities within the Bahamian insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Bahamian insurance industry and its impact on companies and the industry's future

Companies Mentioned in this Report: The Bahamas First General Insurance Company, The Insurance Company of the Bahamas Limited (ICB), Colina Insurance Limited, BAF Financial & Insurance (Bahamas) Ltd

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