Boston, MA -- (SBWIRE) -- 06/13/2013 -- Grenada has a small insurance industry that exhibited gradual growth alongside the overall economy, which increased by 4.5% in 2010 and 5.8% in 2012. The destructive tropical storms and hurricanes that pass through the islands are factors driving new construction activities in the country. New construction amid frequent natural disasters is expected to support the growth of the industry. The industry is regulated by the Grenada International Financial Services Authority (GIFSA). The regulatory authority provides licenses and sets the fees to operate in the country. There are 24 companies operating in the industry. 16 of those companies operate in the general segment, while eight operate in the life segment.

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Key Highlights

- The country's small industry exhibited gradual growth alongside the overall economy, which increased by 4.5% in 2010 and 5.8% in 2012
- The industry is regulated by the Grenada International Financial Services Authority (GIFSA)
- The low insurance density (premium per capita) of the industry is expected to encourage companies to enter and expand their business in the country
- Natural disasters have created opportunities for insurance companies operating in the country. Tropical storms and hurricanes are the most devastating risks for economic and personal damage
- Widespread poverty is a major challenge for companies operating in the country, which also has one of the highest unemployment rates (15%) in the Caribbean

Scope

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

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

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