Trinidad and Tobago Insurance Report - Business Monitor International - Industry Reports

Trinidad and Tobago Insurance Report

Trinidad and Tobago Insurance Report - Business Monitor International - Industry Reports
Trinidad and Tobago Insurance Report
Published Jul 23, 2016
46 pages — Published Jul 23, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

Life insurance, though sizeable, is the smaller of the two main segments of insurance in Trinidad and Tobago, accounting for around -- of premiums written. Premiums are forecast to grow by -.- in ----, in local currency terms, reaching TTD-.-bn (USD---mn). This gives a life insurance density rate of USD---.- per capita, while life penetration will remain at -.- of GDP. Over the remainder of the forecast period through to ----, premiums are forecast to grow by an annual average of --.- when measured in local currency terms, reaching TTD-.-bn (USD---mn) by the end of the current forecast period. As such, per capita premiums are set to surpass USD--- by ----, one of the highest levels of life insurance density in the Caribbean, with the exception of Bermuda s sizeable offshore business. ...We expect that much of the potential consumer market will continue to be able to afford life premiums given the medium-term outlook for employment in Trinidad and Tobago.

...The longer-term growth outlook for the Trinidadian life insurance market is mixed. On the one hand the country s small population size (of -.-mn) limits the potential of the market. ...On the one hand the country s small population size (of -.-mn) limits the potential of the market. On the other hand, there is scope for expansion of coverage as penetration and density rates leave room for improvement and affordability will improve as household income rates rises. Regulatory changes will also support future growth of the industry. The National Insurance System (NIS) is considering increasing the pensionable retirement age due to the current rising life expectancy. This will pose significant risks and rewards for the life insurance sector and, on balance, we believe that the potential opportunities to benefit from increasing consumer awareness of the benefits of life insurance and savings policies, in conjunction with the growing targetable consumer base, will outweigh the risks of increased claims.

...There are some potential downside and upside risks to our current forecasts. Falling energy revenues could impact upon employment rates: layoffs in the energy and manufacturing sectors will drive unemployment up as firms increasingly look to cut costs amid declining revenues. ...

  
Source:
Document ID
2397-4346
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Trinidad and Tobago Insurance Report" Jul 23, 2016. Alacra Store. Dec 10, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Trinidad-and-Tobago-Insurance-Report-2026-1868>
  
APA:
Business Monitor International - Industry Reports. (2016). Trinidad and Tobago Insurance Report Jul 23, 2016. New York, NY: Alacra Store. Retrieved Dec 10, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Trinidad-and-Tobago-Insurance-Report-2026-1868>
  
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