Gross life premiums rebounded in ---- following the slump that a global economic slowdown brought to the Barbadian economy. In ---- and ---- this recovery has continued according to our latest estimates (given the lack of official figures for these years), although growth has not been to the same extent as in ----. ...The life segment of Barbados accounts for just over one third of all activity in the domestic insurance sector. (Our figures do not include the huge amount of business booked in Barbados by the offshore insurers who, in any case, are generally focusing on non-life business.) Life premiums will resume a steady trajectory from ---- through the forecast period to ----. By the end of ---- we are expecting life insurance to account for just under -- of the national domestic premiums underwritten. Looking forward, we do not see any major risks to our forecast for the Barbados life insurance market. The economic prospects of the country and the macroeconomic outlooks of the US and Canada remain crucial
...We are expecting the total insurance industry in Barbados to grow by -.- in ----, with total gross underwritten premiums reaching USD---mn. Out to ----, we expect total insurance industry premiums to reach USD---mn, posting average annual y-o-y growth of -.- . ...Out to ----, we expect total insurance industry premiums to reach USD---mn, posting average annual y-o-y growth of -.- . The life insurance sector will drive future insurance momentum and post growth of --.- in ----, with premiums reaching USD---mn, a figure we expect to exceed USD---mn by end of ----. Non-life premiums will post another year of modest growth in ---- (-.- y-o-y growth to reach USD---mn). Slower growth is driven by maturity in the property market. Non-life premiums will grow by an average annual rate of -.- over ---------, reaching USD---mn by end of our forecast period.
...BMI View: We extend our bullish outlook for the Barbados life insurance sector in ---- and over the course of our forecast period out to ----. Estimated gross premiums from the life insurance line are forecast to jump by --.- in local currency and US dollar terms in ---- to reach a total value of BBD---mn (USD---mn). ...
