The Insurance Industry in British Virgin Islands, Key Trends and Opportunities to 2017

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1 The Insurance Industry in British Virgin Islands, Key Trends and Opportunities to 2017 Market Intelligence Report Reference code: IS0259MR Published: April Timetric John Carpenter House 7 Carmelite Street London EC4Y 0BS UK Tel: +44 (0) Fax: +44 (0)

2 EXECUTIVE SUMMARY 1 Executive Summary Traditionally, the British Virgin Islands (BVI) insurance industry has been a popular captive insurance hub. The share of captive insurance companies accounted for XX% of the total insurance industry during the review period. The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 2

3 TABLE OF CONTENTS Table of Contents 1 Executive Summary Introduction What is this Report About? Definitions Methodology BVI Insurance Industry Overview BVI Insurance Industry Key Industry Trends and Drivers Challenges Regulation Industry Segmentation Life Insurance Non-Life Insurance Property insurance category Motor insurance category Liability insurance category Marine, aviation and transit insurance category Personal Accident and Health Insurance Reinsurance Competitive Landscape Overview Leading Companies Atlantic Southern Insurance Company Bupa Insurance Ltd MetLife Insurance Company of Connecticut Mutual of Omaha Insurance Company Guardian General Insurance Ltd Macroeconomic Indicators GDP at Current Prices (US$) Household Consumption Expenditure Total Population Appendix Methodology Contact Us About Timetric Disclaimer The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 3

4 TABLE OF CONTENTS List of Figures Figure 1: BVI Insurance Overall Written Premium by Segment (US$ Million), Figure 2: BVI Insurance Industry Dynamics by Segment, Figure 3: BVI Life Insurance Paid Claims (US$ Million), Figure 4: BVI Life Insurance Paid Claims (US$ Million), Figure 5: BVI Life Insurance Incurred Loss (US$ Million), Figure 6: BVI Life Insurance Incurred Loss (US$ Million), Figure 7: BVI Life Insurance Loss Ratio (%), Figure 8: BVI Life Insurance Loss Ratio (%), Figure 9: BVI Life Insurance Combined Ratio (%), Figure 10: BVI Life Insurance Combined Ratio (%), Figure 11: BVI Life Insurance Retentions (US$ Million), Figure 12: BVI Life Insurance Retentions (US$ Million), Figure 13: BVI Non-Life Insurance Written Premium by Category (US$ Million), Figure 14: BVI Non-Life Insurance Written Premium by Category (Percentage Share), 2012 and Figure 15: BVI Non-Life Insurance Market Dynamics by Category, Figure 16: BVI Non-Life Insurance Paid Claims by Category (US$ Million), Figure 17: BVI Non-Life Insurance Paid Claims (US$ Million), Figure 18: BVI Non-Life Insurance Incurred Loss (US$ Million), Figure 19: BVI Non-Life Insurance Incurred Loss by Category (US$ Million), Figure 20: BVI Non-Life Insurance Loss Ratio (%), Figure 21: BVI Non-Life Insurance Loss Ratio (%), Figure 22: BVI Non-Life Insurance Combined Ratio (%), Figure 23: BVI Non-Life Insurance Combined Ratio (%), Figure 24: BVI Non-Life Insurance Retentions (US$ Million), Figure 25: BVI Non-Life Insurance Retentions (US$ Million), Figure 26: BVI Property Insurance Category Written Premium (US$ Million), Figure 27: BVI Property Insurance Category Written Premium (US$ Million), Figure 28: BVI Motor Insurance Category Written Premium (US$ Million), Figure 29: BVI Motor Insurance Category Written Premium (US$ Million), Figure 30: BVI Liability Insurance Category Written Premium (US$ Million), Figure 31: BVI Liability Insurance Category Written Premium (US$ Million), Figure 32: BVI Marine, Aviation and Transit Insurance Category Written Premium (US$ Million), Figure 33: BVI Marine, Aviation and Transit Insurance Category Written Premium (US$ Million), Figure 34: BVI Personal Accident and Health Insurance Paid Claims by Category (US$ Million), Figure 35: BVI Personal Accident and Health Insurance Paid Claims (US$ Million), Figure 36: BVI Personal Accident and Health Insurance Incurred Loss (US$ Million), Figure 37: BVI Personal Accident and Health Insurance Incurred Loss by Category (US$ Million), Figure 38: BVI Personal Accident and Health Insurance Loss Ratio (%), Figure 39: BVI Personal Accident and Health Insurance Loss Ratio (%), Figure 40: BVI Personal Accident and Health Insurance Combined Ratio (%), Figure 41: BVI Personal Accident and Health Insurance Combined Ratio (%), Figure 42: BVI Personal Accident and Health Insurance Retentions (US$ Million), Figure 43: BVI Personal Accident and Health Insurance Retentions (US$ Million), Figure 44: BVI Reinsurance Ceded by Insurance Segment (US$ Million), Figure 45: BVI Reinsurance Market Dynamics by Insurance Segment, Figure 46: BVI Life Insurance Percentage of Reinsurance Ceded (%), Figure 47: BVI Life Insurance Percentage of Reinsurance Ceded (%), Figure 48: BVI Non-Life Insurance Percentage of Reinsurance Ceded (%), Figure 49: BVI Non-Life Insurance Percentage of Reinsurance Ceded (%), Figure 50: BVI Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), Figure 51: BVI Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), Figure 52: BVI GDP at Current Prices (US$ Million), Figure 53: BVI Household Consumption Expenditure (US$ Million), Figure 54: BVI Total Population (Thousands), The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 4

5 TABLE OF CONTENTS List of Tables Table 1: Insurance Industry Definitions... 7 Table 2: BVI Insurance Overall Written Premium by Segment (US$ Million), Table 3: BVI Insurance Overall Written Premium by Segment (US$ Million), Table 4: BVI Insurance Segmentation (Percentage Share), Table 5: BVI Solvency Margin for Insurance Companies Table 6: BVI Life Insurance Paid Claims (US$ Million), Table 7: BVI Life Insurance Paid Claims (US$ Million), Table 8: BVI Life Insurance Incurred Loss (US$ Million), Table 9: BVI Life Insurance Incurred Loss (US$ Million), Table 10: BVI Life Insurance Loss Ratio (%), Table 11: BVI Life Insurance Loss Ratio (%), Table 12: BVI Life Insurance Combined Ratio (%), Table 13: BVI Life Insurance Combined Ratio (%), Table 14: BVI Life Insurance Retentions (US$ Million), Table 15: BVI Life Insurance Retentions (US$ Million), Table 16: BVI Non-Life Insurance Written Premium by Category (US$ Million), Table 17: BVI Non-Life Insurance Written Premium by Category (US$ Million), Table 18: BVI Non-Life Insurance Segment Paid Claims (US$ Million), Table 19: BVI Non-Life Insurance Segment Paid Claims (US$ Million), Table 20: BVI Non-Life Insurance Segment Incurred Loss (US$ Million), Table 21: BVI Non-Life Insurance Segment Incurred Loss (US$ Million), Table 22: BVI Non-Life Insurance Loss Ratio (%), Table 23: BVI Non-Life Insurance Loss Ratio (%), Table 24: BVI Non-Life Insurance Combined Ratio (%), Table 25: BVI Non-Life Insurance Combined Ratio (%), Table 26: BVI Non-Life Insurance Retentions (US$ Million), Table 27: BVI Non-Life Insurance Retentions (US$ Million), Table 28: BVI Property Insurance Category Written Premium (US$ Million), Table 29: BVI Property Insurance Category Written Premium (US$ Million), Table 30: BVI Motor Insurance Category Written Premium (US$ Million), Table 31: BVI Motor Insurance Category Written Premium (US$ Million), Table 32: BVI Liability Insurance Category Written Premium (US$ Million), Table 33: BVI Liability Insurance Category Written Premium (US$ Million), Table 34: BVI Marine, Aviation and Transit Insurance Category Written Premium (US$ Million), Table 35: BVI Marine, Aviation and Transit Insurance Category Written Premium (US$ Million), Table 36: BVI Personal Accident and Health Insurance Segment Paid Claims (US$ Million), Table 37: BVI Personal Accident and Health Insurance Segment Paid Claims (US$ Million), Table 38: BVI Personal Accident and Health Insurance Segment Incurred Loss (US$ Million), Table 39: BVI Personal Accident and Health Insurance Segment Incurred Loss (US$ Million), Table 40: BVI Personal Accident and Health Insurance Loss Ratio (%), Table 41: BVI Personal Accident and Health Insurance Loss Ratio (%), Table 42: BVI Personal Accident and Health Insurance Combined Ratio (%), Table 43: BVI Personal Accident and Health Insurance Combined Ratio (%), Table 44: BVI Personal Accident and Health Insurance Retentions (US$ Million), Table 45: BVI Personal Accident and Health Insurance Retentions (US$ Million), Table 46: BVI Reinsurance Ceded by Insurance Segment (US$ Million), Table 47: BVI Reinsurance Ceded by Insurance Segment (US$ Million), Table 48: BVI Life Insurance Percentage of Reinsurance Ceded (%), Table 49: BVI Life Insurance Percentage of Reinsurance Ceded (%), Table 50: BVI Non-Life Insurance Percentage of Reinsurance Ceded (%), Table 51: BVI Non-Life Insurance Percentage of Reinsurance Ceded (%), Table 52: BVI Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), Table 53: BVI Personal Accident and Health Insurance Percentage of Reinsurance Ceded (%), Table 54: Atlantic Southern Insurance Company, Main Products Table 55 Atlantic Southern Insurance Company, Key Employees Table 56 Bupa Insurance Ltd, Main Products Table 57 Bupa Insurance Ltd, Key Employees Table 58 MetLife Insurance Company of Connecticut, Main Products Table 59 MetLife Insurance Company of Connecticut, Key Employees Table 60 Mutual of Omaha Insurance Company, Main Products Table 61 Mutual of Omaha Insurance Company, Key Employees Table 62 Guardian General Insurance Ltd, Main Products The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 5

6 TABLE OF CONTENTS Table 63 Guardian General Insurance Ltd, Key Employees The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 6

7 INTRODUCTION 2 Introduction 2.1 What is this Report About? This report is the result of extensive research on the British Virgin Islands (BVI) insurance industry, covering the market dynamics and competitive landscape. It provides insights into the market size of, and forecast for, the life, non-life and personal accident and health insurance segments. This report also provides an overview of the leading companies in the insurance industry. 2.2 Definitions All data is collected in local currency. Conversions into US dollars (US$) of current and forecast data are made at the 2012 average annual conversion rate. Most values are displayed to one decimal place. As such, growth rates may appear inconsistent with absolute values due to rounding. For the purposes of this report, the review period is and the forecast period is The key insurance industry terms covered in the report are defined below: Table 1: Insurance Industry Definitions Term Ceding company Incurred loss Claim ratio Definition A primary insurer which transfers some of its insurance risk by ceding a proportion of its total written premium through a reinsurance contract. The sum of claims paid by an insurance company and the change in the provision for outstanding claims irrespective of whether or not they have been reported. Claims payable as a percentage of premium income. Commission and expenses Comprehensive loss ratio Earned premium Endowment policy Facultative reinsurance Gross claim Gross written premium Group annuity Insurance density and penetration Insurance fraud The sum of acquisition cost and administrative cost. The acquisition cost is the percentage of a premium produced that is retained as compensation by insurance agents and brokers. The ratio of claims incurred to net premium earned. The amount of money considered to have been earned on a policy by an insurer. It is calculated by multiplying the original premium by the percentage of the policy s term which has expired without a claim being made. A scheme in which the term of the policy is defined for a specified period, such as 15, 25 or 30 years. The insurer pays the claim to the family of the assured in an event of his or her death within the policy's term or in an event of the assured surviving the policy's term. An arrangement for separate reinsurance for each risk that the primary insurer underwrites. The reinsurer can accept or reject any risk presented by the primary insurer seeking reinsurance. The amount payable by an insurance company before allowances is made for credits that may be due in the form of reinsurance, subrogation or salvage. The total amount of premiums (before deduction of reinsurance costs) customers are required to pay for insurance policies written during the year. A life insurance scheme providing annuities at retirement to a group of people under a single contract. It is usually bought by an employer for the benefit of its employees. The percentage of total written premium to the country s GDP. Any act committed with the intent to obtain payment from an insurer through fraudulent means. The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 7

8 INTRODUCTION Table 1: Insurance Industry Definitions Term Lapsed policy Definition A policy which is terminated due to the non-payment of the premium. Loss ratio Liability insurance The ratio of total losses paid out in the form of claims plus adjustment expenses divided by the total earned premium. A type of insurance that covers legal claims by third parties against the insured. Loss reserve The estimated amount of claims incurred but not yet settled. Maturity claim The payment made to a policyholder at the end of the stipulated term of a term life insurance policy. Per capita premium The ratio of the total written premium to the country s total population. Premium ceded The share of premiums transferred to a reinsurance company by a primary insurer. Single-premium life insurance policy A life insurance scheme in which a lump sum is paid into the policy in return for an assured sum of money in the event of the policyholder s death. Term insurance A life insurance scheme that provides protection for a specified period, usually between five and 20 years. The policy expires without value if the insured survives the stated period. Treaty reinsurance Direct marketing E-commerce A reinsurance agreement applying to the reinsurance of a class or some classes of business, instead of an individual risk. Direct Marketing channels for insurance policies include insurance companies sales forces, telemarketing, postal mail, , call centers and mobile phones. The distribution of insurance policies online through a company or third-party website. Agencies Insurance brokers Bancassurance Other distribution channels Individuals and corporate agencies which are licensed to sell insurance for one or more specific insurance companies. Individuals or businesses which sell insurance policies, and advise and represent the policyholder. They differ from insurance agents, which act on the behalf of an insurance company. The partnership between a bank and an insurance company in which the insurance company uses the bank s sales channel to sell insurance. Other distribution channels include post offices, convenience stores, multi-level marketing, any channel other than agencies, direct marketing, bancassurance and the above-mentioned channels. The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 8

9 INTRODUCTION 2.3 Methodology All Timetric insurance reports are created by following a comprehensive, four-stage methodology. This includes market study, research, analysis and quality control. 1) Market Study A. Standardization Definitions are specified using recognized industry classifications. The same definition is used for every country. Annual average currency exchange rates are used for the latest completed year. These are then applied across both the historical and forecast data to remove exchange rate fluctuations. B. Internal audit Review of in-house databases to gather existing data: Historic market databases and reports Company database C. Trend monitoring Review of the latest insurance companies and industry trends 2) Research A. Sources Collection of the latest market-specific data from a wide variety of industry sources: Government statistics Industry associations Company filings International organizations Insurance regulatory agencies B. Expert opinion Collation of opinion taken from leading insurance industry experts Analysis of third-party opinion and forecasts: Broker reports Media Official government sources C. Data consolidation and verification Consolidation of data and opinion to create historical datasets Creation of models to benchmark data across sectors and regions 3) Analysis A. Market forecasts Feeding forecast data into market models: Macroeconomic indicators Industry-specific drivers Analysis of insurance industry database to identify trends: Latest insurance trends Key drivers of the insurance industry The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 9

10 INTRODUCTION B. Report writing Analysis of market data Discussion of company and industry trends and issues Review of financial deals and insurance trends 4) Quality Control A. Templates Detailed process manuals Standardized report templates and accompanying style guides Complex forecasting tool used to ensure forecast methodologies are consistently applied Quality-control checklists B. Quality control process Peer review Senior-level QC Random spot checks on data integrity Benchmark checks across databases Market data cross-checked for consistency with accumulated data from: Company filings Government sources The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 10

11 BVI INSURANCE INDUSTRY OVERVIEW 3 BVI Insurance Industry Overview Traditionally, the British Virgin Islands (BVI) insurance industry has been a popular captive insurance hub. The share of captive insurance companies accounted for XX% of the total insurance industry during the review period. The market share of captive insurance companies declined from XX% in 2008 to XX% in 2011, as a result of a decrease in the number of captive insurance companies in the territory. The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 11

12 BVI INSURANCE INDUSTRY OVERVIEW 3.1 BVI Insurance Industry Table 2: BVI Insurance Overall Written Premium by Segment (US$ Million), Segment CAGR Life Non-life Personal accident and health Overall The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 12

13 BVI INSURANCE INDUSTRY OVERVIEW Table 3: BVI Insurance Overall Written Premium by Segment (US$ Million), Segment CAGR Life Non-life Personal accident and health Overall The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 13

14 BVI INSURANCE INDUSTRY OVERVIEW The following figure displays the BVI insurance industry s written premium value by insurance segment during : Figure 1: BVI Insurance Overall Written Premium by Segment (US$ Million), The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 14

15 BVI INSURANCE INDUSTRY OVERVIEW Table 4: BVI Insurance Segmentation (Percentage Share), Segment Life Non-life Personal accident and health Overall 100.0% 100.0% 100.0% Figure 2: BVI Insurance Industry Dynamics by Segment, Note: Bubble size represents 2012 market value The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 15

16 BVI INSURANCE INDUSTRY OVERVIEW 3.2 Regulation The BVI insurance industry is governed by the British Virgin Islands Financial Services Commission (FSC). The FSC was established in 2001, with the enactment of the Financial Services Commission Act, The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 16

17 INDUSTRY SEGMENTATION 4 Industry Segmentation 4.1 Life Insurance Table 5: BVI Life Insurance Paid Claims (US$ Million), Year Paid Claims (US$ Million) Figure 3: BVI Life Insurance Paid Claims (US$ Million), The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 17

18 INDUSTRY SEGMENTATION Table 6: BVI Life Insurance Paid Claims (US$ Million), Year Paid Claims (US$ Million) Figure 4: BVI Life Insurance Paid Claims (US$ Million), The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 18

19 INDUSTRY SEGMENTATION Table 7: BVI Life Insurance Incurred Loss (US$ Million), Year Incurred Loss (US$ Million) Figure 5: BVI Life Insurance Incurred Loss (US$ Million), The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 19

20 INDUSTRY SEGMENTATION Table 8: BVI Life Insurance Incurred Loss (US$ Million), Year Incurred Loss (US$ Million) Figure 6: BVI Life Insurance Incurred Loss (US$ Million), The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 20

21 INDUSTRY SEGMENTATION Table 9: BVI Life Insurance Loss Ratio (%), Year Loss Ratio (%) Figure 7: BVI Life Insurance Loss Ratio (%), The Insurance Industry in BVI, Key Trends and Opportunities to 2017 Page 21

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