The Insurance Industry in Antigua and Barbuda, Key Trends and Opportunities to 2017

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1 The Insurance Industry in Antigua and Barbuda, Key Trends and Opportunities to 2017 Market Intelligence Report Reference code: IS0276MR Published: May Timetric John Carpenter House 7 Carmelite Street London EC4Y 0BS United Kingdom Tel: +44 (0) Fax: +44 (0)

2 EXECUTIVE SUMMARY 1 Executive Summary Antigua and Barbuda have a small insurance industry, encompassing a population of 88,000. Given its size, the insurance industry is overcrowded with 25 active companies. In terms of distribution, the competition is moderate with eight active agents and two active brokers in the domestic insurance industry. In terms of written premium value, the Antigua and Barbuda insurance industry recorded a CAGR of 3.4% during the review period. The growth is primarily driven by life insurance. The repercussions of the declining economy have not been significantly reflected on the growth of insurance industry. The year-onyear growth of the economy fell by 10.6%, 6.1% and 1.7% in 2009, 2010 and 2011 respectively. The economy recovered in 2012 and is expected to further strengthen over the forecast period. This, in turn, is anticipated to reinforce the growth of insurance industry over the same period. High retention rate during the review period Premium retention during the review period has been relatively high in Antigua and Barbuda, particularly in the non-life segment. The retention rate is expected to increase further over the forecast period. High retention rate reflects strong in-house underwriting risk appetite. Low combined ratio and loss ratio depicts lucrative prospects for insurers The insurance industry in Antigua and Barbuda registered low combined ratio and loss ratio throughout the review period across life and non-life segments. Low combined ratio implies high underwriting profits for insurers, reflecting the attractiveness of the industry. Crime and poverty limiting economic growth Crime and poverty are the major issues in Antigua and Barbuda and are likely to adversely impact tourism, which constitutes over 50% of the country s GDP. This, in turn, is expected to impact the financial services industry, including insurance, which is highly correlated with the economic growth. The Insurance Industry in Antigua and Barbuda, 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 Antigua and Barbuda Insurance Industry Overview Antigua and Barbuda Insurance Industry Regulation Industry Segmentation Life Insurance Non-Life Insurance Reinsurance Competitive Landscape Leading Companies Antigua Insurance Company Limited company overview State Insurance Corporation company overview Sagicor company overview ABI Insurance company overview People s Insurance Company Ltd company overview Macroeconomic Indicators Household Final Consumption Expenditure (US$ Billion) Agriculture, Hunting, Forestry, Fishing Output (US$ Million) GDP at current prices (US$ Billion) Construction output (US$ Million) Inflation Rate (%) Total population Manufacturing output (US$ Billion) Mining, Manufacturing, Utilities output (US$ Billion) Exports of Goods and Services (US$ Billion) Appendix Methodology Contact Us About Timetric Disclaimer The Insurance Industry in Antigua and Barbuda, Key Trends and Opportunities to 2017 Page 3

4 TABLE OF CONTENTS LIST OF FIGURES Figure 1: Antigua and Barbuda Insurance Overall Written Premium by Segment (XCD Million), Figure 2: Antigua and Barbuda Insurance Dynamics by Segment, Figure 3: Antigua and Barbuda Life Insurance Written Premium (XCD Million), Figure 4: Antigua and Barbuda Life Insurance Written Premium (XCD Million), Figure 5: Antigua and Barbuda Life Insurance Paid Claims (XCD Million), Figure 6: Antigua and Barbuda Life Insurance Paid Claims (XCD Million), Figure 7: Antigua and Barbuda Life Insurance Incurred Loss (XCD Million), Figure 8: Antigua and Barbuda Life Insurance Incurred Loss (XCD Million), Figure 9: Antigua and Barbuda Life Insurance Loss Ratio (%), Figure 10: Antigua and Barbuda Life Insurance Loss Ratio (%), Figure 11: Antigua and Barbuda Life Insurance Combined Ratio (%), Figure 12: Antigua and Barbuda Life Insurance Combined Ratio (%), Figure 13: Antigua and Barbuda Life Insurance Retentions (XCD Million), Figure 14: Antigua and Barbuda Life Insurance Retentions (XCD Million), Figure 15: Antigua and Barbuda Life Insurance Penetration (Percentage of GDP), Figure 16: Antigua and Barbuda Life Insurance Premium Per Capita (XCD), Figure 17: Antigua and Barbuda Non-Life Insurance Written Premium (XCD Million), Figure 18: Antigua and Barbuda Non-Life Insurance Written Premium (XCD Million), Figure 19: Antigua and Barbuda Non-Life Insurance Paid Claims by Category (XCD Million), Figure 20: Antigua and Barbuda Non-Life Insurance Paid Claims (XCD Million), Figure 21: Antigua and Barbuda Non-Life Insurance Incurred Loss (XCD Million), Figure 22: Antigua and Barbuda Non-Life Insurance Incurred Loss (XCD Million), Figure 23: Antigua and Barbuda Non-Life Insurance Loss Ratio (%), Figure 24: Antigua and Barbuda Non-Life Insurance Loss Ratio (%), Figure 25: Antigua and Barbuda Non-Life Insurance Combined Ratio (%), Figure 26: Antigua and Barbuda Non-Life Insurance Combined Ratio (%), Figure 27: Antigua and Barbuda Non-Life Insurance Retentions (XCD Million), Figure 28: Antigua and Barbuda Non-Life Insurance Retentions (US$ Million), Figure 29: Antigua and Barbuda Non-Life Insurance Penetration (Percentage of GDP), Figure 30: Antigua and Barbuda Non-Life Insurance Premium Per Capita (XCD), Figure 31: Antigua and Barbuda Reinsurance Ceded by Insurance Segment (XCD Million), Figure 32: Antigua and Barbuda Reinsurance Dynamics by Insurance Segment, Figure 33: Antigua and Barbuda Life Insurance Percentage of Reinsurance Ceded (%), Figure 34: Antigua and Barbuda Life Insurance Percentage of Reinsurance Ceded (%), Figure 35: Antigua and Barbuda Non-life Insurance Percentage of Reinsurance Ceded (%), Figure 36: Antigua and Barbuda Non-Life Insurance Percentage of Reinsurance Ceded (%), Figure 37: Antigua and Barbuda Final Consumption Expenditure (US$ Billion), Figure 38: Antigua and Barbuda Agriculture, Hunting, Forestry, Fishing Output (US$ Million), Figure 39: Antigua and Barbuda GDP at Current Prices (US$ Billion), Figure 40: Antigua and Barbuda Construction Output (US$ Million), Figure 41: Antigua and Barbuda Inflation Rate (%), Figure 42: Antigua and Barbuda Total Population (Million), Figure 43: Antigua and Barbuda Manufacturing Output (US$ Billion), Figure 44: Antigua and Barbuda Mining, Manufacturing, Utilities Output (US$ Billion), Figure 45: Antigua and Barbuda Exports of Goods and Services (US$ Billion), The Insurance Industry in Antigua and Barbuda, Key Trends and Opportunities to 2017 Page 4

5 TABLE OF CONTENTS LIST OF TABLES Table 1: Insurance Industry Definitions... 6 Table 2: Antigua and Barbuda Insurance Overall Written Premium by Segment (XCD Million), Table 3: Antigua and Barbuda Insurance Overall Written Premium by Segment (US$ Million), Table 4: Antigua and Barbuda Insurance Overall Written Premium by Segment (XCD Million), Table 5: Antigua and Barbuda Insurance Overall Written Premium by Segment (US$ Million), Table 6: Antigua and Barbuda Insurance Segmentation (%), Table 7: Antigua and Barbuda Life Insurance Written Premium (XCD Million), Table 8: Antigua and Barbuda Life Insurance Written Premium (XCD Million), Table 9: Antigua and Barbuda Life Insurance Paid Claims (XCD Million), Table 10: Antigua and Barbuda Life Insurance Paid Claims (XCD Million), Table 11: Antigua and Barbuda Life Insurance Incurred Loss (XCD Million), Table 12: Antigua and Barbuda Life Insurance Incurred Loss (XCD Million), Table 13: Antigua and Barbuda Life Insurance Loss Ratio (%), Table 14: Antigua and Barbuda Life Insurance Loss Ratio (%), Table 15: Antigua and Barbuda Life Insurance Combined Ratio (%), Table 16: Antigua and Barbuda Life Insurance Combined Ratio (%), Table 17: Antigua and Barbuda Life Insurance Retentions (XCD Million), Table 18: Antigua and Barbuda Life Insurance Retentions (XCD Million), Table 19: Antigua and Barbuda Non-Life Insurance Written Premium (XCD Million), Table 20: Antigua and Barbuda Non-Life Insurance Written Premium (XCD Million), Table 21: Antigua and Barbuda Non-Life Insurance Market Paid Claims (XCD Million), Table 22: Antigua and Barbuda Non-Life Insurance Paid Claims (XCD Million), Table 23: Antigua and Barbuda Non-Life Insurance Incurred Loss (XCD Million), Table 24: Antigua and Barbuda Non-Life Insurance Incurred Loss (XCD Million), Table 25: Antigua and Barbuda Non-Life Insurance Loss Ratio (%), Table 26: Antigua and Barbuda Non-Life Insurance Loss Ratio (%), Table 27: Antigua and Barbuda Non-Life Insurance Combined Ratio (%), Table 28: Antigua and Barbuda Non-Life Insurance Combined Ratio (%), Table 29: Antigua and Barbuda Non-Life Insurance Retentions (XCD Million), Table 30: Antigua and Barbuda Non-Life Insurance Retentions (XCD Million), Table 31: Antigua and Barbuda Reinsurance Ceded by Insurance Segment (XCD Million), Table 32: Antigua and Barbuda Reinsurance Ceded by Insurance Segment (US$ Million), Table 33: Antigua and Barbuda Reinsurance Ceded by Insurance Segment (XCD Million), Table 34: Antigua and Barbuda Reinsurance Ceded by Insurance Segment (US$ Million), Table 35: Antigua and Barbuda Life Insurance Percentage of Reinsurance Ceded (%), Table 36: Antigua and Barbuda Life Insurance Percentage of Reinsurance Ceded (%), Table 37: Antigua and Barbuda Non-life Insurance Percentage of Reinsurance Ceded (%), Table 38: Antigua and Barbuda Non-Life Insurance Percentage of Reinsurance Ceded (%), Table 39: Antigua Insurance Company Limited, Main Products Table 40: State Insurance Corporation, Main Products Table 41: Sagicor, Main Products Table 42: Sagicor, Key Employees Table 43: ABI Insurance, Main Products Table 44: People s Insurance Company Ltd, Main Products Table 45: People s Insurance Company Ltd, Key Employees The Insurance Industry in Antigua and Barbuda, Key Trends and Opportunities to 2017 Page 5

6 INTRODUCTION 2 Introduction 2.1 What is this Report About? This report is the result of extensive research into the Antigua and Barbuda Insurance industry, covering the market dynamics and competitive landscape. It provides insights on the market size of, and forecast for, the life, non-life insurance and reinsurance 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, and growth rates may therefore 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 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 Antigua and Barbuda, Key Trends and Opportunities to 2017 Page 6

7 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 Source: Timetric analysis 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. Timetric The Insurance Industry in Antigua and Barbuda, Key Trends and Opportunities to 2017 Page 7

8 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 Antigua and Barbuda, Key Trends and Opportunities to 2017 Page 8

9 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 Antigua and Barbuda, Key Trends and Opportunities to 2017 Page 9

10 APPENDIX 3 Appendix 3.1 Methodology Timetric s dedicated research and analysis teams consist of experienced professionals with an industry background in marketing, market research, consulting and advanced statistical expertise. Timetric adheres to the Codes of Practice of the Market Research Society (www.mrs.org.uk) and the Society of Competitive Intelligence Professionals (www.scip.org). All Timetric databases are continuously updated and revised. 3.2 Contact Us If you have any queries about this report, or would like any further information, please contact 3.3 About Timetric Timetric is an independent economic and business research firm that provides critical intelligence on emerging economies and key global industries. The company offers detailed economic and sector intelligence, business insights and independent and authoritative commentary. Underpinning all Timetric s research services is a belief that data if gained following the right technologies and analytic frameworks can provide unique and powerful economic and business insights. The Timetric economic and industry intelligence centers are premium decision tools that provide access to comprehensive research, data and expert analysis. They provide invaluable decision support, presented in an easily digestible format and grounded in rich, proprietary data and data analysis frameworks. Each year, Timetric produces hundreds of high-quality research reports across countries, industries and companies. These reports draw on in-depth primary and secondary research, proprietary data and highquality modeling and analysis to give its readers a deep insight into global market dynamics and economic trends. Timetric helps its clients to: Gain an unbiased, expert insight from a genuinely independent and trusted source Save time in researching, visualizing and comparing economic and industry data Access the latest and most useful data sets, indices and forecasts Gain access to a unique methodology for understanding economic trends Forecast and predict trends more accurately The Insurance Industry in Antigua and Barbuda, Key Trends and Opportunities to 2017 Page 10

11 APPENDIX Economic Research Services Timetric s economic research services are founded on three key goals: 1. To provide the strongest base data: The most accurate data The most timely and frequently updated data sets The best data curation methodologies and standardizations Unique data sets and forward-looking indicators Industry-specific, premium data sets 2. To develop the best data analysis frameworks: Unique economic indices and data analysis frameworks Forward-looking indicators Proprietary indices and surveys Data analysis frameworks, scorecards and models 3. To provide authoritative independent economic insights: To give a uniquely local perspective on developing markets Truly expert, independent economic analysis and commentary Proprietary analysis techniques and frameworks Unique forecasts Timetric believes that world-class content delivery should be the enabling factor across all it does. All its research services follow the principle that data and research should be easy to access, visualize and consume. All economic research products are built on the Timetric economic research software platform, which has four layers: Unique, proprietary aggregation and curation software for pulling together the world s data A cloud time-series database filled with top-quality statistics from across the globe Web-delivered search, discovery and research software to allow customized data searches World-class browser-based display to visualize the data searched 3.4 Disclaimer All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, Timetric. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Timetric delivers will be based on information gathered in good faith from both primary and secondary sources, the accuracy of which Timetric is not always in a position to guarantee. Timetric will accept no liability whatsoever for actions taken based on any information that may subsequently prove to be incorrect. The Insurance Industry in Antigua and Barbuda, Key Trends and Opportunities to 2017 Page 11

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