A.M. BestTV: Caribbean Insurance Growth Continues, But Performance Varies

OLDWICK, N.J.–(BUSINESS WIRE)–In this A.M.BestTV episode, Meg Mulry, senior economist,
economic & industry research, A.M. Best, reviews a recent Best’s
Special Report
based on a survey of Caribbean insurance regulators
that shows four nations dominating results, which were helped by fewer
catastrophes. Click on
to view the entire program.

In the Caribbean Association of Insurance Regulator survey, 20 of the 22
member countries that participated had direct premiums grow by 3.9% to
$4.3 billion in 2015, a sixth straight year of premium growth.

“A couple of things are driving the profitability,” said Mulry.” One
would be fewer catastrophes in recent years. Another would be higher
retention rates from much of the jurisdictions, along with a decrease in
reinsurance costs.”

The Bahamas, the Cayman Islands, Jamaica and Trinidad and Tobago are the
region’s largest insurance markets, according to the report, and make up
over 65% of the written premiums in the region. As a result, Mulry said,
a major change in any of these countries would affect the entire region.

”Any changes in these markets could have an impact on the overall
regional results. Each jurisdiction is different, whether its regulation
or real estate prices that drive the individual markets,” she said.
“Each country has a very specific market, and any change in the larger
ones does impact the overall regional results.”

To access a copy of this Best’s Special Report, titled,
“Caribbean-Based Insurers Weathering the Storm,” visit

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A.M.BestTV covers exclusive A.M. Best information and
reports, targeted topics and key developments in the (re)insurance
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A.M. Best is the world’s oldest and most authoritative insurance
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