Insurances - Caribbean

Caribbean

The Insurances market in the Caribbean is projected to reach a market size (gross written premium) of US$32.42bn in 2024.
Life insurances dominate the market with a projected market volume of US$17.67bn in 2024.
The average spending per capita in the Insurances market is expected to amount to US$0.80k in 2024.
When compared globally, it is evident that the United States holds the highest nominal value, with projected gross written premium of US$4,642.0bn in 2024.
The gross written premium is expected to show an annual growth rate (CAGR 2024-2028) of 2.35%, resulting in a market volume of US$35.57bn by 2028.
In global comparison, the United States is projected to generate the highest gross written premium of US$4,642.0bn in 2024.
The insurance market in the Caribbean is experiencing a surge in demand for hurricane and natural disaster coverage.

Market

Region

Region comparison

Currency

Analyst Opinion

The Insurances market in Caribbean has been experiencing significant growth and development in recent years. Customer preferences in the Caribbean insurance market have been shifting towards more comprehensive coverage options, including health, property, and life insurance. Customers are increasingly looking for tailored insurance solutions that meet their specific needs and provide greater financial security. Trends in the market indicate a rise in digital insurance services, with more insurance companies offering online platforms for purchasing policies and managing claims. This shift towards digitalization has made insurance more accessible to customers across the Caribbean region, leading to increased market penetration. Local special circumstances, such as the vulnerability of Caribbean nations to natural disasters, have contributed to the growth of the insurance market. The need for insurance coverage against hurricanes, floods, and other natural catastrophes has driven demand for property and casualty insurance in the region. Underlying macroeconomic factors, such as economic growth and rising disposable incomes, have also played a role in the development of the insurance market in the Caribbean. As the economy continues to expand, more individuals and businesses are seeking insurance products to protect their assets and investments. Overall, the Insurances market in Caribbean is evolving to meet the changing needs and preferences of customers, driven by digitalization, local circumstances, and macroeconomic trends.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.