In 2019, insurance premiums amounted to 1,963 U.S. dollars per capita in the Bahamas. Insurance density is used as an indicator for the development of insurance within a country and is calculated as ratio of total insurance premiums to whole population of a given country.
Insurance density in selected emerging countries
The insurance industry is an industry that has the ability to make significant financial contributions to a national economy. It contributes to the formation of national income by creating value added through the provision of indemnity and in its role as an institutional investor. As a country develops and its gross domestic product rises, the demand for insurance increases significantly as the macro-economic focus begins to shift or deviate from its earlier incarnation. A result of this sort of change, especially in a developing country, is often a rise in the level of disposable income. As income increases so does the rate of consumption and the level of affluence, this can have a direct effect on population development, density and urbanization, this, in turn, has inevitable sociocultural repercussions and an increased sense of risk aversion.
The future of the Bahamian insurance sector
Some economists make the case for the interrelation of insurance sector growth and economic development: economic growth leads to a rise in the demand for insurance; the growth of the insurance industry induces economic growth. The GDP in the Bahamas is forecast to continue its climb until at least 2024. The population is also set to grow over the next few years.
Largest emerging markets worldwide in 2019, by insurance density
(in U.S. dollars)
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Largest emerging markets worldwide in 2019, by insurance density
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Insurance Information Institute. (August 15, 2020). Largest emerging markets worldwide in 2019, by insurance density (in U.S. dollars) [Graph]. In Statista. Retrieved February 19, 2025, from https://www.statista.com/statistics/276068/insurance-penetration-in-selected-emerging-countries-worldwide/
Insurance Information Institute. "Largest emerging markets worldwide in 2019, by insurance density (in U.S. dollars)." Chart. August 15, 2020. Statista. Accessed February 19, 2025. https://www.statista.com/statistics/276068/insurance-penetration-in-selected-emerging-countries-worldwide/
Insurance Information Institute. (2020). Largest emerging markets worldwide in 2019, by insurance density (in U.S. dollars). Statista. Statista Inc.. Accessed: February 19, 2025. https://www.statista.com/statistics/276068/insurance-penetration-in-selected-emerging-countries-worldwide/
Insurance Information Institute. "Largest Emerging Markets Worldwide in 2019, by Insurance Density (in U.S. Dollars)." Statista, Statista Inc., 15 Aug 2020, https://www.statista.com/statistics/276068/insurance-penetration-in-selected-emerging-countries-worldwide/
Insurance Information Institute, Largest emerging markets worldwide in 2019, by insurance density (in U.S. dollars) Statista, https://www.statista.com/statistics/276068/insurance-penetration-in-selected-emerging-countries-worldwide/ (last visited February 19, 2025)
Largest emerging markets worldwide in 2019, by insurance density (in U.S. dollars) [Graph], Insurance Information Institute, August 15, 2020. [Online]. Available: https://www.statista.com/statistics/276068/insurance-penetration-in-selected-emerging-countries-worldwide/
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