AM Best Special Report: Survey of Caribbean Insurance Regulators Finds Industry Solid, But in State of Flux
The Best’s Special Report, titled, “Caribbean Insurers Resilient in the Face of Natural Disasters,” states that the economic damages from the 2017 hurricanes have been estimated at
The region remains vulnerable to external demand conditions and global economic shocks, owing to significant trade and financial linkages, particularly with
Survey highlights include the following:
- After-tax income was
USD 527 million in 2017, down slightly from 2016.Anguilla ,Dominica ,Montserrat , and Turks and Caicos all reported after-tax losses for the year; - Direct premiums written essentially remained flat at
USD 4.2 billion in 2017, withAnguilla seeing the largest year-over-year increase, by 37%, andCayman Islands seeing the largest decline, by 13%; - The average combined ratio for the region deteriorated to 117.8%, although partially mitigating this was a
USD 2.5 billion increase in reported total investments, which rose toUSD 12.6 billion ; - For 2017, the average retention rate for the region was 64.3%. Suriname retained the most business, at 91.3%, with Turks and Caicos ceding the most business, retaining just 29.3%; and
- Reinsurance recoverables increased significantly to
USD 1.9 billion in 2017—a by-product of the hurricane events.
Sixteen of the 22 CAIR member countries participated in this year’s annual survey. As the countries in the region are widely diverse with varying reporting requirements, accounting standards and regulatory requirements, the results vary from country to country on some levels.
To access a copy of this report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=286734.
AM Best is a global rating agency and information provider with a unique focus on the insurance industry. Visit www.ambest.com for more information.
Copyright © 2019 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
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Source: AM Best
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