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 http://www.ambest.com/v.asp?v=caribbean717 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 http://www3.ambest.com/bestweek/purchase.asp?record_code=262225.
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