OLDWICK, N.J.--(BUSINESS WIRE)--In this A.M.BestTV episode, Meg Mulry, associate director and Ricardo Longchallon, senior financial analyst, A.M. Best, said rated insurers in the Caribbean region saw profits drop with manageable decreases to surplus after enduring a stormy 2017. Click on http://www.ambest.com/v.asp?v=caribbean718 to view the entire program.
Mulry discussed the findings of A.M. Best’s latest survey of the Caribbean Association of Insurance Regulators (CAIR) member countries.
“In the CAIR survey, it shows that 2016 was a pretty solid year for the market,” said Mulry. “And, although, the region was less profitable in 2017, due to the very destructive hurricanes, it was on solid footing.” She also said that, “the region’s economic outlook is slightly positive, as it is expected to grow in 2018 and 2019 as a result of tourism-driven economies that are benefiting from global growth.”
Longchallon focused on how the catastrophic events of 2017 affected the impacted insurers' relationships with reinsurers in terms of pricing.
“They have been able to maintain very strong insurer-reinsurer relationships in the Caribbean,” said Longchallon. “Despite the damages last year, reinsurance capacity is still very much available in the Caribbean. … What we did see is pricing increases in the affected and non-affected areas, as pricing may have increased by as much as 50% in the affected areas and about 10% in non-affected areas.”
To access a copy of this market segment report, titled, “Caribbean Insurers Well-Capitalized Despite 2017 Hurricane Losses,” visit http://www3.ambest.com/bestweek/purchase.asp?record_code=274175.
To access a copy of this special report, titled, “CAIR 2018: Forecast is Cloudy, But With a Chance of Profits,” visit http://www3.ambest.com/bestweek/purchase.asp?record_code=274759.
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