The Insurance Industry in Aruba, Key Trends and Opportunities to 2022


The Insurance Industry in Aruba, Key Trends and Opportunities to 2022

Summary

GlobalData’s 'The Insurance Industry in Aruba, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Aruban insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Aruban economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Aruban insurance industry, including -
- The Aruban insurance industry's growth prospects by segment and category
- A comprehensive overview of the Aruban economy and demographics
- Details of the competitive landscape in the Aruban insurance industry
- The various distribution channels in the Aruban insurance industry
- Details of regulatory policy applicable to the Aruban insurance industry
- Analysis of natural hazards in the Aruban insurance industry

Key Highlights

- As of 2017, eight general insurance companies were operating in motor insurance.
- Despite charging corporate tax at 25.0%, the country had four registered captive insurers in 2017.
- As of 2017, 16 insurance brokers were operating in the Aruban insurance industry.

Scope

- This report provides a comprehensive analysis of the insurance industry in Aruba.
- It provides historical values for the Aruban insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Aruban insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Aruba.
- It profiles the top insurance companies in Aruba, and outlines the key regulations affecting them.

Reasons to buy

- Make strategic business decisions using in-depth historic and forecast market data related to the Aruban insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Aruban insurance industry.
- Assess the competitive dynamics in the Aruban insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Aruban insurance industry and their impact on companies and the industry's future.

Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 10
4 INDUSTRY OUTLOOK 15
5 LIFE INSURANCE OUTLOOK 17
    5.1 Segment Indicators 17
      5.1.1 Net written premium 17
      5.1.2 Paid claims 18
      5.1.3 Assets and investments 19
    5.2 Pension Insurance 23
      5.2.1 Gross written premium 23
      5.2.2 Penetration 24
6 GENERAL INSURANCE OUTLOOK 25
    6.1 Segment Indicators 25
      6.1.1 Net earned premium 25
      6.1.2 Loss ratio 26
      6.1.3 Assets and investments 27
    6.2 Property Insurance 31
      6.2.1 Profitability 31
    6.3 Motor Insurance 32
      6.3.1 Profitability 32
    6.4 Personal Accident and Health Insurance 33
      6.4.1 Profitability 33
    6.5 Miscellaneous 34
      6.5.1 Profitability 34
7 DISTRIBUTION CHANNEL OUTLOOK 35
8 NATURAL AND MAN-MADE HAZARDS 36
9 COMPETITIVE LANDSCAPE 37
    9.1 Company Profiles 39
      9.1.1 Nagico Insurances Aruba - company overview 39
      9.1.2 Massy United Insurance Aruba NV - company overview 39
      9.1.3 Pan-American Life Insurance Company of Aruba VBA - company overview 40
      9.1.4 Guardian group Fatum - company overview 40
      9.1.5 Fides Rae Insurance Company NV - company overview 41
10 GOVERNANCE, RISK AND COMPLIANCE 42
    10.1 Legislation Overview and Historical Evolution 43
    10.2 Latest Changes in Regulation 44
    10.3 Legislation and Market Practice by Type of Insurance 46
      10.3.1 Life insurance 46
      10.3.2 Property insurance 47
      10.3.3 Motor insurance 48
      10.3.4 Liability insurance 49
      10.3.5 Marine, aviation and transit insurance 49
      10.3.6 Personal accident and health insurance 49
    10.4 Compulsory Insurance 50
      10.4.1 Motor liability insurance 50
    10.5 Supervision and Control 51
      10.5.1 International Association of Insurance Supervisors 51
      10.5.2 Central Bank of Aruba 52
    10.6 Non-Admitted Insurance Regulations 53
      10.6.1 Overview 53
      10.6.2 Intermediaries 53
      10.6.3 Market practices 53
      10.6.4 Fines and Penalties 54
    10.7 Company Registration and Operations 55
      10.7.1 Type of insurance organization 56
      10.7.2 Establishing a local company 56
      10.7.3 Foreign ownership 57
      10.7.4 Types of license 57
      10.7.5 Capital requirements 58
      10.7.6 Solvency margin 58
      10.7.7 Reserve requirements 59
      10.7.8 Investment regulations 59
      10.7.9 Statutory return requirements 59
      10.7.10 Fee structure 60
    10.8 Taxation 61
      10.8.1 Insurance premium or policy taxation 61
      10.8.2 Withholding taxes on premium paid overseas 61
      10.8.3 Corporate tax 61
      10.8.4 VAT 62
      10.8.5 Captives 62
    10.9 Legal System 63
      10.9.1 Introduction 63
      10.9.2 Access to court 63
      10.9.3 Alternative dispute resolution 63
11 DATABOOK 64
    11.1 Life Insurance 64
      11.1.1 Policies and premium 64
      11.1.2 Claims and expenses 64
      11.1.3 Assets and investments 65
    11.2 General Insurance 66
      11.2.1 Policies and premium 66
      11.2.2 Claims and expenses 66
      11.2.3 Assets and investments 67
      11.2.4 Property insurance 68
      11.2.5 Motor insurance 68
      11.2.6 Marine, aviation and transit insurance 69
      11.2.7 Personal accident and health insurance 69
      11.2.8 Miscellaneous 70
12 DEFINITIONS AND METHODOLOGY 71
    12.1 Definitions 71
    12.2 Methodology 73
13 ABOUT GLOBALDATA 75
    13.1 Contact GlobalData 75
    13.2 About GlobalData 75
    13.3 GlobalData’s Services 76
    13.4 Disclaimer 77







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