The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022


The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022

Summary

GlobalData’s 'The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Manx 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 Manx 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 Manx insurance industry, including -
- The Manx insurance industry's growth prospects by segment and category
- A comprehensive overview of the Manx economy and demographics
- Details of the competitive landscape in the Manx insurance industry
- The various distribution channels in the Manx insurance industry
- Details of regulatory policy applicable to the Manx insurance industry
- Analysis of natural hazards in the Manx insurance industry

Key Highlights

- In 2018, IOMFSA introduced a risk-based solvency regime; the solvency requirement will now depend on insurers’ risk cover.
- According to IOMFSA’s Roadmap Report July 2018, a new framework is expected to be implemented in the Manx insurance industry.
- As of 2016, there were 84 captive insurers operating in the country.

Scope

- This report provides a comprehensive analysis of the insurance industry in Isle of Man.
- It provides historical values for the Manx 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 Manx 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 Isle of Man.
- It profiles the top insurance companies in Isle of Man, 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 Manx insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Manx insurance industry.
- Assess the competitive dynamics in the Manx insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Manx 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 9
4 INDUSTRY OUTLOOK 13
    4.1 Industry Indicators 15
      4.1.1 Gross written premium 15
      4.1.2 Insurance density 16
5 LIFE INSURANCE OUTLOOK 17
    5.1 Segment Indicators 17
      5.1.1 Gross written premium 17
      5.1.2 Assets and investments 18
6 GENERAL INSURANCE OUTLOOK 19
    6.1 Segment Indicators 19
      6.1.1 Gross written premium 19
      6.1.2 Assets and investments 20
7 REINSURANCE OUTLOOK 21
8 DISTRIBUTION CHANNEL OUTLOOK 22
9 NATURAL AND MAN-MADE HAZARDS 23
    9.1 Flooding 23
    9.2 Storms 23
    9.3 Exposure 23
10 COMPETITIVE LANDSCAPE 24
    10.1 Company Profiles 25
      10.1.1 Tower Insurance - company overview 25
      10.1.2 Isle of Man Assurance Ltd - company overview 25
      10.1.3 Templeton Insurance Ltd - company overview 26
      10.1.4 Scottish Widows - company overview 26
      10.1.5 Zurich International Life Ltd - company overview 26
11 GOVERNANCE, RISK AND COMPLIANCE 27
    11.1 Legislation Overview and Historical Evolution 28
    11.2 Latest Changes in Regulation 29
    11.3 Legislation and Market Practice by Type of Insurance 36
      11.3.1 Life insurance 36
      11.3.2 Property insurance 38
      11.3.3 Motor insurance 39
      11.3.4 Liability insurance 40
      11.3.5 Marine, aviation and transit insurance 40
      11.3.6 Personal accident and health insurance 40
    11.4 Compulsory Insurance 41
      11.4.1 Motor third-party liability insurance 41
      11.4.2 Social insurance system 41
    11.5 Supervision and Control 43
      11.5.1 International Association of Insurance Supervisors 43
      11.5.2 The Isle of Man Financial Services Authority 44
      11.5.3 Manx Insurance Association 44
      11.5.4 Isle of Man Captive Association 44
    11.6 Non-Admitted Insurance Regulations 45
      11.6.1 Overview 45
      11.6.2 Intermediaries 45
      11.6.3 Market practices 45
      11.6.4 Fines and Penalties 45
    11.7 Company Registration and Operations 46
      11.7.1 Type of insurance organization 47
      11.7.2 Establishing a local company 47
      11.7.3 Foreign ownership 47
      11.7.4 Types of license 47
      11.7.5 Capital requirements 48
      11.7.6 Solvency margin 48
      11.7.7 Reserve requirements 50
      11.7.8 Investment regulations 50
      11.7.9 Statutory return requirements 50
      11.7.10 Fee structure 51
    11.8 Taxation 55
      11.8.1 Insurance premium or policy taxation 55
      11.8.2 Withholding taxes on premium paid overseas 55
      11.8.3 Corporate tax 55
      11.8.4 VAT 55
      11.8.5 Captives 55
    11.9 Legal System 56
      11.9.1 Introduction 56
      11.9.2 Access to court 56
      11.9.3 Alternative dispute resolution 56
12 DATABOOK 57
    12.1 Life Insurance 57
      12.1.1 Policies and premium 57
      12.1.2 Assets and investments 57
    12.2 General Insurance 58
      12.2.1 Policies and premium 58
      12.2.2 Assets and investments 58
13 DEFINITIONS AND METHODOLOGY 59
    13.1 Definitions 59
    13.2 Methodology 61
14 ABOUT GLOBALDATA 63
    14.1 Contact GlobalData 63
    14.2 About GlobalData 63
    14.3 GlobalData Services 64
    14.4 Disclaimer 65







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