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The Insurance Industry in the Isle of Man, Key Trends and Opportunities to 2017

Timetric
Published Date » 2013-03-22
No. Of Pages » 92
Synopsis

The report provides in depth market analysis, information and insights into the insurance industry in the Isle of Man, including:
  • The Manx insurance industrys growth prospects by insurance segments and categories 
  • The competitive landscape in the Manx insurance industry
  • The current trends and drivers of the Isle of Man insurance industry
  • The challenges facing the Isle of Man insurance industry
  • The regulatory framework of the Isle of Man insurance industry
Summary

The Isle of Man is one of the leading offshore financial centers in the world. Business-friendly and transparent regulations coupled with excellent infrastructure have created a thriving business environment on the island. It successfully avoided the effects of the global financial crisis by achieving a 28th successive year of economic growth in 2012. The insurance industry is an integral part of the Isle of Mans financial sector and accounted for 13.0 % of its GDP in 2011. 

The island has emerged as a hub for captive insurance and offshore life insurance businesses. The Manx insurance industry is well diversified with 213 licensed insurance entities at the end of 2012, including insurers, insurance management companies and insurance intermediaries. Over the forecast period, stable economic growth, a favorable regulatory environment, the availability of an experienced workforce and the cost advantages of running a business on the island will drive the growth of the domestic as well as offshore insurance industry in the Isle of Man.

Scope

This report provides a comprehensive analysis of the insurance industry in the Isle of Man:
  • It provides historical values for the Manx insurance industry for the reports 2008-2012 review period and forecast figures for the 2012-2017 forecast period 
  • It offers a detailed analysis of the key segments and categories in the Manx insurance industry, along with industry forecasts until 2017
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions 
  • It profiles the top insurance companies in the Isle of Man and outlines the key regulations affecting them
Reasons To Buy

  • Make strategic business decisions using in depth historic and forecast industry data related to the Manx insurance industry and each segment within it
  • Assess the competitive dynamics in the Manx insurance industry
  • Understand the demand-side dynamics, key market trends and growth opportunities within the Manx insurance industry
  • Identify the growth opportunities and market dynamics within key segments
  • Gain insights into key regulations governing the Manx insurance industry and its impact on companies and the industry's future
Key Highlights
  • The Isle of Man is one of the leading offshore financial centers in the world. 
  • Despite tough economic conditions, the Manx economy grew by 3.4% in real terms in 2012. 
  • The Manx government has taken incentives to diversify its economy to expand growth and employment opportunities. 
  • The key business opportunities include further development of high-technology companies such as space exploration and satellites, e-gaming, shipping, aircraft, and the film industry. 
  • The development of these new sectors is adding substantial value to economic growth and employment generation, and will drive demand for insurance products. 
  • The development of the EUs Solvency II framework for insurers will have an impact on the islands insurance industry, with its concept of equivalence for third countries regulatory regimes.
Table of Content

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Manx Industry Overview
3.1 Manx Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
3.4 Regulation

4 Industry Segmentation
4.1 Life Insurance
4.2 Non-Life Insurance
4.2.1 Property insurance
4.2.2 Motor insurance
4.2.3 Liability insurance
4.2.4 Marine, aviation and transit insurance
4.3 Personal Accident and Health Insurance

5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Tower Insurance - company overview
5.2.2 Isle of Man Assurance Group (IOMA) - company overview
5.2.3 Zurich International Life Ltd - company overview

6 Macroeconomic Indicators
6.1 GDP at Current Prices (US Dollars)
6.2 GDP per Capita (US dollar)
6.3 Inflation Rate
6.4 Employed Population
6.5 Healthcare Expenditure per Capita
6.6 Healthcare Expenditure as Percentage of GDP
6.7 Total Number of Air Passenger
6.8 Total Population

7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of Tables


Table 1: Insurance Industry Definitions
Table 2: Manx Insurance Industry - Overall Written Premium by Segment (GBP Billion),
Table 3: Manx Insurance Industry - Overall Written Premium by Segment (US$ Billion),
Table 4: Manx Insurance Industry - Overall Written Premium by Segment (GBP Billion),
Table 5: Manx Insurance Industry - Overall Written Premium by Segment (US$ Billion),
Table 6: Manx Insurance Industry - Segmentation (% Share), 2008-2017
Table 7: Manx Life Insurance - Gross Written Premium (GBP Billion), 2008-2012
Table 8: Manx Life Insurance - Paid Claims (GBP Billion), 2012-2017
Table 9: Manx Life Insurance - Paid Claims (GBP Billion), 2008-2012
Table 10: Manx Life Insurance - Paid Claims (GBP Billion), 2012-2017
Table 11: Manx Life Insurance - Incurred Loss (GBP Billion), 2008-2012
Table 12: Manx Life Insurance - Incurred Loss (GBP Billion), 2012-2017
Table 13: Manx Life Insurance - Loss Ratio (%), 2008-2012
Table 14: Manx Life Insurance - Loss Ratio (%), 2012-2017
Table 15: Manx Life Insurance - Combined Ratio (%), 2008-2012
Table 16: Manx Life Insurance - Combined Ratio (%), 2012-2017
Table 17: Manx Life Insurance - Total Assets (GBP Billion), 2008-2012
Table 18: Manx Life Insurance - Total Assets (GBP Billion), 2012-2017
Table 19: Manx Life Insurance - Total Investment Income (GBP Billion), 2008-2012
Table 20: Manx Life Insurance - Total Investment Income (GBP Billion), 2012-2017
Table 21: Manx Life Insurance - Retentions (GBP Billion), 2008-2012
Table 22: Manx Life Insurance - Retentions (GBP Billion), 2012-2017
Table 23: Manx Non-Life Insurance Written Premium by Category (GBP Billion), 2008-2012
Table 24: Manx Non-Life Insurance Written Premium by Category (US$ Billion), 2008-2012
Table 25: Manx Non-Life Insurance Written Premium by Category (GBP Billion), 2012-2017
Table 26: Manx Non-Life Insurance Written Premium by Category (US$ Billion), 2012-2017
Table 27: Manx Non-Life Insurance - Paid Claims (GBP Billion), 2008-2012
Table 28: Manx Non-Life Insurance - Paid Claims (GBP Billion), 2012-2017
Table 29: Manx Non-Life Insurance - Incurred Loss (GBP Billion), 2008-2012
Table 30: Manx Non-Life Insurance - Incurred Loss (GBP Billion), 2012-2017
Table 31: Manx Non-Life Insurance - Loss Ratio (%), 2008-2012
Table 32: Manx Non-Life Insurance - Loss Ratio (%), 2012-2017
Table 33: Manx Non-Life Insurance - Combined Ratio (%), 2008-2012
Table 34: Manx Non-Life Insurance - Combined Ratio (%), 2012-2017
Table 35: Manx Non-Life Insurance - Total Assets (GBP Billion), 2008-2012
Table 36: Manx Non-Life Insurance - Total Assets (GBP Billion), 2012-2017
Table 37: Manx Non-Life Insurance - Retentions (GBP Billion), 2008-2012
Table 38: Manx Non-Life Insurance - Retentions (GBP Billion), 2012-2017
Table 39: Manx Property Insurance - Written Premium (GBP Billion), 2008-2012
Table 40: Manx Property Insurance - Written Premium (GBP Billion), 2012-2017
Table 41: Manx Motor Insurance - Written Premium (GBP Billion), 2008-2012
Table 42: Manx Motor Insurance - Written Premium (GBP Billion), 2012-2017
Table 43: Manx Liability Insurance - Written Premium (GBP Billion), 2008-2012
Table 44: Manx Liability Insurance - Written Premium (GBP Billion), 2012-2017
Table 45: Manx Marine, Aviation and Transit Insurance - Written Premium (GBP Billion), 2008-2012
Table 46: Manx Marine, Aviation and Transit Insurance - Written Premium (GBP Billion), 2012-2017
Table 47: Manx Personal Accident and Health Insurance - Written Premium (GBP Billion), 2008-2012
Table 48: Manx Personal Accident and Health Insurance - Written Premium (GBP Billion), 2012-2017
Table 49: Manx Personal Accident and Health Insurance - Paid Claim (GBP Billion), 2008-2012
Table 50: Manx Personal Accident and Health Insurance - Paid Claim (GBP Billion), 2012-2017
Table 51: Manx Personal Accident and Health Insurance - Incurred Loss (GBP Billion), 2008-2012
Table 52: Manx Personal Accident and Health Insurance - Incurred Loss (GBP Billion), 2012-2017
Table 53: Manx Personal Accident and Health Insurance - Loss Ratio (%), 2008-2012
Table 54: Manx Personal Accident and Health Insurance - Loss Ratio (%), 2012-2017
Table 55: Manx Personal Accident and Health Insurance - Combined Ratio (%), 2008-2012
Table 56: Manx Personal Accident and Health Insurance - Combined Ratio (%), 2012-2017
Table 57: Manx Personal Accident and Health Insurance - Total Assets (GBP Billion), 2008-2012
Table 58: Manx Personal Accident and Health Insurance - Total Assets (GBP Billion), 2012-2017
Table 59: Manx Personal Accident and Health Insurance - Retentions (GBP Billion), 2008-2012
Table 60: Manx Personal Accident and Health Insurance - Retentions (GBP Billion), 2012-2017
Table 61: Manx Insurance Industry Registered Entities 2008-2012
Table 62: Tower Insurance, Main Products
Table 63: Tower Insurance, Key Employees
Table 64: Isle of Man Assurance Group (IOMA), Main Products
Table 65: Isle of Man Assurance Group (IOMA), Key Employees
Table 66: Zurich International Life Ltd, Main Products
Table 67: Zurich International Life Ltd, Key Employees

List of Figures


Figure 1: Manx Insurance Industry – Overall Written Premium by Segment (GBP Billion),
Figure 2: Manx Insurance Industry – Dynamics by Segment, 2008–2017
Figure 3: Manx Life Insurance – Gross Written Premium (GBP Billion), 2008–2012
Figure 4: Manx Life Insurance – Paid Claims (GBP Billion), 2012–2017
Figure 5: Manx Life Insurance – Paid Claims (GBP Billion), 2008–2012
Figure 6: Manx Life Insurance – Paid Claims (GBP Billion), 2012–2017
Figure 7: Manx Life Insurance – Incurred Loss (GBP Billion), 2008–2012
Figure 8: Manx Life Insurance – Incurred Loss (GBP Billion), 2012–2017
Figure 9: Manx Life Insurance – Loss Ratio (%), 2008–2012
Figure 10: Manx Life Insurance – Loss Ratio (%), 2012–2017
Figure 11: Manx Life Insurance – Combined Ratio (%), 2008–2012
Figure 12: Manx Life Insurance – Combined Ratio (%), 2012–2017
Figure 13: Manx Life Insurance – Total Assets (GBP Billion), 2008–2012
Figure 14: Manx Life Insurance – Total Assets (GBP Billion), 2012–2017
Figure 15: Manx Life Insurance – Total Investment Income (GBP Billion), 2008–2012
Figure 16: Manx Life Insurance – Total Investment Income (GBP Billion), 2012–2017
Figure 17: Manx Life Insurance – Retentions (GBP Billion), 2008–2012
Figure 18: Manx Life Insurance – Retentions (GBP Billion), 2012–2017
Figure 19: Manx Life Insurance – Investment (GBP Billion), 2008–2012
Figure 20: Manx Non-Life Insurance Written Premium by Category (GBP Billion), 2008–2017
Figure 21: Manx Non-Life Insurance Written Premium by Category (% Share), 2012 and 2017
Figure 22: Manx Non-Life Insurance Industry Dynamics by Category, 2008–2017
Figure 23: Manx Non-Life Insurance – Paid Claims (GBP Billion), 2008–2012
Figure 24: Manx Non-Life Insurance – Paid Claims (GBP Billion), 2012–2017
Figure 25: Manx Non-Life Insurance – Incurred Loss (GBP Billion), 2008–2012
Figure 26: Manx Non-Life Insurance – Incurred Loss by Category (GBP Billion), 2012–2017
Figure 27: Manx Non-Life Insurance – Loss Ratio (%), 2008–2012
Figure 28: Manx Non-Life Insurance – Loss Ratio (%), 2012–2017
Figure 29: Manx Non-Life Insurance – Combined Ratio (%), 2008–2012
Figure 30: Manx Non-Life Insurance – Combined Ratio (%), 2012–2017
Figure 31: Manx Non-Life Insurance – Total Assets (GBP Billion), 2008–2012
Figure 32: Manx Non-Life Insurance – Total Assets (GBP Billion), 2012–2017
Figure 33: Manx Non-Life Insurance – Retentions (GBP Billion), 2008–2012
Figure 34: Manx Non-Life Insurance – Retentions (US$ Billion), 2012–2017
Figure 35: Manx Property Insurance – Written Premium (GBP Billion), 2008–2012
Figure 36: Manx Property Insurance – Written Premium (GBP Billion), 2012–2017
Figure 37: Manx Motor Insurance – Written Premium (GBP Billion), 2008–2012
Figure 38: Manx Motor Insurance – Written Premium (GBP Billion), 2012–2017
Figure 39: Manx Liability Insurance – Written Premium (GBP Billion), 2008–2012
Figure 40: Manx Liability Insurance – Written Premium (GBP Billion), 2012–2017
Figure 41: Manx Marine, Aviation and Transit Insurance – Written Premium (GBP Billion), 2008–2012
Figure 42: Manx Marine, Aviation and Transit Insurance – Written Premium (GBP Billion), 2012–2017
Figure 43: Manx Personal Accident and Health Insurance – Written Premium (GBP Billion), 2008–2012
Figure 44: Manx Personal Accident and Health Insurance – Written Premium (GBP Billion), 2012–2017
Figure 45: Manx Personal Accident and Health Insurance – Paid Claims by Category (GBP Billion), 2008–2012
Figure 46: Manx Personal Accident and Health Insurance – Paid Claims (GBP Billion), 2012–2017
Figure 47: Manx Personal Accident and Health Insurance – Incurred Loss (GBP Billion), 2008–2012
Figure 48: Manx Personal Accident and Health Insurance – Incurred Loss by Category (GBP Billion), 2012–2017
Figure 49: Manx Personal Accident and Health Insurance – Loss Ratio (%), 2008–2012
Figure 50: Manx Personal Accident and Health Insurance – Loss Ratio (%), 2012–2017
Figure 51: Manx Personal Accident and Health Insurance – Combined Ratio (%), 2008–2012
Figure 52: Manx Personal Accident and Health Insurance – Combined Ratio (%), 2012–2017
Figure 53: Manx Personal Accident and Health Insurance – Total Assets (GBP Billion), 2008–2012
Figure 54: Manx Personal Accident and Health Insurance – Total Assets (GBP Billion), 2012–2017
Figure 55: Manx Personal Accident and Health Insurance – Retentions (GBP Billion), 2008–2012
Figure 56: Manx Personal Accident and Health Insurance – Retentions (US$ Billion), 2012–2017
Figure 57: Manx GDP at Current Prices (US$ Billion), 2007–2011
Figure 58: Manx GDP Per Capita (US$ ’000), 2007–2011
Figure 59: Manx Inflation Rate (%), 2007–2011
Figure 60: Manx Employed Population, 2007–2011
Figure 61: Manx Healthcare Expenditure Per Capita (US$), 2007–2011
Figure 62: Manx Healthcare Expenditure as percentage of GDP 2007–2011
Figure 63: Total Number of Air Passenger (in ‘000), 2007–2011
Figure 64: Manx Total Population (in Million), 2007–2011

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