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

Published By :

GlobalData

Published Date : Sep 2018

Category :

Banking

No. of Pages : 77 Pages

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

Summary

GlobalDatas '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 GlobalDatas 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 reports 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 GlobalDatas Services 76
13.4 Disclaimer 77

List of Tables
Table 1: Aruban Insurance Industry - Key Facts, 2017 2
Table 2: Aruban Insurance Industry - Leading Insurers, 2017 2
Table 3: Aruban Government Credit Ratings 11
Table 4: Aruban Life Insurance - Net Written Premium (AWG Million and US$ Million), 2013-2017 17
Table 5: Aruban Life Insurance - Net Written Premium (AWG Million and US$ Million), 2017-2022 17
Table 6: Aruban Life Insurance - Paid Claims (AWG Million and US$ Million), 2013-2017 18
Table 7: Aruban Life Insurance - Paid Claims (AWG Million and US$ Million), 2017-2022 18
Table 8: Aruban Life Insurance - Total Assets (AWG Billion and US$ Million), 2013-2017 19
Table 9: Aruban Life Insurance - Total Assets (AWG Billion and US$ Million), 2017-2022 19
Table 10: Aruban Life Insurance - Total Investment Income (AWG Million and US$ Million), 2013-2017 20
Table 11: Aruban Life Insurance - Total Investment Income (AWG Million and US$ Million), 2017-2022 20
Table 12: Aruban Life Insurance - Investment Portfolio (AWG Million), 2013-2017 21
Table 13: Aruban Life Insurance - Investment Portfolio (AWG Billion), 2017-2022 21
Table 14: Aruban Pension - Gross Written Premium (AWG Million and US$ Million), 2013-2017 23
Table 15: Aruban Pension - Gross Written Premium (AWG Million and US$ Million), 2017-2022 23
Table 16: Aruban General Insurance - Net Earned Premium (AWG Million and US$ Million), 2013-2017 25
Table 17: Aruban General Insurance - Net Earned Premium (AWG Million and US$ Million), 2017-2022 25
Table 18: Aruban General Insurance - Total Assets (AWG Million and US$ Million), 2013-2017 27
Table 19: Aruban General Insurance - Total Assets (AWG Million and US$ Million), 2017-2022 27
Table 20: Aruban General Insurance - Total Investment Income (AWG Million and US$ Million), 2013-2017 28
Table 21: Aruban General Insurance - Total Investment Income (AWG Million and US$ Million), 2017-2022 28
Table 22: Aruban General Insurance - Investment Portfolio (AWG Million), 2013-2017 29
Table 23: Aruban General Insurance - Investment Portfolio (AWG Million), 2017-2022 29
Table 24: Aruban Property Insurance - Loss Ratio (%), 2013-2017 31
Table 25: Aruban Property Insurance - Loss Ratio(%), 2017-2022 31
Table 26: Aruban Motor Insurance - Loss Ratio (%), 2013-2017 32
Table 27: Aruban Motor Insurance - Loss Ratio(%), 2017-2022 32
Table 28: Aruban Personal Accident and Health Insurance - Loss Ratio (%), 2013-2017 33
Table 29: Aruban Personal Accident and Health Insurance - Loss Ratio(%), 2017-2022 33
Table 30: Aruban Miscellaneous - Loss Ratio (%), 2013-2017 34
Table 31: Aruban Miscellaneous - Loss Ratio (%), 2017-2022 34
Table 32: Aruban Insurance Brokers - 2017 35
Table 33: Aruban Insurance Industry - General Insurers, 2017 37
Table 34: Aruban Insurance Industry - Life Insurers, 2017 38
Table 35: Aruban Insurance Industry - Captive Insurers, 2017 38
Table 36: Nagico Insurances Aruba - Key Facts 39
Table 37: Massy United Insurance Aruba NV - Key Facts 39
Table 38: Pan-American Life Insurance Company of Aruba VBA - Key Facts 40
Table 39: Guardian group Fatum - Key Facts 40
Table 40: Fides Rae Insurance Company NV - Key Facts 41
Table 41: Aruba - Insurance Regulatory Framework Key Features 42
Table 42: Aruba - Life Insurance Regulatory Framework 46
Table 43: Aruba - Property Insurance Regulatory Framework 47
Table 44: Aruba - Motor Insurance Regulatory Framework 48
Table 45: Aruba - Liability Insurance Regulatory Framework 49
Table 46: Aruba - Corporate Tax Rates for the Financial Year 2018 62
Table 47: Aruba Life Insurance - Policies and Premium, 2013-2017 64
Table 48: Aruba Life Insurance - Policies and Premium, 2017-2022 64
Table 49: Aruba Life Insurance - Claims and Expenses, 2013-2017 64
Table 50: Aruba Life Insurance - Claims and Expenses, 2017-2022 64
Table 51: Aruba Life Insurance - Assets and Investments, 2013-2017 65
Table 52: Aruba Life Insurance - Assets and Investments, 2017-2022 65
Table 53: Aruba General Insurance - Policies and Premium, 2013-2017 66
Table 54: Aruba General Insurance - Policies and Premium, 2017-2022 66
Table 55: Aruba General Insurance - Claims and Expenses, 2013-2017 66
Table 56: Aruba General Insurance - Claims and Expenses, 2017-2022 66
Table 57: Aruba General Insurance - Assets and Investments, 2013-2017 67
Table 58: Aruba General Insurance - Assets and Investments, 2017-2022 67
Table 59: Aruba General Insurance - Property Insurance, 2013-2017 68
Table 60: Aruba General Insurance - Property Insurance, 2017-2022 68
Table 61: Aruba General Insurance - Motor Insurance, 2013-2017 68
Table 62: Aruba General Insurance - Motor Insurance, 2017-2022 68
Table 63: Aruba General Insurance - Marine, Aviation and Transit Insurance, 2013-2017 69
Table 64: Aruba General Insurance - Marine, Aviation and Transit Insurance, 2017-2022 69
Table 65: Aruba General Insurance - Personal Accident and Health Insurance, 2013-2017 69
Table 66: Aruba General Insurance - Personal Accident and Health Insurance, 2017-2022 69
Table 67: Aruba General Insurance - Miscellaneous, 2013-2017 70
Table 68: Aruba General Insurance - Miscellaneous, 2017-2022 70
Table 69: Insurance Industry Definitions 71

List of Figures
Figure 1: Aruban Real GDP (AWG Billion), 2013-2022 10
Figure 2: Aruban Exchange Rate (AWG per US$), 2013-2022 11
Figure 3: Aruban Consumer Price Inflation (%), 2013-2022 12
Figure 4: Aruban Unemployment Rate, 2013-2022 13
Figure 5: Aruban Population by Age Group (Thousand), 2013-2022 14
Figure 6: Aruban Life Insurance - Net Written Premium (AWG Million), 2013-2022 17
Figure 7: Aruban Life Insurance - Paid Claims (AWG Million), 2013-2022 18
Figure 8: Aruban Life Insurance - Total Assets (AWG Billion), 2013-2022 19
Figure 9: Aruban Life Insurance - Total Investment Income (AWG Million), 2013-2022 20
Figure 10: Aruban Life Insurance - Investment Portfolio (AWG Billion), 2013-2022 22
Figure 11: Aruban Life Insurance - Investment Portfolio Dynamics (AWG Billion), 2013-2022 22
Figure 12: Aruban Pension - Gross Written Premium (AWG Million), 2013-2022 23
Figure 13: Aruban Pension - Penetration (%), 2013-2017 24
Figure 14: Aruban Pension - Penetration (%), 2017-2022 24
Figure 15: Aruban General Insurance - Net Earned Premium (AWG Million), 2013-2022 25
Figure 16: Aruban General Insurance - Loss Ratio (%), 2013-2017 26
Figure 17: Aruban General Insurance - Loss Ratio (%), 2017-2022 26
Figure 18: Aruban General Insurance - Total Assets (AWG Million), 2013-2022 27
Figure 19: Aruban General Insurance - Total Investment Income (AWG Million), 2013-2022 28
Figure 20: Aruban General Insurance - Investment Portfolio (AWG Million), 2013-2022 30
Figure 21: Aruban General Insurance - Investment Portfolio Dynamics (AWG Million), 2013-2022 30
Figure 22: Aruban Property Insurance - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 31
Figure 23: Aruban Motor Insurance - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 32
Figure 24: Aruban Personal Accident and Health Insurance - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 33
Figure 25: Aruban Miscellaneous - Earned Premium, Incurred Loss and Loss Ratio (AWG Million and %), 2013-2022 34
Figure 26: Aruba - Insurance Supervision and Control at Various Levels 51
Figure 27: Aruba - Insurance Regulatory Frameworks for Company Registration and Operation 55

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