Caribbean Insurance Buyer Psychographics

Part
01
of seven
Part
01

Insurance Buyer Psychographics: Bahamas

The Bahamas is ranked as the top emerging market in terms of insurance density with an average of $1976 for life and non-life premiums per capita.

RELEVANT FINDINGS

  • In terms of primary health insurance, Bahamas 2013 Household Expenditure Survey noted that 69.5% are group plans and only 30.5% are individual plans. Thus, the majority of primary health insurance in the Bahamas is availed and purchased by groups.
  • In terms of the type of plan in the primary health insurance sector, 40.5% of insurance holders were bought by their close family member or relative, 32.3% was bought by their employer, and only 26.1% purchased insurance directly from a private insurer for themselves.
  • According to JS Johnson, the largest and oldest insurance company in the Bahamas, the core reasons clients should choose them with their insurance needs — 'clients come first' policy, on the spot processing which allows individuals to get their home and motor policy instantaneously, qualified staff, and in-house claims handling.
  • Js Johnson also offers premium financing arrangements via easy payment terms.
  • The Bahamas is ranked as the top emerging market in terms of insurance density with an average of $1976 for life and non-life premiums per capita.

RESEARCH STRATEGY

We began our research by looking for industry research reports regarding the psychographics of personal/home/auto insurance buyers in the Bahamas on insurance organizations such as Bahamas Insurance Association, Insurance Information Institute, and National Insurance Board and sites such as Market Research and Fitch Solutions. Insurance Information Institute mentioned that the Bahamas has the largest insurance density at $1,976 (in premiums) per capita and is currently the number one emerging market in terms of the insurance industry. The rest of the sources we came across did not return any substantial information.

Next, we checked Bahamas government websites to find surveys that might reveal the psychographics of personal/home/auto insurance buyers in the Bahamas. However, the websites only provided details on the demographics and psychographics of tourists in the Bahamas. We also examined the Household Expenditure Survey because the statistics might reveal who makes insurance purchases and how decisions are made among those living in the Bahamas. However, the survey was outdated and it only covered health and social insurance.

As our last resort, we tried to identify the key personal/home/auto insurance providers in the Bahamas and find their customer data to generate a psychographic profile. The annual reports of the prominent players did not reveal anything significant. However, we found that JS Johnson had published its method of payments as well as the reason why those living in the Bahamas must choose their insurance plans which reflects the factors influencing insurance buying decisions. However, this is not conclusive, as we couldn't find the market share of this company though it claims to be the largest general insurance company in the country.
Part
02
of seven
Part
02

Insurance Buyer Psychographics: Barbados

Extensive research in the public domain through market reports, government sites, and industry-related websites, about the psychographic profile of personal/home/auto insurance buyers in Barbados did not yield much information. However, it is found that auto and property insurance are currently in strong demand. The research team provided a few valuable insights and a detailed methodology below.

Useful Findings

Barbados insurance market

  • The insurance market in Barbados is well-developed and is positively influenced by both the local households and the expat population in Barbados.
  • According to the Denton Chronicle, Barbados is currently seeing an increase in demand for auto, property and health insurance.
  • Although the country experiences heavy competition among insurance companies, risk retention groups, self-insurers and the government, it is projected to see notable growth within the insurance market by 2026.

Auto insurance

Home/Property insurance

  • In the third quarter of 2017, the regional market was anticipating a 15 to 30% increase in property insurance as a result of inconsistencies in insured losses due to Hurricane Irma and Maria.
  • In October 2018, Minister of Home Affairs Edmund Hinkson, called for Barbadians to insure their homes and suggested that the government should make this mandatory by law.

Research strategy

To provide information pertaining to the psychographic profile of personal/home/auto insurance buyer in Barbados, we first searched for market reports and studies in reputable sources such as Deloitte, PWC, and the 2019 Insurance Fact Book, which are known to provide reports about various industries and countries. It was our hope to find information about the key factors that influence buying decisions, which would further provide psychographic details including the decision makers, purchasing behaviors and the preferred method of payment. We found that the domestic insurance industry is developed, and the use of brokers is not uncommon to access same. Some information was also found about insurance in relation to climate/weather, property, and agriculture, but no relevant information was available here.

Our next step was to look at the Barbados government websites with special focus on the Ministry of Finance, Economic Affairs and Investment. Here, we hoped to find publications or fact sheets about personal/home/auto insurance regulations, which might also have statistical about the insurance industry information including demographic details such as age, income, and level of education of insurance buyers. We believed that the statistical information would have been useful in helping to direct us in creating a psychographic profile about the personal/home/auto insurance buyers in Barbados. Information found was about the requirements to establish an international insurance company, but nothing that was pertinent for this research.

In our third strategy, we changed direction and decided to look for information about the growth and changes within the Barbados insurance market, since we realized that the country has been seeing improvements in the market. We thought that this approach would unearth information about the trends in the industry, which may be in alignment with or indicate information about the decision makers, purchasing behaviors and their preferred method of payment. However, sources such as Business Barbados, Denton Chronicle, and The Barbados Advocate all focused on the general insurance market, which did not yield any relevant information to create a psychographic profile for insurance buyers in the personal/auto/home market.

Finally, we searched for surveys that provide quantitative and/or qualitative information about customer purchase behavior, buying experience or customer satisfaction. This we hoped would unearth information that speaks to what customers consider to be of value for them, especially as it relates to insurance products. Marketing research sources, such as Market Insight, did not yield any useful information. Additionally, we looked for Barbados government surveys, which would be a publication from the Statistical Department, hoping to find quantitative and/or qualitative information about the insurance industry (which also has to be regulated by the government). This method was unsuccessful in providing useful insights about the auto/home/personal market and any related psychographic details.



Part
03
of seven
Part
03

Insurance Buyer Psychographics: Belize

A deep search in the public domain shows that information on the psychographic profile of personal/home/auto insurance buyers in Belize is non-existent, and media coverage on a specified topic is scarce. The most relevant media mention on the topic is that auto insurance in Belize is mandatory for all vehicle owners. Below are the helpful findings and detailed methodology on the request.

Overview

Research Strategy:

We commenced our research by looking into third-party intelligence sites such as Market Search, PR News Wire, Deloitte, OG Analysis, and other similar companies specializing in market research analysis and studies for different industries. Here, we were hoping to find such studies for the Belize insurance industry specifically for home/auto/personal sectors, which portrays the purchasing behavior of Belize insurance buyers, including their psychographic profiles and payment preference. However, we could not find any relevant data to answer the research criteria. In the course of our research, we could confirm that there is limited information on the Belize insurance industry.

Next, we went through the websites of key players in the insurance industry in Belize, including RF&G Life Insurance Company, Atlantic Insurance Home Protector Insurance, among others. We searched for their annual reports and other relevant documents/information that could help us answer the research questions. Here, we were hoping to find their customers' details and payment methods to help us generate the psychographic profile of personal/home/auto insurance buyers in Belize. However, most of the insurance companies in Belize are privately owned, and their annual reports are not publicly available. Also, they have very minimal publications on their websites and are irrelevant to this research.

Further, we looked at Belize government sites, specifically, Ministry of Finance: Supervisor of Insurance Office, which is responsible for regulating insurance activities in the country. Since some insurance types are mandatory in Belize, such as motor insurance, we were hoping to find a public statistical report showing the demographics reports of the insurance buyers and overall qualitative reports surrounding the insurance industry in the country. With this data, we could have generated the psychographic profile and behavior of consumers in Belize. But upon checking the site, it only provides different insurance forms for insurance agents, companies and corporations, and other irrelevant publications/resources that could not answer the research questions. However, we could find a Commonwealth Network source, which provides a snapshot of the insurance industry in Belize. The source contains some useful information on the request.
Finally, we broadened our research and looked into the Caribbean insurance market where Belize also belong. Here, we reviewed the Insurance Association of Caribbean website hoping to find reports or publications containing psychographic profile and purchasing behavior of insurance buyers, especially for those purchasing home/auto/personal insurance. However, this strategy was also unsuccessful, but we could find the Caribbean Insurer’s report, which provides some relevant information on the Belize insurance industry.

Part
04
of seven
Part
04

Insurance Buyer Psychographics: The Dominican Republic

Life insurance and other discretionary purchases of insurance products in Dominican Republic are limited by factors such as low incomes of local households and inadequate consumer awareness.

Purchase Behaviors:

  • According to Central America Data, it was reported that in July 2019, the insurance market of the Dominican Republic saw the highest growth in health (56.18%); followed by bonds (41.20%); and marine and air naves (40.68%). This naturally indicates preference towards health insurance purchase in the Dominican Republic in recent days.
  • The inclination towards health insurance purchase was also corroborated by the fact that the branches of greater participation were in the order of: health (30.02%); fire and allies (22.39%); and motor vehicles (22.05%).
  • However, what percentage of these health insurance purchases was self-motivated could not be ascertained definitively as motor third-party liability, workers' compensation and public health insurance are compulsory in the Dominican Republic.
  • The market forecast for Q1 2020 also points toward the fact that demand for insurance in the country is concentrated on basic or compulsory lines, such as property and motor insurance.
  • During the last quarter of 2017 motor vehicle insurance was found to be the main drivers of growth. However, a strong surge in demand for health and personal accident insurance products could be noted at the time, which was driven by a strong economy and rising disposable income.
  • In 2019, a surge in the purchase of travel insurance could also be noted caused by the news of tourist deaths in the Dominican Republic. Statistically, out of those who were concerned about the news 59% said they were "likely to purchase travel insurance that has medical coverage."

Payment Methods:

  • Although there was no "survey-supported data" to identify which payment method was most used or the most preferred, each provider had multiple payment options listed in their websites.
  • One of the biggest insurers in the Dominican Republic is Seguros Universal.
  • Payment methods offered by Seguros Universal are: Universal APP, Universal Online, Automatic Payment (making scheduled payments registering bank account or credit card), Telephone Payments (through credit cards) and branch offices.
  • Another significant insurance provider in Dominican Republic is Mapfre BHD
  • Payment methods offered by Mapfre BHD are: automatic scheduled payments through credit card or bank account; traditional payments in cash, checks or credit cards, payment at providers' office, online payment and payment through Banco BHD león branch network.
  • Another insurance provider included in the list of 'top five providers' is Seguros Reservas.
  • Payment methods offered by Seguros Reservas are: Customers App 365, Insurance Offices Reservations, payment via contact center, online, Banreservas Branch Network and T-payment dialing * 150# from the cell phone.

Factors Influencing Insurance-Buying Decisions

What Information Was Not Found

  • We could not provide exact insights relating to methods of payment used and preferred and who the primary decision maker is.
  • Moreover, although we could provide some details relating to factors influencing insurance buying decisions, we could not provide evidence indicating which were the key ones.
To find the information missing, as mentioned above, I deployed the strategies below.

Research Strategy:

The research team started our search looking into the database of insurance organizations working in the Dominican Republic which included Asociación Dominicana de Corredores de Seguros - Adocose, The Insurance Association of the Caribbean Inc and the websites of the providers such as Seguros Universal, Mapfre BHD and Seguros reservas. We looked at their websites, reports published by them analyzing the industry, internal research publications published as blog posts or website articles.
Adocose had extensive reports covering the insurance industry; however the reports only provided data in terms of market size, growth in premiums at different sectors etc. There was hardly any information relating to purchase behavior or who makes purchase decisions. Although from the company websites, we could find information relating to how they accept payments, there was no definitive survey indicating the most used avenues or the most preferred ones.

We subsequently looked into market research reports on the Dominican Republic's insurance industry. Sources included sites like centralamericadata, market research, business wire among others.
The objective behind looking at these sources was to find information on the market drivers that could be analyzed in terms of locating the consumer preferences which were driving it. For example, if people were asking for online premium payment solutions while choosing their provider, it could be derived that it was the preferred payment method.
However, the information provided in the free sections of these reports were targeted towards the overall market and its growth predictions.
From the information relating to the growth of sub-segments and the market we could identify some insights relating to purchase preferences, or inclination towards a particular type of product and what was driven by mandatory regulations and which ones were driven by discretionary spending.

We then looked at expert interviews from the sector published in newspapers such as El nacional, Diario libre, El Caribe, Listin diarioand others. Our aim was to find required information from such interviews because when experts are commenting or presenting their views on the market, they hint at what the consumers prefer or which type of consumer they target as the main segment. Some of these newspapers carried information analyzing the sector, but the interviews of company executives or agency leaders were concentrated towards the growth of the market, how industry bodies were working towards modifying some of the existing laws or the role of foreign players in the market. There was no additional information on how the consumers think.

Finally, we looked into academic reports such as those published in Academia or researchgate and reports on country-wise insurance penetration published by global agencies such as IMF, World bank and others. Presumably owing to the relatively smaller size of the Dominican market there was almost no academic reports. The reports published by IMF or World Bank provided only the penetration percentage for insurance in countries such as the Dominican Republic.
Part
05
of seven
Part
05

Insurance Buyer Psychographics: Guyana

The information related to the psychographic profile of insurance buyers in Guyana was not available. The insurance industry in the country is regulated by the Bank of Guyana and consists of 16 companies. Those insurers accept cheque, cash and mobile payments, among others.

Helpful findings

  • The Bank of Guyana regulates the insurance industry in the country.
  • In Guyana, motor third-party liability insurance is obligatory.
  • There are 16 registered insurance companies in Guyana.
  • While most of those insurers don't disclose accepted payment methods on their websites, Assuria only accepts cheque and cash payments.
  • Also, Diamond Insurance allows GTT payments, which are a type of mobile payments in the country.
  • Insurance buyers in Guyana may not feel comfortable during their purchase, because insurance companies demand to know their political affiliation, which violates their human rights.

Research strategy

We started our research by looking through government and financial sector sources, such as the Bureau of Statistics or the website of the Bank of Guyana (BoG). (Please note that BoG regulates the insurance industry in the country.) We assumed that they are likely to include statistics that could provide insights into Guyanese insurance buyers. Also, we considered data from such sources the most reliable. While BoG provided a lot of insurance-related resources, they were all strictly connected with the Insurance Act from 2016. They included materials for insurers and consumers, as well as the list of registered insurers.

Then, we moved to searching research papers and market reports, looking into academic and market research databases. We hoped that they would provide us with the insights on buyers' behaviors, since it is a commonly researched aspect of all the major industries. We scoured through JStor, Research Gate, Markets and Markets, Research and Markets. Unfortunately, the only mention of the Guyanese insurance market in research papers was vastly outdated. As for market research, we found one recent report about this market. However, it didn't provide us with any insights on a buyer's psychographic profile.

Next, we found the list of major media sites in Guyana, which included Kaleteur News and Stabroak News. We visited the websites that we discovered and searched for any insurance-related articles, hoping that some of them would cover customer behaviors or provide us with customer profiles. As can be seen here, the topics discussed by the media are not relevant to this request, revolving around difficult cases, new players on the market, and insurance law.

Finally, we used the list of the registered providers and scoured through their websites and social media profiles, looking for customer testimonies and reviews, "about" sections that would include information on typical buyers, and contact information that sometimes lists the available payment methods. We hoped that through their own words, customers would give insights about themselves that would open the way for triangulation, or that companies would reveal facts about their typical clients. Unfortunately, the only information we gathered was about accepted payment methods by some of the insurers.

The insurance industry in Guyana is relatively small, with only 16 companies, which may be why its buyer personas are not well-described in the publicly available sources.
Part
06
of seven
Part
06

Insurance Buyer Psychographics: Haiti

After exhaustive research, information about property insurance buyers in Haiti was scarce, probably due to the low adoption of the service in the country. The following information presents some helpful insights.

Purchase Behavior

  • A recent study conducted by USAID and FinMark Trust estimates that only 4% of the population in Haiti has some form of insurance. This figure is further corroborated by the World Bank Report, which claims only 5% of the population are enrolled in an insurance program.
  • Those who are formally employed by the government and those formally employed by private companies are the only two groups with significant uptake (48% and 22% of insured workers, respectively). Important to note that two-thirds of the workforce in Haiti do not have formal jobs.
  • Property insurance is even less common. Only 20% of those insured have motor insurance, while 1% have housing insurance. The study noted that consumer education and financial literacy are critical problems in Haiti, particularly regarding insurance. In fact, 97% of respondents without insurance stated they were not aware of property damage insurance.
  • People living in Aire Metropolitaine and Rest-of-West are more likely to engage with formal financial institutions (41% and 34% respectively) and banks (17% and 15% respectively).
  • As expected, those living in urban areas are far more likely to adopt formal financial services (48% vs. 25%). Those in the 15-34 age group are more prone to use other formal, but not-bank, financial institution (37%) than those who are 35 years and older (28%).

Methods of Payment

  • It is estimated that about 60% of Haiti’s households have access to a mobile phone, as it is the second most common asset, losing only to bed/mattress. Desktops or laptops were only present in 6% of households.
  • Mobile phones are also the preferred method of communication, with 58% of adults having access to a basic/feature phone, while 35% of adults are smartphone owners. The internet is used by 15% of the population, while 12% use emails.
  • Radio is the most popular form of media (56%), followed by TV (34%), internet (15%), newspaper (8%), and magazines (3%).
  • Sixty percent of adults are aware of mobile money services, but only 23% are users. Mon Cash is the one with most awareness (58%), followed by Lajan Cash (26%).
  • Those in the Aire Metropolitaine area, aged 25 to 34 are the most likely to use these services. Uptake is similar among genders, but 91% live in urban areas.
  • Convenience and cost are the most common reason given by those who use the services. For those not using the service, lack of information is the most common barrier, followed by a scarcity of money.

Influences

  • When asked where they go for financial advice, most Haitians said they do not seek financial advice (32%). Community (10%), family and friends (8%), and elders (7%) are the most trusted advisors, while spouse or partner (5%) and bank or financial professionals (2%) take a back seat.
  • The main barriers to uptake are lack of income (44%), not understanding how insurance works (10%), a lack of knowledge (9%), and disbelief in insurances (8%).
  • According to Canada’s Centre for Intercultural Learning, decisions in Haiti are usually made by the head of the family. Advice from the elderly is usually welcomed, given how important seniority and authority are in the culture. It also points out that the elite includes Haitians of Lebanese, Syrian and Indian descent.

Research Strategy

We were unable to construct a robust profile of insurance buyers in Haiti. As previously reported, only 5% of the population has any form of insurance, or as the World Bank Report describes, “private insurance is negligible in Haiti,” for that reason, the research team presented information about financial services as an alternative, with reservations. The following information details our methodology and findings.
As expected, a profile for insurance buyers in Haiti was not publicly available, so we set out to create our own. Since such profiles require mastering the mind of consumers, we sought to locate surveys and studies with large sample sizes. The only source remotely relevant encountered was the Financial Services Study; the study has a few insights about insurance and general data that was later presented as an alternative. Considering the auto insurance is the most common type of property insurance, we tried to narrow our research, but it led to even fewer results.
Next, we located some insurance companies based in Haiti, such as the NassaGroup and Haiti-Securite Assurance, hoping to gather some insights from their marketing strategy. The first barrier with this approach was the small pool of companies and a lack of marketing efforts. The only helpful information we extracted is a propensity to digital solutions showcased by Haiti-Securite, with a particular focus on mobile.
Our last attempt was to find proxy information about upper-class consumers in Haiti, given they are likely the ones buying insurance, considering the country's situation. There is plenty of information available about the social stratification of Haiti, historical aspects, current political climate and stances. However, we were unable to track reasonably up-to-date information about the upper class as consumers.
Expanding the scope to include global insights would likely not be accurate, given the country’s circumstances. Broadening the criteria again to present a general consumer profile, outside of the financial world, would present even more discrepancies, considering only 550,000 (5%) of the 11 million population are insurance buyers. If we factor in the property insurance segment (20%), that number goes down to 110,000 auto insurance buyers, roughly 1% of the total population. As noted, auto insurance is the most common form of property insurance in the country; however, only 26% of Haitians use any form of motorized vehicles regularly, including public transportation, further exemplifying the small consumer group.
In developed countries, it is not unreasonable to assume that the middle class is a significant group within insurance buyers; nevertheless, in Haiti, the group is struggling with basic necessities, such as rent, gas, and electricity. All those findings are not surprising, considering that only 3% to 5% of the population is considered to be wealthy, while nearly 60% of the population is below the poverty line. For reference, only 29% of the population is below the poverty line in the Dominican Republican.
In conclusion, after extensive research, we were not able to gather enough insights to create a comprehensive and accurate profile of insurance buyers in Haiti and, therefore, presented data about financial services as a piece of helpful alternative information, acknowledging the possible discrepancies.

Part
07
of seven
Part
07

Insurance Buyer Psychographics: Jamaica

Due to low-incomes and a perceived lack of necessity, there is a low presence of Jamaican insurance participation, including through legally required policies. Health, automotive, home and life insurance, even when affordable, are not often purchased by Jamaican consumers, and information relating to primary decision makers and customer payment preferences was not found available.

Purchase Behaviors

  • The purchase penetration of insurance among Jamaicans is low overall. As published by the Insurance Association of Jamaica in 2018, with only approximately 10% of the workforce being "members of a registered pension scheme." Also, it is estimated that about 25% of the workforce has any private insurance policy, including a low rate of approximately 20% of residences being insured.
  • When deciding between purchasing pension schemes, life insurance policies and residence insurance, the people of Jamaica are the most reluctant about pensions, followed by residence insurance and then life insurance.
  • Reluctance towards purchasing insurance is also seen in sectors where it is compulsory. Even though automotive insurance is required in Jamaica, "it is estimated that only approximately 75% of the motor vehicles on the road are insured."
  • Also, even with the availability of life insurance polices that can be purchased at a relatively low expense, people in low income areas tend to rely on family support for funeral and death costs incurred.
  • People in Jamaica who have purchased health insurance often do so solely as part of workplace programs, accounting for 53% of those with health insurance.
  • Only 32% of adult Jamaicans have health insurance.
  • It has been found that insurance-premium financing is a developing trend in the Jamaican market allowing insurance purchasers to more easily budget their insurance premiums.
  • Providing lower interest rates and more extended payment periods, this provides insurance buyers with better affordability in the insurance market, creating a wider range of eligible insurance buyers in Jamaica.
  • For most Jamaicans in their 20s, and even in their 30s, purchasing life insurance is not a priority. They tend to believe that they are not old enough to need life insurance.

Methods of Payment

  • Although there was no survey-backed information on the most used or most preferred payment, JN General Insurance of Jamaica provides payment options through its physical locations such as JN Branch or JN Finance locations. It also provides online payment options supporting both Visa and Master Card options.
  • Massy United Insurance, actively present in Jamaica, also provides options to pay premiums through their website.

Factors Influencing Insurance Buying Decisions

  • In all types of Jamaican insurance availabilities, "low household incomes remain a constraint on development," slowing market expansion.
  • It appears that insurance is generally considered an unnecessary and low-demand service in Jamaica, contributing to a low incidence of its purchase. A primary reason for insurance carriers appears to only be when "forced by a lender."
  • For example, in the case of residential insurance, insurance is most often only purchased as a requirement of mortgage lending contracts.
  • Other factors influencing or limiting the sale of insurance are the lack of understanding of the importance of insurance, affordability of the policies, educational levels of the purchasers, and a general lack of trust in insurance companies.
  • When it comes to the purchase of health insurance, among the two-thirds of Jamaicans without health insurance, 44% cannot afford it, and 10% believe that insurance policies are unnecessary.
  • As far as factors which positively drive the purchase of Jamaican policies, currently increased car ownership, real estate market expansion, and expanding business activity contribute to rising insurance use.

Research Strategy

Exact insights relating to methods of payment used or preferred were not found available, including primary decision makers. Moreover, although details relating to the factors that influence insurance buying decisions were found, evidence indicating which were key or most prevalent was not available. Databases of insurance organizations in Jamaica were referenced through their websites, reports, and internal research publications, including blogs and site articles. The company websites provided information relating to how they accept payments, but there was no definitive survey indicating the most used avenues or the most preferred ones.

Market research reports on the Jamaican insurance industry were then referenced with an objective of finding market drivers that would indicate consumer preferences, but the primary information found was targeted to overall market growth and predictions. Expert interviews in the sector published through Jamaican newspapers were then searched for consumer preferences. These, however, did not provide information that would indicate primary decision makers, referencing mostly the lack of interest in insurance services and low purchase rates.

Academic reports were also searched that provided Jamaican insurance penetration, but possibly due to the relatively small size of the Jamaican insurance market, there was little further published information available that was relevant to the missing criteria.
Sources
Sources

From Part 01
Quotes
  • " The financialimpact on Bahamian insurers will depend on the extent to which the insured losses were covered with reinsurers. For 2020, it ispossible that the economic disruption caused by Dorian will compress premiums. This is also the case in the life segment, which isotherwise mature. "
Quotes
  • "Report includes: Industry View, Industry SWOT Analysis, Industry Forecasts, Insurance Risk Reward Index and Company Profiles. "
  • "It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning."
Quotes
  • "Title Published date Household Expenditure Survey Report 2013 April 20, 2016 Household Expenditure Survey Summary 2013 October 23, 2015 Bahamas Living Conditions Survey 2001 June 16, 2004"
Quotes
  • "Table 5‐5: Primary insurance by demographics, poverty status and quintile group Table 5‐6: Percentage of respondents with primary insurance, by region Table 5‐7: Percentage of respondents with primary insurance, by poverty status and consumption quintile"
  • "Health care is financed by various sources: the government, private health insurance, and user fees at both public and private facilities, social health insurance and external sources. In this section, health insurance coverage is analyzed, specifically primary insurance."
Quotes
  • "According to Swiss Re, China is the largest emerging market country based on insurance premiums written (including life and nonlife business) with $541.4 billion in premiums written in 2017, followed by India with $98.0 billion and Brazil with $83.3 billion. However when measured by insurance density, the Bahamas ranked first, with $1,976 in premiums per capita (including life and nonlife business)."
Quotes
  • "Clients Come First Our clients are our number one priority. For this reason, we try to design all of our policies around our customers’ needs. We Encourage Feedback In our quest to continuously improve our services, we encourage feedback about our service and our products."
  • "On-The-Spot Policy Processing With our on-the-spot policy processing you can leave our office with your Motor and Home policy documents in hand. Easy Payment Terms When the demands of your dollars are too great, take advantage of our premium financing arrangements with its easy payment terms."
  • "Qualified Staff J. S. Johnson boasts of having the largest number of professionally qualified General Insurance staff in The Bahamas. In-house Claims handling No matter how careful you are, sometimes misfortune strikes. Our in-house qualified staff are available to quickly and efficiently deal with all of your claims needs no matter how small."
From Part 04
Quotes
  • "Net premiums collected in July reached RD$6,501,787,017 million, with an absolute growth of RD$1,456,663,584 million and a relative growth of 28.87% compared to the previous year."
  • "This month, compared to 2018, the branches with the highest growth are: Health, 56.18%; Bonds, 41.20%; and Marine and Air Naves, 40.68%. The branches of greater participation are: Health, 30.02%; Fire and Allies, 22.39%; and Motor Vehicles, 22.05%."
  • "The percentage of premiums exempt from taxes for the month is 40.66% of the total Net Collected and total RD$2,643,326,814 million; the outstanding branches are: Health and Agriculture and Livestock having 99.88% and 100.00% respectively. Exonerated and non-exonerated premiums total RD$6,501,787,017 million and non-exonerated premiums represent 59.34%."
Quotes
  • "Motor third-party liability, workers' compensation and public health insurance are compulsory."
Quotes
  • "The Dominican Republic is an under-developed insurance market with good long-term potential. At present, demand forinsurance is concentrated on basic or compulsory lines, such as property and motor insurance, due to the low incomes of localhouseholds and the limited consumer awareness around life insurance and other discretionary lines."
  • "Slowly, we are starting to seeliving standards, and disposable incomes, creep upwards as the economy expands, providing stimulus for growth in smaller lines,such as the health and personal accident sub-sector."
  • "By the end of the forecast period, we expect penetration and density levels tohave developed from their current low base. This is likely to solicit greater interest from the international insurance and investmentcommunity, as health and personal accident are expected to account for nearly a quarter of non-life insurance premiums."
Quotes
  • "The insurance industry of the Dominican Republic is small in absolute terms and among the least developed in the Latin America and Caribbean region in terms of penetration and density. This lack of development is largely due to the low income levels of Dominican households and hence a lack of awareness of the benefits of discretionary insurance lines among all but the wealthiest households. "
  • "As such, basic lines such as property and motor vehicle insurance will remain the main drivers of growth. However, we note a strong surge in demand for health and personal accident insurance products as disposable incomes, driven by a strong economy, start to climb. Life insurance premiums are also set to grow over the next few years, albeit at a more marginal pace, and these factors will present opportunities for insurers in a fast-growing and relatively immature market."
  • "The Dominican Republic boasts one of the best-performing economies in the Latin America and Caribbean region. BMI's Country Risk team forecast the economy to grow by 5.2% in 2017 and to experience average annual growth of 4.7% through the 2017-2021 forecast period. This robust pace of expansion will support growing demand for personal and corporate insurance lines across both the life and non-life markets, though we caution that political instability, resulting from the Odebracht corruption scandal, has the potential to derail the country's current economic growth trajectory."
Quotes
  • "Consumer media has been highlighting tourist deaths in the Dominican Republic, and the industry has been feeling the ripple effects."
  • "Of those concerned about the news, 59% said they are likely to purchase travel insurance that has medical coverage, ConsumerAffairs said."
Quotes
  • "There is little insurance cover offered in the country to expats, so an expat health plan via Expat Financial is vital. Many travellers and expats who require serious medical treatment in the Dominican Republic will want or need to travel to American, so make sure your medical plan covers the USA. Medical evacuation coverage for expats and tourists in the Dominican Republic is essential as the level of medical care is lacking."
Quotes
  • "In recent years the government has introduced a social security system whereby workers and employers contribute to providing basic levels of health insurance, although they do not cover the cost of treatment in full. For expats and those who do not have social security, there is a wide range of health insurance policies from different providers."
Quotes
  • "Acrareportedly said during a lunch at a hotel in Santo Domingo that insurance penetrationis low in the Dominican Republic compared to other countries in the region, andthere is plenty of opportunity to grow in sectors including home, life and propertyinsurance."
Quotes
  • "Life premium volume in the Dominican Republic grew an inflation-adjusted 16.1% to 7.45bn pesos last year, one of the fastest rates of expansion seen in the region, according to a report from reinsurer Swiss Re. Non-life premium volume growth was also strong, at 11.1%, reaching 33.1bn pesos."
From Part 07
Quotes
  • "The prospects for Jamaica’s insurance sector remain favourable. The IMF-approved economic programme seems to be working. The economy is growing and perceptions of risk appear to be falling. "
  • " We remain of the view that this will contribute to steady growth in premiums in both the life and non-life segments. In both cases, low household incomes remain a constraint on development. "
  • " Two major deals - NCB Group's takeover of Guardian Holdings and JMMB's investment in Sagicor (and what was Scotiabank's insurance operations in the region) through Alignvest - should strengthen the life segment."
  • "Non-life premiums should be boosted by higher prices and volumes in the motor insurance sub-sector."
Quotes
  • "Jamaica's insurance penetration is low by international standards, for instance only about 10 % of workforce are members of a registered pension scheme, only 25 % of the workforce have an individual insurance policy, and it is estimated that only 20 % of residences are insured"
  • "On the General side, only 20% of the houses are insured, and the majority are the homes financed by the National Housing Trust. Despite the fact that motor Insurance is compulsory it is estimated that only approximately 75 % of the motor vehicles on the road are insured. Our Insurance penetration level shown is below was 5.0 % below the Global average of 6.3 %,( Global Insurance Trends Ernst and Young ) but higher than the Latin American average of 2.9 %. Interestingly Puerto Rico has 12.9 % ( MAPFRE Economic Research) Penetration rate U.S. 7.3% Canada 7 .5 %. Insurance Penetration is an issue in most Countries as persons do not put insurance on their priority list or many times consider it expensive without even checking the price."
  • "There are a number of reasons offered for the low take-up of insurance in Jamaica. In broad marketing terms, insurance is an unsought good. It is more often sold rather than bought, except when forced by a lender. If one looks at residential insurance, many persons buy insurance because they are required to do so by mortgage lenders, hence the low penetration referred to above, the largest block being the approximately 106,000 NHT mortgagors."
  • "Of course there are many persons who do not understand the importance of insurance as well as some may have had a bad experience in the past. Affordability and a person's educational level are factors as insurance is typically bought by persons in the middle and upper income bracket. It is not unusual for persons in lower income neighborhoods to rely on calling relatives abroad to finance funerals rather than purchase relatively inexpensive life insurance policies."
  • "There are also those who mistrust insurance, many times through some bad experience they had, many times before the industry was so highly regulated and there was recourse or the ability to lodge a complaint with the FSC or the IAJ who sort out issues on a regular basis when approached."
Quotes
  • "There has been continuous concern about the fact that Jamaicans are under insured where property insurance is concerned. In fact, IAJ figures show that only approximately 20 % of Jamaica’s Residential Properties are insured."
Quotes
  • "Jamaica's major life and non-life/Insurance/Q2 2018 segments are set to grow at a steady pace over the next five years. The overallmarket will, however, remain poorly developed by most standards, as a result of low income levels and limited household spendingcapacity. These economic factors directly impact the potential of product lines to expand. Still, we expect to see double-digit andhigh single-digit growth rates in the life and non-life segments respectively, which should offer some attractive prospects topotential investors and providers."
Quotes
  • "Less than a third (32 per cent) of adult Jamaicans say they have health insurance, but more than half of these (53 per cent) have coverage only because they are part of workplace schemes. Forty-five per cent of the people with insurance are in individual plans."
  • "However, an overwhelming majority (89 per cent) would like the Government to implement a national health insurance arrangement similar to what exists in countries like Britain or Canada but without any clear idea of how it is to be funded - a job the Andrew Holness administration recently assigned to a group headed by businessman and chairman of the National Health Fund (NHF) Chris Zacca."
  • "According to the Insurance Association of Jamaica (IAJ), up to last December, 368,181 Jamaicans, or approximately 14 per cent of the overall population, were part of employer-funded health arrangements as opposed to those who had individual plans. However, people in these employer plans represented less than 30 per cent of the employed labour force of around 1.3 million people. Forty-three per cent of those on the insurance rolls were dependents of insured workers. Or looked at another way, there are only a third more primary insured people in workplace-related schemes than there are dependents."
  • "Based on these numbers and an extrapolation of others with individual and other plans, it would appear that between half a million and 600,000 Jamaicans have access to some kind of insurance. But whatever the precise total, Eric Hosin, the president of the IAJ and CEO of the Guardian Insurance Group, believes the number to be "very low" for the size of Jamaica's population and workforce."
  • "Of the approximately two-thirds of Jamaicans without health insurance, not able to afford it (44 per cent) was the main reason they gave for the situation, followed by 10 per cent who deemed such policies to be unnecessary, while 10 per cent indicated that they planned to sign up. When people were asked specifically if they believed health insurance was affordable in Jamaica, 55 per cent said no, against a quarter who believed it was, and a fifth who had no position."
  • "The majority sentiment is one with which 29-year-old Tashena Howell has sympathy, although she maintains policies for herself and her mother. Howell, who owns a shop, says meeting the $10,000 premium is tough. She bought her first policy five years ago. "If it is something that you really want, you have to sacrifice," she said. "In the end, it will pay off. It's a risky thing not having insurance. Having insurance is a backup plan."
Quotes
  • "Increasing car ownership and expansion in the real estate sector, as well as overall business activities are major factors behind an increase in demand for insurance, Smith said. Third-party financial service providers are targeting this market, measured at J$43 billion in premiums paid to insurers in 2017."
  • "She explained that securing premium financing loans is generally easy for consumers, particularly for motor insurance, as the insurance policy agreement loans serve as the basis of the loan."
  • "Orville Johnson, executive director of the Insurance Association of Jamaica, pointed out that the insurance premium market amounted to approximately $36 billion for the January to September period of 2018. This was an increase of 11.2 per cent increase over the equivalent prior period."
  • "Insurance-premium financing is growing in this market as it allows purchasers to incorporate premium payments in their budgets comfortably,” Johnson explained. “Currently, low interest rates and the lengthened repayment period increase the convenience and improve the affordability of paying the premium."
  • "He noted that credit unions and commercial banks are playing an increasingly active role in the market, helped by the fact that they are aggressively pursuing the financing of motor vehicle purchases. With motor insurance premiums amounting to $15.2 billion for the January to September period of 2018, this was the single largest element of the insurance premium market"
  • "There is growth in the insurance market, and premium financing is boosting that expansion,” Hind said. “Jamaica’s economic security requires a greater level of insurance coverage, and we see this emerging sector as our partner in helping to achieve this"
Quotes
  • "One major challenge is to get the purchasing public to understand the value of insurance. It is reasonably well accepted by business owners. That is not the issue; it is on the personal lines business that we need to get more individual insurers to understand the importance of purchasing insurance as a safety net to protect their most important valuable assets. "
  • "Hence, the challenge is getting the individual buying public, which is what we call the personal lines, to understand the importance of insurance. The second challenge is being able to sell it to them at an affordable price because we are competing with individuals' everyday domestic purchasing power. Is insurance at the top of the line? No, food, travel, school fees, and everything else comes first. Therefore, it is about getting people to understand that they need to purchase it, but also for us to be able to package that for them at affordable prices."
Quotes
  • "BUILDING a strong financial foundation in your 20s begins with having the right tools. A budget is one of those tools, especially if you're focused on building an emergency fund, saving for retirement or paying off debt. Life insurance is another tool you may want to add to your financial toolbox. Does life insurance for young adults make sense? “That's a question I receive from young people all the time,” says financial advisor Rose Miller. “In fact, most people in their 20s, and even 30s, will tell you that they believe they are much too young to purchase life insurance. However, that's actually the best time to purchase it,” she advises."
  • "Miller is grants manager at JN Foundation and head of the JN BeWi$e financial empowerment programme. She says there are many good reasons to buy life insurance in your 20s. “If you're in your 20s and just left university, chances are you're single and child-less. However, like most people, getting married and starting a family are among your life goals."