The Insurance Industry in Suriname, Key Trends and Opportunities to 2018

Published: Sep, 2014 | Pages: 136 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
The report provides in-depth industry analysis, information and insights into the insurance industry in Suriname, including:
The Surinamese insurance industry's growth prospects by insurance segments and categories
The competitive landscape in the Surinamese insurance industry
The current trends and drivers of the Surinamese insurance industry
Challenges facing the Surinamese insurance industry
Detailed regulatory framework of the Surinamese insurance industry

Summary
The Surinamese insurance industry grew at a review-period CAGR of 16.4%. This growth was driven by the life segment, with a CAGR of 18.9% during 2009-2013. According to the World Bank 2014, the Surinamese insurance industry remained relatively unaffected by the global and European debt crises. Other factors contributing to this growth were the country's relatively stable economic conditions and the government's expansionary economic policies, which had a positive effect on premium income during the review period. Personal accident and health insurance recorded the second-highest review-period CAGR of 16.1%. This was supported by increased demand for better healthcare services and the rising cost of healthcare.
Scope
This report provides a comprehensive analysis of the insurance industry in Suriname:
It provides historical values for the Surinamese insurance industry for the report's 2009-2013 review period and projected figures for the 2013-2018 forecast period.
It offers a detailed analysis of the key segments and categories in the Surinamese insurance industry, along with forecasts until 2018.
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 Suriname, and outlines the key regulations affecting them.
Reason To Buy
Make strategic business decisions using in-depth historic and forecast industry data related to the Surinamese insurance industry and each segment within it.
Understand the demand-side dynamics, key trends and growth opportunities within the Surinamese insurance industry.
Assess the competitive dynamics in the Surinamese insurance industry.
Identify the growth opportunities and market dynamics within key segments.
Gain insights into key regulations governing the Surinamese insurance industry and its impact on companies and the industry's future.
Key Highlights
The non-life segment posted a market share of 29.9% during the review period, in terms of gross written premium. Motor insurance was the largest category within the non-life segment in 2013, with a share of 59.4%, followed by property insurance with 32.4%, marine aviation and transit with 5.3% and liability insurance with 2.9%.
The decline in the inflation rate, the boost in the motor insurance category and the decrease in the unemployment rate will maintain the industry's growth over the forecast period.
Increase in use of technology and the development of new products will help to attract and raise awareness for insurance products.
13 insurance companies were operating in the country as of 2012, of which five were life insurers, six were general insurers and two were funeral insurers.
The Surinamese insurance industry recorded a weakening of underwriting performance, with the combined ratio increasing from 317.8% in 2009 to 372.4% in 2013.

 1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Surimese Insurance Industry Overview
3.1 Surimese Insurance Industry
3.2 Key Industry Trends and Drivers
3.3 Challenges
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 Persol Accident and Health Insurance
4.3.1 Persol accident insurance
4.3.2 Health insurance
4.3.3 Travel insurance
4.4 Reinsurance
5 Governce, Risk and Compliance
5.1 Legislation Overview and Historical Evolution
5.2 Legislation and Market Practice by Type of Insurance
5.2.1 Life insurance
5.2.2 Property insurance
5.2.3 Motor insurance
5.2.4 Liability insurance
5.2.5 Marine, aviation and transit insurance
5.2.6 Persol accident and health insurance
5.3 Compulsory Insurance
5.3.1 Motor third-party liability insurance
5.3.2 Health insurance (State scheme)
5.4 Supervision and Control
5.4.1 Intertiol Association of Insurance Supervisors (IAIS)
5.4.2 Central Bank Van Surime
5.5 Non-Admitted Insurance Regulations
5.5.1 Overview
5.5.2 Intermediaries
5.5.3 Market practices
5.5.4 Fines and pelties
5.6 Company Registration and Operations
5.6.1 Types of insurance organization
5.6.2 Establishing a local company
5.6.3 Foreign ownership
5.6.4 Types of license
5.6.5 Capital requirements
5.6.6 Solvency margins
5.6.7 Reserve requirements
5.6.8 Investment regulations
5.6.9 Statutory return requirements
5.6.10 Fee structure
5.7 Taxation
5.7.1 Insurance premium or policy taxation
5.7.2 Withholding taxes on premium paid overseas
5.7.3 Corporate tax
5.7.4 VAT
5.7.5 Captives
5.8 Legal System
5.8.1 Introduction
5.8.2 Access to court
5.8.3 Altertive dispute resolution (ADR)
6 Competitive Landscape
6.1 Overview
6.2 Leading Companies
6.2.1 Assuria NV - company overview
6.2.2 FATUM Schadeverzekering NV - company overview
7 Economic Indicators
7.1 GDP at Constant Prices (US$)
7.2 GDP at Current Prices (US$)
7.3 GDP per Capita at Current Prices (US$)
7.4 Inflation Rate (Percentage)
7.5 Life Expectancy (Years)
7.6 Total Labor Force (Thousand)
7.7 Number of Households (Thousand)
7.8 Total Internet Users (Thousand)
7.9 Urban and Rural Population (Percentage)
7.1 Total Population (Thousand)
8 Appendix
8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric's Services
8.5 Disclaimer


List of Tables
Table 1: Insurance Industry Definitions
Table 2: Surimese Insurance Gross Written Premium by Segment (SRD Million), 2009-2013
Table 3: Surimese Insurance Gross Written Premium by Segment (US$ Million), 2009-2013
Table 4: Surimese Insurance Gross Written Premium by Segment (SRD Million), 2013-2018
Table 5: Surimese Insurance Gross Written Premium by Segment (US$ Million), 2013-2018
Table 6: Surimese Insurance Segmentation by Gross Written Premium (Percentage Share), 2009-2018
Table 7: Surimese Individual Whole Life - Gross Written Premium (SRD Million), 2009-2013
Table 8: Surimese Life Insurance - Gross Written Premium (SRD Million), 2013-2018
Table 9: Surimese Life Insurance - Paid Claims (SRD Million), 2009-2013
Table 10: Surimese Life Insurance - Paid Claims (SRD Million), 2013-2018
Table 11: Surimese Life Insurance - Incurred Loss (SRD Million), 2009-2013
Table 12: Surimese Life Insurance - Incurred Loss (SRD Million), 2013-2018
Table 13: Surimese Life Insurance - Loss Ratio (%), 2009-2013
Table 14: Surimese Life Insurance - Loss Ratio (%), 2013-2018
Table 15: Surimese Life Insurance - Combined Ratio (%), 2009-2013
Table 16: Surimese Life Insurance - Combined Ratio (%), 2013-2018
Table 17: Surimese Life Insurance - Total Assets (SRD Million), 2009-2013
Table 18: Surimese Life Insurance - Total Assets (SRD Billion), 2013-2018
Table 19: Surimese Life Insurance - Total Investment Income (SRD Million), 2009-2013
Table 20: Surimese Life Insurance - Total Investment Income (SRD Million), 2013-2018
Table 21: Surimese Life Insurance - Retentions (SRD Million), 2009-2013
Table 22: Surimese Life Insurance - Retentions (SRD Million), 2013-2018
Table 23: Surimese Non-Life Insurance - Gross Written Premium by Category (SRD Million), 2009-2013
Table 24: Surimese Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 25: Surimese Non-Life Insurance - Gross Written Premium by Category (SRD Million), 2013-2018
Table 26: Surimese Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 27: Surimese Non-Life Insurance - Paid Claims (SRD Million), 2009-2013
Table 28: Surimese Non-Life Insurance - Paid Claims (SRD Million), 2013-2018
Table 29: Surimese Non-Life Insurance - Incurred Loss (SRD Million), 2009-2013
Table 30: Surimese Non-Life Insurance - Incurred Loss (SRD Million), 2013-2018
Table 31: Surimese Non-Life Insurance - Loss Ratio (%), 2009-2013
Table 32: Surimese Non-Life Insurance - Loss Ratio (%), 2013-2018
Table 33: Surimese Non-Life Insurance - Combined Ratio (%), 2009-2013
Table 34: Surimese Non-Life Insurance - Combined Ratio (%), 2013-2018
Table 35: Surimese Non-Life Insurance - Total Assets (SRD Million), 2009-2013
Table 36: Surimese Non-Life Insurance - Total Assets (SRD Million), 2013-2018
Table 37: Surimese Non-Life Insurance - Total Investment Income (SRD Million), 2009-2013
Table 38: Surimese Non-Life Insurance - Total Investment Income (SRD Million), 2013-2018
Table 39: Surimese Non-Life Insurance - Retentions (SRD Million), 2009-2013
Table 40: Surimese Non-Life Insurance - Retentions (SRD Million), 2013-2018
Table 41: Surimese Property Insurance - Gross Written Premium (SRD Million), 2009-2013
Table 42: Surimese Property Insurance - Gross Written Premium (SRD Million), 2013-2018
Table 43: Surimese Motor Insurance - Gross Written Premium (SRD Million), 2009-2013
Table 44: Surimese Motor Insurance - Gross Written Premium (SRD Million), 2013-2018
Table 45: Surimese Liability Insurance - Gross Written Premium (SRD Million), 2009-2013
Table 46: Surimese Liability Insurance - Gross Written Premium (SRD Million), 2013-2018
Table 47: Surimese Marine, Aviation and Transit Insurance - Gross Written Premium (SRD Million), 2009-2013
Table 48: Surimese Marine, Aviation and Transit Insurance - Gross Written Premium (SRD Million), 2013-2018
Table 49: Surimese Persol Accident and Health Insurance - Gross Written Premium by Category (SRD Million), 2009-2013
Table 50: Surimese Persol Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
Table 51: Surimese Persol Accident and Health Insurance - Gross Written Premium by Category (SRD Million), 2013-2018
Table 52: Surimese Persol Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
Table 53: Surimese Persol Accident and Health Insurance - Paid Claims (SRD Million), 2009-2013
Table 54: Surimese Persol Accident and Health Insurance - Paid Claims (SRD Million), 2013-2018
Table 55: Surimese Persol Accident and Health Insurance - Incurred Loss (SRD Million), 2009-2013
Table 56: Surimese Persol Accident and Health Insurance - Incurred Loss (SRD Million), 2013-2018
Table 57: Surimese Persol Accident and Health Insurance - Loss Ratio (%), 2009-2013
Table 58: Surimese Persol Accident and Health Insurance - Loss Ratio (%), 2013-2018
Table 59: Surimese Persol Accident and Health Insurance - Combined Ratio (%), 2009-2013
Table 60: Surimese Persol Accident and Health Insurance - Combined Ratio (%), 2013-2018
Table 61: Surimese Persol Accident and Health Insurance - Total Assets (SRD Million), 2009-2013
Table 62: Surimese Persol Accident and Health Insurance - Total Assets (SRD Million), 2013-2018
Table 63: Surimese Persol Accident and Health Insurance - Total Investment Income (SRD Million), 2009-2013
Table 64: Surimese Persol Accident and Health Insurance - Total Investment Income (SRD Million), 2013-2018
Table 65: Surimese Persol Accident and Health Insurance - Retentions (SRD Million), 2009-2013
Table 66: Surimese Persol Accident and Health Insurance - Retentions (SRD Million), 2013-2018
Table 67: Surimese Persol Accident Insurance - Gross Written Premium (SRD Million), 2009-2013
Table 68: Surimese Persol Accident Insurance - Gross Written Premium (SRD Million), 2013-2018
Table 69: Surimese Health Insurance - Gross Written Premium (SRD Million), 2009-2013
Table 70: Surimese Health Insurance - Gross Written Premium (SRD Million), 2013-2018
Table 71: Surimese Travel Insurance - Gross Written Premium (SRD Million), 2009-2013
Table 72: Surimese Travel Insurance - Gross Written Premium (SRD Million), 2013-2018
Table 73: Surimese Reinsurance - Ceded by Insurance Segment (SRD Million), 2009-2013
Table 74: Surimese Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
Table 75: Surimese Reinsurance - Ceded by Insurance Segment (SRD Million), 2013-2018
Table 76: Surimese Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
Table 77: Surimese Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 78: Surimese Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 79: Surimese Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 80: Surimese Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 81: Surimese Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
Table 82: Surimese Persol Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
Table 83: Surime - Life Insurance Regulatory Framework
Table 84: Surime - Property Insurance Regulatory Framework
Table 85: Surime - Motor Insurance Regulatory Framework
Table 86: Surime - Liability Insurance Regulatory Framework
Table 87: Surime - Corporate Tax Rates for the Fincial Year 2013
Table 88: Surimese Insurance Industry, 2012
Table 89: Assuria NV, Main Products
Table 90: Assuria NV, Key Employees
Table 91: FATUM Schadeverzekering NV, Main Products
Table 92: FATUM Schadeverzekering NV, Key Employees