Suriname Insurance Industry Analysis 2018

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
• OverviewTable of contentsList of tablesList of figures
• Overview

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Executive 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 projeted 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.

Reasons 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.

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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.