A study by Orbis Research has recently indicated that the insurance market in T&T is booming.
In a release, the company contended: “Strong demand for insurance of vehicles, property, health and other insurances across Trinidad and Tobago are driving the revenues of insurance companies in the country.”
It continued that growing life expectancy, tax incentives on insurance products, favourable savings associated with insurance are further encouraging the customers across insurance segments.
Orbis Research indicated that T&T’s insurance industry is facing stiff competition as the insurance companies not only compete with each other, but also compete with the risk retention groups, government, and self-insurance.
It mentioned that the companies generally compete mainly based on two factors including the quality of the services and price that they provide.
According to Orbis, many large organisations self-insure for most of their employee benefits like health coverage, which lowers market scope for insurance companies.
It said that rising government spending, technological innovations and increased consumer awareness about insurance products are key market drivers in T&T.
Orbis noted: “The government’s policy of insuring the uninsured has progressively pushed the insurance penetration in T&T and the proliferation of insurance schemes.”
It added that the increasing number of digital distribution channels is also favouring the insurers to easily obtain insurance policies.
Orbis indicated that through different distribution channels, insurance companies in T&T are providing a wide variety of products with varying levels of complexity that are designed for different groups of businesses, individuals and other organisations.
The research also indicated that local market players in the country are focusing on marketing their competitive edge by rolling out more plans customised to diverse sectors and developing more innovative digital features.
Orbis Research The Trinidad and Tobago Insurance Market, Size, Share, Outlook and Growth Opportunities 2020-2026 outlines an analysis of the country’s Insurance activities, with a focus on market dynamics, recent trends, and insights on the insurance market.
The report covers the 2019 scenario and growth prospects of the Insurance Market for 2020-2026.
Life Insurance Premiums, Motor Vehicle Insurance, Property Insurance, Personal Accident Insurance, Health Insurance, General Liability Insurance, Credit/Financial Guarantee Insurance, and Other Insurance markets in T&T have been analysed and forecast to 2026 in the report.