Caribbean Insurance Buyer Psychographics

Goals

  • To gain an understanding of the personal/home/auto insurance buyer in the Caribbean, specifically in Bahamas, Barbados, Belize, The Dominican Republic, Guyana, Haiti, and Jamaica.

Early Findings

  • Latin American and the Caribbean account for 8.6% of the world's population, but only 3.1% of global insurance premiums.
  • Hotel and resort owners in Caribbean countries are continuing to insure/reinsure their properties despite increases in insurance premiums of up to 50% since 2017.
  • The Caribbean Catastrophe Risk Insurance Facility (CCRIF) is a multi-country risk pool/catastrophic fund and insurance instrument that uses parametric policies to help limit the financial impact of natural disasters, including hurricanes, in participating Caribbean countries.
  • This 2019 Insurance Fact Book may provide useful information and insights.

Proposed next steps:

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