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The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022

The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022

Publishing Date : Sep, 2018

License Type :
 

Report Code : 1304997

No of Pages : 65

Synopsis
The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022

Summary

GlobalData’s 'The Insurance Industry in Isle of Man, Key Trends and Opportunities to 2022' report provides detailed analysis of the market trends, drivers and challenges in the Manx insurance industry.

It provides key performance indicators such as written premium and claims during the review period (2013-2017) and forecast period (2017-2022).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Manx economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Inside this report, we look at the top themes, its predictions and identify winners and losers.

The report provides in-depth market analysis, information and insights into the Manx insurance industry, including -
- The Manx insurance industry's growth prospects by segment and category
- A comprehensive overview of the Manx economy and demographics
- Details of the competitive landscape in the Manx insurance industry
- The various distribution channels in the Manx insurance industry
- Details of regulatory policy applicable to the Manx insurance industry
- Analysis of natural hazards in the Manx insurance industry

Key Highlights

- In 2018, IOMFSA introduced a risk-based solvency regime; the solvency requirement will now depend on insurers’ risk cover.
- According to IOMFSA’s Roadmap Report July 2018, a new framework is expected to be implemented in the Manx insurance industry.
- As of 2016, there were 84 captive insurers operating in the country.

Scope

- This report provides a comprehensive analysis of the insurance industry in Isle of Man.
- It provides historical values for the Manx insurance industry for the report’s 2013-2017 review period, and projected figures for the 2017-2022 forecast period.
- It offers a detailed analysis of the key segments in the Manx insurance industry, with market forecasts to 2022.
- It covers an exhaustive list of parameters, including written premium and claims.
- It analyzes the various distribution channels in Isle of Man.
- It profiles the top insurance companies in Isle of Man, and outlines the key regulations affecting them.

Reasons to buy

- Make strategic business decisions using in-depth historic and forecast market data related to the Manx insurance industry and each segment and category within it.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Manx insurance industry.
- Assess the competitive dynamics in the Manx insurance industry.
- Identify the growth opportunities and market dynamics in key segments.
- Gain insights into key regulations governing the Manx insurance industry and their impact on companies and the industry's future.

Companies Mentioned
Tower Insurance
Isle of Man Assurance Ltd
Templeton Insurance Ltd
Scottish Widows
Zurich International Life Ltd

Geographical Area
Isle of Man
Index
Table of Contents
1 KEY FACTS AND HIGHLIGHTS 2
2 EXECUTIVE SUMMARY 3
3 ECONOMY AND DEMOGRAPHICS 9
4 INDUSTRY OUTLOOK 13
4.1 Industry Indicators 15
4.1.1 Gross written premium 15
4.1.2 Insurance density 16
5 LIFE INSURANCE OUTLOOK 17
5.1 Segment Indicators 17
5.1.1 Gross written premium 17
5.1.2 Assets and investments 18
6 GENERAL INSURANCE OUTLOOK 19
6.1 Segment Indicators 19
6.1.1 Gross written premium 19
6.1.2 Assets and investments 20
7 REINSURANCE OUTLOOK 21
8 DISTRIBUTION CHANNEL OUTLOOK 22
9 NATURAL AND MAN-MADE HAZARDS 23
9.1 Flooding 23
9.2 Storms 23
9.3 Exposure 23
10 COMPETITIVE LANDSCAPE 24
10.1 Company Profiles 25
10.1.1 Tower Insurance - company overview 25
10.1.2 Isle of Man Assurance Ltd - company overview 25
10.1.3 Templeton Insurance Ltd - company overview 26
10.1.4 Scottish Widows - company overview 26
10.1.5 Zurich International Life Ltd - company overview 26
11 GOVERNANCE, RISK AND COMPLIANCE 27
11.1 Legislation Overview and Historical Evolution 28
11.2 Latest Changes in Regulation 29
11.3 Legislation and Market Practice by Type of Insurance 36
11.3.1 Life insurance 36
11.3.2 Property insurance 38
11.3.3 Motor insurance 39
11.3.4 Liability insurance 40
11.3.5 Marine, aviation and transit insurance 40
11.3.6 Personal accident and health insurance 40
11.4 Compulsory Insurance 41
11.4.1 Motor third-party liability insurance 41
11.4.2 Social insurance system 41
11.5 Supervision and Control 43
11.5.1 International Association of Insurance Supervisors 43
11.5.2 The Isle of Man Financial Services Authority 44
11.5.3 Manx Insurance Association 44
11.5.4 Isle of Man Captive Association 44
11.6 Non-Admitted Insurance Regulations 45
11.6.1 Overview 45
11.6.2 Intermediaries 45
11.6.3 Market practices 45
11.6.4 Fines and Penalties 45
11.7 Company Registration and Operations 46
11.7.1 Type of insurance organization 47
11.7.2 Establishing a local company 47
11.7.3 Foreign ownership 47
11.7.4 Types of license 47
11.7.5 Capital requirements 48
11.7.6 Solvency margin 48
11.7.7 Reserve requirements 50
11.7.8 Investment regulations 50
11.7.9 Statutory return requirements 50
11.7.10 Fee structure 51
11.8 Taxation 55
11.8.1 Insurance premium or policy taxation 55
11.8.2 Withholding taxes on premium paid overseas 55
11.8.3 Corporate tax 55
11.8.4 VAT 55
11.8.5 Captives 55
11.9 Legal System 56
11.9.1 Introduction 56
11.9.2 Access to court 56
11.9.3 Alternative dispute resolution 56
12 DATABOOK 57
12.1 Life Insurance 57
12.1.1 Policies and premium 57
12.1.2 Assets and investments 57
12.2 General Insurance 58
12.2.1 Policies and premium 58
12.2.2 Assets and investments 58
13 DEFINITIONS AND METHODOLOGY 59
13.1 Definitions 59
13.2 Methodology 61
14 ABOUT GLOBALDATA 63
14.1 Contact GlobalData 63
14.2 About GlobalData 63
14.3 GlobalData Services 64
14.4 Disclaimer 65
List of Tables
List of Tables
Table 1: Manx Insurance Industry - Key Facts, 2017 2
Table 2: Manx Insurance Industry - Leading Insurers, 2017 2
Table 3: Manx Government Credit Ratings 10
Table 4: Manx Insurance Industry - Gross Written Premium (GBP Billion and US$ Billion), 2013-2017 15
Table 5: Manx Insurance Industry - Gross Written Premium (GBP Billion and US$ Billion), 2017-2022 15
Table 6: Manx Insurance Industry - Density (GBP), 2013-2017 16
Table 7: Manx Insurance Industry - Density (GBP), 2017-2022 16
Table 8: Manx Life Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2013-2017 17
Table 9: Manx Life Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2017-2022 17
Table 10: Manx Life Insurance - Total Assets (GBP Billion and US$ Billion), 2013-2017 18
Table 11: Manx Life Insurance - Total Assets (GBP Billion and US$ Billion), 2017-2022 18
Table 12: Manx General Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2013-2017 19
Table 13: Manx General Insurance - Gross Written Premium (GBP Billion and US$ Billion), 2017-2022 19
Table 14: Manx General Insurance - Total Assets (GBP Billion and US$ Billion), 2013-2017 20
Table 15: Manx General Insurance - Total Assets (GBP Billion and US$ Billion), 2017-2022 20
Table 16: Manx Insurance Industry - Leading Insurers, 2017 24
Table 17: Tower Insurance - Key Facts 25
Table 18: Isle of Man Assurance Ltd - Key Facts 25
Table 19: Templeton Insurance Ltd - Key Facts 26
Table 20: Scottish Widows - Key Facts 26
Table 21: Zurich International Life Ltd - Key Facts 26
Table 22: Isle of Man - Insurance Regulatory Framework Key Features 27
Table 23: Isle of Man - Life Insurance Regulatory Framework 36
Table 24: Isle of Man - Property Insurance Regulatory Framework 38
Table 25: Isle of Man- Motor Insurance Regulatory Framework 39
Table 26: Isle of Man - Liability Insurance Regulatory Framework 40
Table 27: Isle of Man - Application Fees for Insurance Companies 2018 51
Table 28: Isle of Man - Annual Fees in 2018 52
Table 29: Isle of Man - Liability Insurance Regulatory Framework 53
Table 30: Isle of Man - Corporate Tax Rates for the Financial Year 2018 55
Table 31: Manx Life Insurance - Policies and Premium, 2013-2017 57
Table 32: Manx Life Insurance - Policies and Premium, 2017-2022 57
Table 33: Manx Life Insurance - Assets and Investments, 2013-2017 57
Table 34: Manx Life Insurance - Assets and Investments, 2017-2022 57
Table 35: Manx General Insurance - Policies and Premium, 2013-2017 58
Table 36: Manx General Insurance - Policies and Premium, 2017-2022 58
Table 37: Manx General Insurance - Assets and Investments, 2013-2017 58
Table 38: Manx General Insurance - Assets and Investments, 2017-2022 58
Table 39: Insurance Industry Definitions 59

List of Figures
List of Figures
Figure 1: Real GDP (GBP Billion), 2013 to 2016 10
Figure 2: Manx Exchange Rate (GBP per US$), 2013-2022 11
Figure 3: Manx Consumer Price Inflation (%), 2013-2017 12
Figure 4: Manx Insurance Industry - Gross Written Premium (GBP Billion), 2013-2022 15
Figure 5: Manx Insurance Industry - Density (GBP), 2013-2022 16
Figure 6: Manx Life Insurance - Gross Written Premium (GBP Billion), 2013-2022 17
Figure 7: Manx Life Insurance - Total Assets (GBP Billion), 2013-2022 18
Figure 8: Manx General Insurance - Gross Written Premium (GBP Billion), 2013-2022 19
Figure 9: Manx General Insurance - Total Assets (GBP Billion), 2013-2022 20
Figure 10: Isle of Man - Insurance Supervision and Control at various levels 43
Figure 11: Isle of Man - Insurance Regulatory Frameworks for Company Registration and Operation 46

Published By : GlobalData