The reported premium of Caribbean Association of Insurance Regulators (CAIR) member countries increased 20.4 percent between 2013 and 2009, rising from $3.6 billion to $4.5 billion, according to a new A.M. Best report.
A.M. Best conducted a five-year survey of CAIR member countries that represented close to 7.4 million people and in 2013, more than $74 billion in annual gross domestic product.
Of the 20 member countries, 18 countries participated in the 2013 data collection process. As the countries in the region are widely diverse with varying reporting requirements, accounting standards and regulatory requirements, the results vary from country to country on some levels.
In total, there was reported to be $11.7 billion of assets held by insurance companies in the CAIR member countries and reported cash and investments totalled $9.2 billion in 2013.
According to the report, investment risk across the region remains relatively conservative, on aggregate, with over 67 percent of the investments held in bonds, cash and short-term investments.
The region, though small, is diverse but there is an effort to harmonise local regulations and reporting standards with current and developing international standards, said A.M. Best.
