Caribbean P/C lnsurers Resilient Despite COVID-19; 2021 Hurricane Season Looms

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      <subfield code="a">Caribbean P/C lnsurers Resilient Despite COVID-19; 2021 Hurricane Season Looms</subfield>
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      <subfield code="a">The new Best's Market Segment Report, "Caribbean Property/Casualty Insurers Resilient Despite COVID-19; 2021 Hurricane Season Looms," states that the COVID-19 pandemic weighed heavily on countries with weak public health infrastructure and limited economic resources to ramp up services, as well as those dependent on tourism activity to drive economic growth. A paucity of hurricane and wind activity in the Caribbean meant that the pandemic effectively served as the region's major catastrophe in 2020. Still, despite the relatively calm 2020 hurricane season, multiple near misses and a general trend in reinsurance price increases caused by losses in prior years have affected the region's insurers. Consolidated gross premiums for rated property/casualty insurers in the Caribbean for 2020 increased by 4.9%, reflecting continued price firming in specific territories, while net premiums decreased by 4.3%, reflecting higher cessions by some companies. The overall combined ratio improved by 4.1 points, to 94.8% from 98.9%. The rated group had net income of $61 million in 2020, compared with $30 million in 2019 when Hurricane Dorian created substantial losses. Caribbean life and health companies experienced a disruption in top line growth in 2020 due to the pandemic, with a 9% decline in total revenue and a 40% decline in net income. Both life and health premiums dropped as insurers provided premium relief to policyholders while economic conditions waned owing to stay-at-home restrictions and dramatic declines in tourism.</subfield>
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