Guam

Axco provides details on the life insurance sector including Guam market participants, reinsurance and distribution channels. The reports describe classes of business from both individual and group life such as whole life, endowment, term life and unit-linked.
Information on non-life classes for example critical illness and private medical insurance.

The report describes the public and private healthcare system in Guam, the scope of cover, accessibility financing and provides an analysis of how the public and private systems complement each other.

Axco reports on the three pillars of Guam pension provision.

• State pension benefits including benefit calculations and eligibility criteria 
• Workplace pension provision; types of schemes calculations eligibility and; tax implications
• Voluntary individual pension provision, type of products and tax implications

The Guam report provides an in-depth analysis of the regulatory framework governing social security as well as details on financing and eligibility. Information includes but is not limited to

• state pensions,
• permanent disability benefit
• occupational accident and disease
• maternity and paternity payments 

The effects of the pandemic in Guam on the life and pension insurance markets are not yet fully known although it may be noted that as COVID-19 statistics stand at present, the elevated mortality risk arising from the pandemic is unlikely to have significant effects on insurers in the short term.

After recording growth of 0.56% in 2019, real GDP is forecast to contract by 10.14% in 2020 as a result of the accumulative impacts of the COVID-19 pandemic. A recovery of up to 6.2% of GDP is expected in 2021, although this is subject to significant downside risks ....

Private pension provision is well developed in the US and Guam, with basic social security provision topped up with second and third pillar private provision. No figures are available in Guam showing splits between life insurance and pension business.

The retirement benefit market in Guam is stimulated by the tax advantages available to qualified plans and their members. The pension market is dominated by investment managers and banks, although a number of independent financial advisers (IFAs) and planners represent foreign (US) insurance companies who offer company pensions. There is no information available regarding the total numbers of pension ....

uam does not provide universal healthcare to its citizens. The PMI/healthcare insurance system in Guam is broadly the same as in the US with some important exceptions. While the standards of US healthcare and research are widely considered among the best in the world, much of its delivery comes from the private sector with its costs very high in relation to other developed health systems in the world.

PMI/healthcare insurance in Guam is primarily governed by the Patient Protection and Affordable Care Act of 2010 ....