Turks & Caicos Islands

Axco provides details on the life insurance sector including the Turks and Caicos Islands 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 the Turks and Caicos Islands, 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 the Turks and Caicos Islands 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 Turks and Caicos Islands 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 life insurance market in the TCI is extremely small, with annual premium income of USD 2.46mn in 2019, with creditor life premium income accounting for 47.1%.

Until comparatively recently most of the local population lived a precarious existence, where insurance of any kind was either not understood or considered unaffordable ....

The Caribbean region has been slow to develop its occupational and private pension structures, particularly in many of the smaller islands where little or no pension legislation currently exists. This is the case in the TCI, where there is no private pension legislation whatsoever. As local residents gain more acquisition power this situation may eventually change; so far, however, the government seems disinclined to introduce pensions legislation and continues to rely on the relatively recent National Insurance Scheme (NIS) to provide pensions to the population ....

The opening of two new Canadian-managed public hospitals on Grand Turk and Providenciales in 2010 coincided with the TCI's implementation of a mandatory and controversial National Health Insurance Plan (NHIP), primarily funded by employer and employee contributions. Facilities at the new hospitals have enabled a broader range of treatment to be offered locally, without patients having to travel overseas as in the past; however, overseas treatment costs continue to place a heavy drain on the government's budget. The government is understood to have reduced the reliance on ....