Get access to Axco’s online product with the latest market intelligence for the market of your choice
Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Cuban non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Cuba's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Cuban non-life (P&C) market as well as trends by line of business. Axco analysts also report on Cuba's economic factors, the local political situation, and sections on climate, operational, and security risks. The report is suitable for insurers, reinsurance companies, brokers and insurance buyers.
The report describes Cuba's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Cuba, what are the local rules on licensing and detailing any relevant taxes and charges for the insurer and the insured.
View detailed analysis of local lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers' liability and liability. The report lists the insurance companies operating in Cuba, their market share and investigates how much premium is written through the sector’s different distribution channels.
Statistics include five years of non-life (P&C) market performance indicators, including gross written premiums, premium growth, penetration, profitability ratios, and premium by line of business. Company statistics show who are the leading non-life insurance companies in Cuba with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
In 2020 the Cuban insurance market, according to Axco Global Statistics, ranked 81 worldwide in terms of premiums written. That ranking may be somewhat overstated owing to the official exchange rate conversion of local pesos (CUP) to the US dollar at par. From 1 January 2021 there was a devaluation to CUP 24 : USD 1. In non-life classes Cuba ranked 70, amongst its regional neighbours between Trinidad & Tobago (68) and Jamaica (77).
The non-life market is traditional and underdeveloped, comprising just two insurers ....
This is a brief extract of information; more updated information may be available in the latest published report
