Insurance sector copes through 2020’s challenges

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The local insurance sector held its own last year and this despite 2020’s obvious challenges. The Central Bank indicating in its latest quarterly economic review that the number of licensed insurers, brokers and agents decreased by just one to 159.

What’s noteworthy is that domestic intermediaries and insurers remained stable at 127 while those external fell by one to 32.

Assets for domestic companies contracted by 34.8 per cent to just over $2 million in 2020 while general insurance assets dropped to $682.3. This following a marked high in 2019 in the wake of 2019’s hurricane Dorian.

In terms of employment, this dropped by 179 to 914 last year with the average annual salary nearly $40,000.

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