Find Insurance and Reinsurance expertise in Saint Lucia
A good provision of financial services in Saint Lucia has led to a well-developed insurance industry which spans different sectors that form life and general insurance fields. There are around 25 insurance company or agency licenses issued to operate in Saint Lucia (2011). Many of the companies operate regionally. Insurance companies operating locally include regional firms such as Caribbean Alliance Insurance Co Ltd and SagicorLife, and national firms such as EC Global Insurance and Saint Lucia Motor and General Insurance Co Ltd.
Saint Lucia has a sizeable social security system administered by the National Insurance Corporation (NIC); in 2004 the total assets of its funds comprised approximately 15% of GDP. NIC is ‘part-funded’ so it invests some of its income for future use as opposed to ‘unfunded’ social security schemes which use all their income to directly payout benefits. Saint Lucia’s insurance industry is regulated by and the Financial Sector Supervision Unit within the Ministry of Finance.