Consumer Perceptions of Insurance Practices in St.Lucia
Wyatt, Lillian
Wyatt, Lillian
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Abstract
Insurance is meant to provide security in the face of uncertainty. However, in St.Lucia, large portions of the population remain uninsured. Fewer than 25% of St. Lucians hold private health insurance, and only a small share of buildings and businesses are adequately insured (Pan American Health Organization, 2024; St. Lucia Chamber of Commerce, Industry & Agriculture, 2024). Despite these gaps, little research has examined the barriers to obtaining insurance coverage. To address this gap, the University of Vermont�s Community and Economic Development program partnered with the St. Lucia Consumer Affairs Department as part of a 20-year exchange program to examine consumer perceptions of insurance. Our team designed, administered, and analyzed a survey that combined open- and closed-ended questions on insurance participation, barriers to coverage, and consumer experiences. The survey was conducted in person using paper questionnaires at four major population centers across St. Lucia and collected 333 responses. Results revealed that 51.5% of respondents were uninsured. Among those without coverage, the most frequently cited barriers were the high cost of insurance, lack of trust in insurance providers, limited information about available policies, and the loss of employer-based insurance. Notably, many respondents expressed a desire for insurance coverage but felt constrained by these barriers. Among insured respondents, vehicle insurance had the highest participation rate (27.1%), while property insurance had the lowest (11.8%), largely due to high premiums associated with climate-related risk. Many policyholders also reported rising premiums. Rate increases were reported by 60.7% of life insurance holders, 61.4% of health insurance holders, 69.2% of property insurance holders, and 85% of vehicle insurance holders. Many vehicle insurance customers reported premium increases despite not filing claims and despite vehicle depreciation. Without prompting, 21% of policyholders suggested implementing merit-based pricing for vehicle insurance. Overall, the findings indicate substantial financial, informational, and trust barriers to insurance participation in St. Lucia. The results have been shared with the St. Lucia Consumer Affairs Department and are informing ongoing government discussions on potential insurance-sector reforms.
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Date
1/1/2026
Student Status
Junior (Graduating in 2027)
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Poster
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Community and International Development
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College of Agriculture and Life Sciences
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Social Science