Jamaica Insurance Report - Business Monitor International - Industry Reports

Jamaica Insurance Report

Jamaica Insurance Report - Business Monitor International - Industry Reports
Jamaica Insurance Report
Published Sep 24, 2016
38 pages — Published Sep 24, 2016
Price US$ 1,295.00  |  Buy this Report Now

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Abstract:

Gross Life Insurance Premiums (---------) Gross life premiums written, JMDbn (LHS) Gross life premiums written, JMD, y-o-y (RHS) ---- ---- ----e ----f ----f ----f ----f ----f - -- -- -- --- --- --- - -- -- -- e/f = BMI estimate/forecast. Source: BMI/IAJ The government has started to implement a regulatory framework for private pension following the passing of the Pensions Act. ...Source: BMI/IAJ The government has started to implement a regulatory framework for private pension following the passing of the Pensions Act. At present, less than - of the labour force has a pension plan, indicative of the limited understanding of the benefits of either savings policies or life insurance in the country, coupled with large swathes of low income households who cannot afford it. We believe that the changes to the pension legislation, in conjunction with a spate of education programmes, is likely to open the door for life insurers to boost their consumer base and improve overall premium levels. Nevertheless, the main driver of the expansion in premiums that we are looking for is the general improvement in the economic environment. Confidence, on the part of those households who can afford life insurance and companies that buy group products, has been improving.

...Claims data from the Insurance Association of Jamaica is quite limited at present, with little historic information. A claims/gross premiums ratio of -- in the two years for which data is available is alarmingly high for a life sector of relative immaturity. ...Overall, this paints a picture of a sector with significant flaws. Uptake is limited and many policyholders choose to partially or wholly pull out of policies well in advance of maturity, posing a threat to the future development of the sector. Overall, this paints a picture of a sector with significant flaws. ...Uptake is limited and many policyholders choose to partially or wholly pull out of policies well in advance of maturity, posing a threat to the future development of the sector.

...We expect growth to gradually pick up in Jamaica over the coming years, as the country slowly undertakes improvements to its business environment, including simplifying the tax code and providing investment incentives. This, coupled with lower inflation, which will support private consumer spending, will drive stronger growth in ---- than we saw in ---- and ----. ...

  
Source:
Document ID
2397-4338
Country
Industry
Format:
PDF Adobe Acrobat
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Business Monitor International - Industry Reports—Established in 1984, Business Monitor International is a leading online publisher of specialist business information on global emerging markets. Business Monitor's range of quarterly services covers political risk, finance, macroeconomic performance, outlook and forecast, industry sectors and the business operating environment. Each Industry Report has been researched at source, and features latest-available data covering production, sales, imports and exports; 5-year industry forecasts through end-2012; company rankings and competitive landscapes for multinational and local manufacturers and suppliers; and analysis of latest industry developments, trends and regulatory changes.

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MLA:
Business Monitor International - Industry Reports. "Jamaica Insurance Report" Sep 24, 2016. Alacra Store. Dec 10, 2016. <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Jamaica-Insurance-Report-2026-1893>
  
APA:
Business Monitor International - Industry Reports. (2016). Jamaica Insurance Report Sep 24, 2016. New York, NY: Alacra Store. Retrieved Dec 10, 2016 from <http://www.alacrastore.com/storecontent/Business-Monitor-International-Industry-Reports/Jamaica-Insurance-Report-2026-1893>
  
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