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Axco's insurance market report provides expert analysis, market insight, company performance data and market statistics for the Jamaican non-life (property and casualty) market. The detailed report is produced following a visit to the country and interviews with industry professionals working in Jamaica's insurance sector. Systematic updates are published throughout the cycle, to the latest developments in the Jamaica non-life (P&C) market as well as trends by line of business. Axco analysts also report on Jamaica'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 Jamaica's insurance regulations and requirements, including vital compliance requirements such as if non admitted insurance is permitted in Jamaica, 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 Jamaica, 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 Jamaica with local company premiums, market share and year on year growth, expense ratios and retentions by line of business.
The Malagasy non-life insurance market is relatively small with premiums of MGA 191.22bn (USD 50.69mn) in 2018 (including personal accident and health insurance). This reflects the low penetration rate in the country (the World Bank indicates that 62% of adults have no knowledge of insurance and 92% of adults have no non-life or life insurance). It also reflects the low buying power of most individuals with 75% of the population living off less than USD 1.90 per day.
In June 2020 the government announced a multi-sector emergency plan to address the impact of the COVID-19 pandemic ....
This is a brief extract of information; more updated information may be available in the latest published report.