Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.
Axco’s Jamaica Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.
The Life & Benefits Report for Jamaica includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics
Real GDP growth (%)
Insurance Penetration (%)
Jamaica is the third largest island in the Caribbean, its insurance market dates back to the 1800s when insurance was introduced from Britain for exports and imports: this developed into an underwriting agency system, largely involving local agents of British insurance companies.
In 2018, non-life gross premium income (including personal accident and health) was JMD 48.06bn. Personal accident and health premium income written by non-life insurers amounted to JMD 214.5mn. Life gross premium income was JMD 43.15bn - life company personal accident and health income was JMD 17.61bn.
The P&C market is very much driven by results in property and motor which account a little above 90% of non-life premiums. In the property sector, insurers continue to be heavily reliant on reinsurance.
There were 12 non-life companies registered as at August 2019 in addition to Lloyd's.The life insurance sub-sector consists of seven companies.