BMI View: Like the majority of markets in the Caribbean, the insurance industry in Jamaica is small andquite poorly developed. Low incomes and a lack of retirement-age planning have hampered the lifeinsurance market, while in the non-life sector limited household spending capacity means demand isrestricted primarily to basic lines (motor and property). The outlook for the market is improving, however,in line with wider economic growth and we see potential for companies to expand their target markets andproduct ranges over the next few years. A lack of local insurance providers of significant scale shouldcreate an opportunity for new entrants, though we note that life insurance provision is currently dominatedby two well-established regional players.
Key Updates And Forecasts:
Jamaica is reportedly considering a significant overhaul of the public healthcare system, particularly inrelation to the four acting Regional Health Authorities, in order to improve efficiencies and access tocare. The country is also looking at options for the introduction of a national health insurance scheme.