Market Research Logo

The Insurance Industry in Jamaica, Key Trends and Opportunities to 2018

The Insurance Industry in Jamaica, Key Trends and Opportunities to 2018

Synopsis

Timetric’s “The Insurance Industry in Jamaica, Key Trends and Opportunities to 2018” report provides detailed analysis of the market trends, drivers, challenges in the Jamaican insurance industry. It provides values of a number of Key Performance Indicators (KPI) such as written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions during the review period (2009–2013) and forecast period (2014–2018). The report also provides detailed information pertaining to the competitive landscape in the country. This brings together Timetric’s research, modeling, and analysis expertise in order to develop an insightful report. This allows insurers to identify industry dynamics, competitive advantage and profile of insurers operating in the country. The report also covers a detailed regulatory policies and recent changes in regulatory structure.

Summary

The report provides in-depth industry analysis, information and insights into the insurance industry in Jamaica, including:

  • The Jamaican insurance industry’s growth prospects by insurance segment and category
  • The competitive landscape in the Jamaican insurance industry
  • The current trends and drivers in the Jamaican insurance industry
  • Challenges facing the Jamaican insurance industry
  • The detailed regulatory framework of the Jamaican insurance industry
Scope

This report provides a comprehensive analysis of the insurance industry in Jamaica:
  • It provides historical values for the Jamaican insurance industry for the report’s 2009–2013 review period, and projected figures for the 2013–2018 forecast period.
  • It offers a detailed analysis of the key segments and categories in the Jamaican insurance industry, along with forecasts until 2018.
  • It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, total assets, total investment income and retentions.
  • It profiles the top insurance companies in Jamaica, and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast industry data related to the Jamaican insurance industry and each segment within it.
  • Understand the demand-side dynamics, key trends and growth opportunities in the Jamaican insurance industry.
  • Assess the competitive dynamics in the Jamaican insurance industry.
  • Identify the growth opportunities and market dynamics in key segments.
  • Gain insights into key regulations governing the Jamaican insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • The Jamaican insurance industry grew in terms of gross written premium value, recording a CAGR of 10.4% during the review period (2009–2013)
  • Motor insurance was the largest category within the non-life segment, followed by property insurance and liability insurance
  • Increasing life expectancy in Jamaica is likely to propel demand for health insurance products over the forecast period
  • The country’s high debt ratio is a matter of concern for the insurance industry
  • Increasing competition in the industry is resulting in a rise in M&As
  • The Jamaican insurance industry is served by 10 general insurers and five life insurers as of March 2014.
  • The insurance industry is supervised and regulated by the Financial Services Commission (FSC) of Jamaica


  • Executive Summary
  • Introduction
    • What is this Report About?
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • Jamaican Insurance Industry Overview
    • Jamaican Insurance Industry
      • Table Jamaican Insurance Gross Written Premium by Segment (JMD Billion), 2009-2013
      • Table Jamaican Insurance Gross Written Premium by Segment (US$ Million), 2009-2013
      • Table Jamaican Insurance Gross Written Premium by Segment (JMD Billion), 2013-2018
      • Table Jamaican Insurance Gross Written Premium by Segment (US$ Million), 2013-2018
      • Table Jamaican Insurance Segmentation by Gross Written Premium (Percentage Share), 2009-2018
      • Table Jamaican Insurance Direct Written Premium by Segment (JMD Billion), 2009-2013
      • Table Jamaican Insurance Direct Written Premium by Segment (US$ Million), 2009-2013
      • Table Jamaican Insurance Direct Written Premium by Segment (JMD Billion), 2013-2018
      • Table Jamaican Insurance Direct Written Premium by Segment (US$ Million), 2013-2018
      • Table Jamaican Insurance Segmentation by Direct Written Premium (Percentage Share), 2009-2018
    • Key Industry Trends and Drivers
    • Challenges
  • Industry Segmentation
    • Life Insurance
      • Table Jamaican Life Insurance - Gross Written Premium (JMD Billion), 2009-2013
      • Table Jamaican Life Insurance - Gross Written Premium (JMD Billion), 2013-2018
      • Table Jamaican Life Insurance - Direct Written Premium (JMD Billion), 2009-2013
      • Table Jamaican Life Insurance - Direct Written Premium (JMD Billion), 2013-2018
    • Individual Life Insurance
      • Table Jamaican Individual Life Insurance - Gross Written Premium by Category (JMD Billion), 2009-2013
      • Table Jamaican Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
      • Table Jamaican Individual Life Insurance - Gross Written Premium by Category (JMD Billion), 2013-2018
      • Table Jamaican Individual Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
      • Table Jamaican Individual Life Insurance - Direct Written Premium by Category (JMD Billion), 2009-2013
      • Table Jamaican Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
      • Table Jamaican Individual Life Insurance - Direct Written Premium by Category (JMD Billion), 2013-2018
      • Table Jamaican Individual Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
      • Table Jamaican Life Insurance - Paid Claims (JMD Billion), 2009-2013
      • Table Jamaican Life Insurance - Paid Claims (JMD Billion), 2013-2018
      • Table Jamaican Life Insurance - Incurred Loss (JMD Billion), 2009-2013
      • Table Jamaican Life Insurance - Incurred Loss (JMD Billion), 2013-2018
      • Table Jamaican Life Insurance - Loss Ratio (%), 2009-2013
      • Table Jamaican Life Insurance - Loss Ratio (%), 2013-2018
      • Table Jamaican Life Insurance - Combined Ratio (%), 2009-2013
      • Table Jamaican Life Insurance - Combined Ratio (%), 2013-2018
      • Table Jamaican Life Insurance - Total Assets (JMD Billion), 2009-2013
      • Table Jamaican Life Insurance - Total Assets (JMD Billion), 2013-2018
      • Table Jamaican Life Insurance - Total Investment Income (JMD Billion), 2009-2013
      • Table Jamaican Life Insurance - Total Investment Income (JMD Billion), 2013-2018
      • Table Jamaican Life Insurance - Retentions (JMD Billion), 2009-2013
      • Table Jamaican Life Insurance - Retentions (JMD Billion), 2013-2018
    • Life Insurance by Category
      • Individual whole life insurance
        • Table Jamaican Individual Whole Life Insurance - Gross Written Premium (JMD Billion), 2009-2013
        • Table Jamaican Individual Whole Life Insurance - Gross Written Premium (JMD Billion), 2013-2018
      • Individual general annuity insurance
        • Table Jamaican Individual General Annuity Insurance - Gross Written Premium (JMD Billion), 2009-2013
        • Table Jamaican Individual General Annuity Insurance - Gross Written Premium (JMD Billion), 2013-2018
    • Non-Life Insurance
      • Table Jamaican Non-Life Insurance - Gross Written Premium by Category (JMD Billion), 2009-2013
      • Table Jamaican Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2009-2013
      • Table Jamaican Non-Life Insurance - Gross Written Premium by Category (JMD Billion), 2013-2018
      • Table Jamaican Non-Life Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
      • Table Jamaican Non-Life Insurance - Direct Written Premium by Category (JMD Billion), 2009-2013
      • Table Jamaican Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
      • Table Jamaican Non-Life Insurance - Direct Written Premium by Category (JMD Billion), 2013-2018
      • Table Jamaican Non-Life Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
      • Table Jamaican Non-Life Insurance - Paid Claims (JMD Billion), 2009-2013
      • Table Jamaican Non-Life Insurance - Paid Claims (JMD Billion), 2013-2018
      • Table Jamaican Non-Life Insurance - Incurred Loss (JMD Billion), 2009-2013
      • Table Jamaican Non-Life Insurance - Incurred Loss (JMD Billion), 2013-2018
      • Table Jamaican Non-Life Insurance - Loss Ratio (%), 2009-2013
      • Table Jamaican Non-Life Insurance - Loss Ratio (%), 2013-2018
      • Table Jamaican Non-Life Insurance - Combined Ratio (%), 2009-2013
      • Table Jamaican Non-Life Insurance - Combined Ratio (%), 2013-2018
      • Table Jamaican Non-Life Insurance - Total Assets (JMD Billion), 2009-2013
      • Table Jamaican Non-Life Insurance - Total Assets (JMD Billion), 2013-2018
      • Table Jamaican Non-Life Insurance - Total Investment Income (JMD Billion), 2009-2013
      • Table Jamaican Non-Life Insurance - Total Investment Income (JMD Billion), 2013-2018
      • Table Jamaican Non-Life Insurance - Retentions (JMD Billion), 2009-2013
      • Table Jamaican Non-Life Insurance - Retentions (JMD Billion), 2013-2018
      • Table Jamaican Non-Life Insurance - Total Investment (JMD Billion), 2009-2013
      • Property insurance
        • Table Jamaican Property Insurance - Gross Written Premium (JMD Billion), 2009-2013
        • Table Jamaican Property Insurance - Gross Written Premium (JMD Billion), 2013-2018
      • Motor insurance
        • Table Jamaican Motor Insurance - Gross Written Premium (JMD Billion), 2009-2013
        • Table Jamaican Motor Insurance - Gross Written Premium (JMD Billion), 2013-2018
      • Liability insurance
        • Table Jamaican Liability Insurance - Gross Written Premium (JMD Billion), 2009-2013
        • Table Jamaican Liability Insurance - Gross Written Premium (JMD Billion), 2013-2018
      • Marine, aviation and transit insurance
        • Table Jamaican Marine, Aviation and Transit Insurance - Gross Written Premium (JMD Billion), 2009-2013
        • Table Jamaican Marine, Aviation and Transit Insurance - Gross Written Premium (JMD Billion), 2013-2018
    • Personal Accident and Health Insurance
      • Table Jamaican Personal Accident and Health Insurance - Gross Written Premium by Category (JMD Billion), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Billion), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Gross Written Premium by Category (JMD Billion), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Gross Written Premium by Category (US$ Million), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Direct Written Premium by Category (JMD Billion), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Direct Written Premium by Category (JMD Billion), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Direct Written Premium by Category (US$ Million), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Paid Claim (JMD Billion), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Paid Claims (JMD Billion), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Incurred Loss (JMD Billion), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Incurred Loss (JMD Billion), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Loss Ratio (%), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Loss Ratio (%), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Combined Ratio (%), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Combined Ratio (%), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Total Assets (JMD Billion), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Total Assets (JMD Billion), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Total Investment Income (JMD Billion), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Total Investment Income (JMD Billion), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Retentions (JMD Billion), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Retentions (JMD Billion), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Total Investment (JMD Billion), 2009-2013
      • Personal accident insurance
        • Table Jamaican Personal Accident Insurance - Gross Written Premium (JMD Million), 2009-2013
        • Table Jamaican Personal Accident Insurance - Gross Written Premium (JMD Million), 2013-2018
      • Health insurance
        • Table Jamaican Health Insurance - Gross Written Premium (JMD Billion), 2009-2013
        • Table Jamaican Health Insurance - Gross Written Premium (JMD Billion), 2013-2018
    • Reinsurance
      • Table Jamaican Reinsurance - Ceded by Insurance Segment (JMD Billion), 2009-2013
      • Table Jamaican Reinsurance - Ceded by Insurance Segment (US$ Million), 2009-2013
      • Table Jamaican Reinsurance - Ceded by Insurance Segment (JMD Billion), 2013-2018
      • Table Jamaican Reinsurance - Ceded by Insurance Segment (US$ Million), 2013-2018
      • Table Jamaican Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
      • Table Jamaican Life Insurance - Percentage of Reinsurance Ceded (%),2013-2018
      • Table Jamaican Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
      • Table Jamaican Non-Life Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
      • Table Jamaican Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2009-2013
      • Table Jamaican Personal Accident and Health Insurance - Percentage of Reinsurance Ceded (%), 2013-2018
  • Governance, Risk and Compliance
    • Legislation Overview and Historical Evolution
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Jamaica - Life Insurance Regulatory Framework
      • Property insurance
        • Table Jamaica - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Jamaica - Motor Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Motor third-party liability insurance
      • National insurance
      • Banana insurance
      • Aviation liability insurance
    • Supervision and Control
      • International Association of Insurance Supervisors
      • Financial Services Commission
      • Insurance Association of Jamaica (IAJ)
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
        • Table Jamaica - Fees For Obtaining Insurance Licenses in Jamaica
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Jamaica - Corporate Tax Rates for Financial Year 2013
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Competitive Landscape
    • Overview
      • Table Jamaican Life Insurance Segment Shares, 2011 and 2012
      • Table Jamaican Non-Life Insurance Segment Shares, 2011 and 2012
    • Leading Companies
      • Sagicor Life Jamaica Ltd - company overview
        • Table Sagicor Life Jamaica Ltd, Main Products
        • Table Sagicor Life Jamaica Ltd, Key Employees
      • Guardian Life Ltd - company overview
        • Table Guardian Life Ltd, Main Products
        • Table Guardian Life Ltd, Key Employees
      • Advantage General Insurance Company - company overview
        • Table Advantage General Insurance Company, Main Products
        • Table Advantage General Insurance Company, Key Employees
      • Jamaica International Insurance Company - company overview
        • Table Jamaica International Insurance Company, Main Products
        • Table Jamaica International Insurance Company, Key Employees
      • General Accident Jamaica Ltd - company overview
        • Table General Accident Jamaica Ltd, Main Products
        • Table General Accident Jamaica Ltd, Key Employees
      • British Caribbean Insurance Company - company overview
        • Table British Caribbean Insurance Company, Main Products
        • Table British Caribbean Insurance Company, Key Employees
  • Macroeconomic Indicators
    • GDP at Constant prices (US$)
    • GDP at Current Prices (US$)
    • GDP per capita at Current Prices (US$)
    • Inflation Rate
    • Total Internet Users
    • Unemployment Rate (% of Total Labor Force)
    • Total Life Expectancy
    • Urban and Rural Populations
    • Total Population
  • Appendix
    • Methodology
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report