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

  • March 2015
  • -
  • Timetric
  • -
  • 177 pages

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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

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