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Jamaica Insurance Report Q2 2016

  • March 2016
  • -
  • Business Monitor International
  • -
  • 36 pages

Includes 3 FREE quarterly updates

BMI View: Jamaica's insurance sector will increase at a steady clip in the short and medium term, giventhe low but growing penetration rates. Jamaica's life insurance sector is dominated by Sagicor Life andGuardian, capturing 85% of sector premiums between them. This two-horse race will remain over the nextfive years, with potential challengers lacking any significant differentiation. The non-life sector by contrastis well-diversified, encouraging competition. No company captures above 20% of sector premiums in nonlifebusiness.Currency weakness will have less of an impact on premium growth in 2016 compared to 2015, with lifepremiumsset to increase from 3.1% in 2015 to 6.2% this year.

Growth will reach USD370mn in 2016 andhereafter, increase above 7% per annum to reach USD550bn in 2020. Even with this expected development,penetration ranging from 2.4-2.6%% of GDP is indicative of the relative immaturity of the island's lifesector. We expect Sagicor and Guardian to remain the dominant players in the market for some years tocome.Jamaica's non-life sector, dominated by motor and property cover, is generally underdeveloped with grosspremiums at around USD100 per capita. Dollar-terms growth will return from 2016 as the currencystabilises, in reality, expansion of around 5-7% is the reality in local currency terms. Competition is fargreater in the non-life sector than in life business and this risks driving down prices and cutting profitmargins for most players, particularly across motor and property business.

Table Of Contents

Jamaica Insurance Report Q2 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Jamaica 2013-2020) 5
Industry Forecast 8
Life Premiums Forecast 8
Table: Life Premiums (Jamaica 2013-2020) 11
Table: Life Insurance Claims (Jamaica 2008-2015) 12
Non-Life Premiums Forecast 12
Table: Non-Life Premiums (Jamaica 2013-2020) 15
Table: Non-Life Insurance Claims (Jamaica 2009-2015) 16
Non-Life Sub-Sector Forecast 16
Table: Non-Life Insurance Premiums by Product Line (Jamaica 2013-2020) 20
Industry Risk Reward Ratings 21
Latin America Insurance Risk/Reward Index 21
Table: Latin America and the Caribbean Insurance Risk/Reward Index - Q216 22
Market Overview 23
Life Market Overview 23
The Product Offering 23
The Competitive Landscape 23
Table: JAMAICA LIFE MARKET SHARE (%) 2007-2012 25
Non-Life Market Overview 25
The Product Offering 25
The Competitive Landscape 26
Company Profile 28
Guardian Group 28
Methodology 30
Industry Forecast Methodology 30
Risk/Reward Index Methodology 33
Table: Indicators 35
Table: Weighting of Indicators 36

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