REFLECTIONS ON THE INSURANCE YEAR 2018
The Insurance Industry in keeping with the continued recovery of the Jamaican Economy had a productive year in 2018. I am pleased to report that the local Insurance industry paid out in excess of $55.30billion in benefits for 2018 comprising: $13.90billion in General Insurance benefits, $2.37billion in Life Insurance Policy benefits and $20.03billion in Health Benefits.
This amount does not include pension benefits for which the life sector has in excess of $322 billion pension funds under management which will provide Retirement Benefits for its members in the future. The buoyancy of the sector has attracted three new players to join the Insurance fraternity in 2019.
In the General Insurance Sector, Iron Rock and Massy United Insurance Company have come on board while on the Life side Canopy Insurance has joined the Insurance Family. While this is indeed evidence of the future prospects of Insurance in Jamaica, we are still concerned that the Insurance Penetration in Jamaica is still low.IAJ YEARBOOK 2019 PAGES SECTION 1
PETER LEVY, IAJ President