Insurance Association of Jamaica (IAJ) is reporting a significant increase in claims on life insurance policies for the first nine months of 2021, when compared to the corresponding periods in 2020.
According to the IAJ, “Death Claims on individual life policies for the period January to September 2021 were up 76 per cent on the corresponding period in 2020. This is significantly more than the nine per cent increase in death claims during the same period 2020 over 2019 and 19 per cent hike in death claims for 2019 over 2018.”
Back in November last year, Jamaica’s two largest life insurance providers, Sagicor Life Jamaica Limited and Guardian Holdings Limited, informed Jamaica Observer that they have recorded increases in claim payments on life insurance policies up to September 30, 2021. Both companies credited this to a rise in mortality in Jamaica, though, at the time, figures from both the Statistical Institute of Jamaica and Registrar General’s Department showed a downward trend in deaths.