Jamaica Insurance Industry – Key Trends and Opportunities to 2027
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Jamaica Insurance Market Report Overview
The gross written premium of the Jamaica insurance market was JMD135 billion ($863.9 million) in 2022. The market is expected to achieve a CAGR of more than 6% during 2023-2027. The Jamaica insurance market research report provides in-depth market analysis, information, and insights into the Jamaica insurance industry. It provides a detailed outlook by product category as well as values for key performance indicators such as gross written premium, penetration, premium accepted and ceded, profitability ratios, and premium by line of business, during the review period and forecast period.
Jamaica Insurance Market Outlook, 2022-2027 (JMD Billion)
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The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Jamaica economy and demographics, and provides detailed information on the competitive landscape in the country. The report gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
Market Size (2022) | JMD135 billion ($863.9 million) |
CAGR (2023-2027) | >6% |
Forecast Period | 2023-2027 |
Historical Period | 2018-2022 |
Key Segments | · Life Insurance
· General Insurance |
Leading Companies | · Sagicor Life
· Guardian Life · Canopy Insurance · Scotia Life · General Accident Insurance · British Caribbean · Guardian General Jamaica · GK General · Advantage General |
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Jamaica Insurance Market Trends
Reinsurance companies in Jamaica are backing out of the market due to lower rates. So, house owners and tenants are facing high premiums for property insurance in the country as most of the premiums charged by the insurer are ceded by the reinsurers.
Jamaica Insurance Market by Segments
The key segments in the Jamaica insurance market are life insurance and general insurance. The life insurance segment dominated the Jamaica insurance market in 2022. Life insurance lines of business include life PA&H and other life insurance. As reinsurers were backing out of the market in 2022, premium rates were higher in the country, which pushed consumers to opt out from buying new policies. Jamaican penetration in the life insurance market was higher than in emerging markets and lower than in developed markets in 2022.
Jamaica Insurance Market Analysis by Segments, 2022 (%)
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Jamaica Insurance Market – Competitive Landscape
Some of the key companies in the Jamaica insurance market are Sagicor Life, Guardian Life, Canopy Insurance, Scotia Life, General Accident Insurance, British Caribbean, Guardian General Jamaica, GK General, and Advantage General. Sagicor Life Jamaica was the leading insurer, followed by Guardian Life and General Accident Insurance Jamaica in 2022. IronRock was the fastest-growing company and Guardian Life was the fastest-growing life insurer during the review period.
Jamaica Insurance Market Analysis by Companies, 2022 (%)
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Segments Covered in the Report
Jamaica Insurance Market Segments Outlook (Value, JMD Billion, 2018-2027)
- Life Insurance
- General Insurance
Scope
This report provides:
- A comprehensive analysis of the Jamaica insurance industry.
- Historical values for the Jamaica insurance industry for the report’s review period and projected figures for the forecast period.
- Detailed analysis of the key categories in the Jamaica insurance industry and market forecasts to 2027.
- Profiles of top life insurance companies in Jamaica and outlines the key regulations affecting them.
Key Highlights
- Key insights and dynamics of the Jamaica insurance industry.
- A comprehensive overview of the Jamaica economy, government initiatives, and investment opportunities.
- The Jamaica insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
- The Jamaica insurance industry’s market structure gives details of lines of business.
- Jamaica’s reinsurance business’s market structure gives details of premium ceded along with cession rates.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Jamaica insurance industry and each category within it.
- Understand the demand-side dynamics, key market trends, and growth opportunities in the Jamaica insurance industry.
- Assess the competitive dynamics in the Jamaica insurance industry.
- Identify growth opportunities and market dynamics in key product categories.
The Insurance Company of the West Indies
Guardian Life
Advantage General Insurance
British Caribbean Insurance
JN General Insurance
GK General Insurance
CUNA Caribbean Insurance Jamaica
Table of Contents
Frequently asked questions
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What was the Jamaica insurance market gross written premium in 2022?
The gross written premium of the Jamaica insurance market was JMD135 billion ($863.9 million) in 2022.
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What is the growth rate of the Jamaica insurance market?
The insurance market in Jamaica is expected to achieve a CAGR of more than 6% during 2023-2027.
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Which segment dominated the Jamaica insurance market in 2022?
The life insurance segment dominated the Jamaica insurance market in 2022.
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Who are the major companies operating in the Jamaica insurance market?
Some of the key companies in the Jamaica insurance market are Sagicor Life, Guardian Life, Canopy Insurance, Scotia Life, General Accident Insurance, British Caribbean, Guardian General Jamaica, GK General, and Advantage General.
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