Naperville, IL -- (SBWIRE) -- 03/07/2013 -- 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 segments and sub-segments
- The competitive landscape in the Jamaican insurance industry
- The current trends and drivers of the Jamaican insurance industry
- The challenges facing the Jamaican insurance industry
- The regulatory framework of the Jamaican insurance industry
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 2007–2011 review period and forecast figures for the 2011–2016 forecast period
- It offers a detailed analysis of the key segments and sub-segments in the Jamaican insurance industry, along with forecasts until 2016
- 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 within the Jamaican insurance industry
- Assess the competitive dynamics in the Jamaican insurance industry
- Identify the growth opportunities and market dynamics within key segments
- Gain insights into key regulations governing the Jamaican insurance industry and its impact on companies and the industry's future
- The growth of the Jamaican insurance industry is correlated with the performance of the economy. As a result, the Jamaican insurance industry registered double digit growth during the review period and is projected to grow at a CAGR of 8.2% over the forecast period.
- Combined ratio exceeded 100% across all three insurance segments during the review period.
- Insurance in Jamaica is expected to become more expensive as companies plan to increase premiums in 2012–2013.
- The number of new polices increased by 6% from 96,881 in 2010 to 103,087 in 2011. This growth is primarily attributed to an increase in the number of sales representatives from 749 in 2010 to 826 in 2011, an increase of 10%.
- Universal life products significantly dominated the life insurance segment during the review period and this trend is expected to continue over the forecast period.
- High life expectancy in Jamaica propelled the demand for health insurance products during the review period and this trend is likely to continue over the forecast period.
Sagicor Life Jamaica Limited Advantage General Insurance Company Limited General Accident Insurance Company Limited West Indies Alliance Insurance Company Limited JN General Insurance Company Limited Globe Insurance Company of Jamaica Limited Jamaica International Insurance Company Limited British Caribbean Insurance Company Limited
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