The Insurance Industry in Jamaica, Key Trends and Opportunities to 2017


Naperville, IL -- (SBWIRE) -- 11/15/2013 -- Reportstack, provider of premium market research reports announces the addition of The Insurance Industry in Jamaica, Key Trends and Opportunities to 2017 market report to its offering
With a 0.5% decline in GDP in 2012, the Jamaican economy is in a state of recession. The island nations economy remained fragile during the review period, recording three consecutive years of negative growth, exacerbated by the widening current account deficit, depreciating currency and damage from Hurricane Sandy in 2012. The International Monetary Fund (IMF) approved a four-year US$2 billion loan package in 2012 which is expected to stabilize the economy. However, despite the subdued economic conditions, the Jamaican insurance industry registered a compound annual growth rate (CAGR) of 6.2% during the review period (20082012), supported by an increase in premium rates and the growing tourism industry. The industry is competitive with 17 active insurance companies in 2012.

This report provides a comprehensive analysis of the insurance industry in Jamaica:
It provides historical values for the Jamaican insurance industry for the reports 20082012 review period and forecast figures for the 20122017 forecast period
It offers a detailed analysis of the key segments and sub-segments in the Jamaican insurance industry, along with forecasts until 2017
It covers an exhaustive list of parameters including written premium, incurred loss, loss ratio, 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

Key Highlights
The Jamaican insurance industry is among the smallest in the Latin America and Caribbean (LAC) region, with gross written premium valuing JMD61.8 billion (US$700 million) in 2012
The Jamaican insurance industry is dominated by the non-life segment, which accounted for 48.3% of the gross written premium in 2012
The Jamaican insurance industry is supervised and regulated by the Financial Services Commission (FSC) of Jamaica, according to the rules and regulations stipulated in the Insurance Act 2001 and the Insurance Regulations 2001
Jamaicas inflation rate fell from 22% in 2008 to 7.3% in 2012
With 17 insurance companies operating in the industry, the Jamaican insurance industry is highly competitive. The life segment is concentrated with the two leading insurers accounting for 83.5% of the written premiums generated in 2011

Companies Mentioned

Sagicor Life Jamaica Ltd
Advantage General Insurance Company Ltd
General Accident Insurance Company Ltd
West Indies Alliance Insurance Company Ltd
JN General Insurance Company Ltd
Globe Insurance Company of Jamaica Ltd
Jamaica International Insurance Company Ltd
British Caribbean Insurance Company Ltd

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