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The Insurance Industry in Jamaica, Key Trends and Opportunities to 2016

The Insurance Industry in Jamaica, Key Trends and Opportunities to 2016

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Additional Information
Price $1,950.00
Meta Description The Insurance Industry in Jamaica, Key Trends and Opportunities to 2016
Publisher Timetric
Date of Report Nov 1, 2013
Quick Overview
Synopsis
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

Summary
The Jamaican insurance industry recorded a combined ratio of over 100% across all insurance segments throughout the review period. A high combined ratio has become a key concern for insurers in Jamaica. However, in terms of written premiums, the industry recorded robust growth, backed by strong economic growth. The insurance industry registered a CAGR of 12.6% during the review period and is projected to grow at a CAGR of 8.2% over the forecast period. However, the industry could not escape the repercussions of the global economic crisis of 2009 which caused a significant slowdown in economic growth and the insurance industry. Investment earnings of insurance companies received a major setback as interest rates declined as a consequence of the Government of Jamaica Debt Exchange Program (JDX) in 2010.

Scope
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

Key Highlights
• 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.
Table of Contents
Table of Contents
1 Executive Summary
2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 The Jamaican Insurance Industry Overview
3.1 Industry Overview
3.2 Jamaican Insurance Industry – Market Size, 2007–2016
3.3 Key Industry Trends and Drivers
3.4 Challenges
3.5 Regulation
4 Industry Segmentation
4.1 Life Insurance Growth Prospects by Category
4.1.1 Individual life insurance category
4.1.2 General annuity insurance category
4.2 Non-Life Insurance Growth Prospects by Category
4.2.1 Property insurance category
4.2.2 Motor insurance category
4.2.3 Liability insurance category
4.2.4 Marine, aviation and transit insurance category
4.3 Personal Accident and Health Insurance Growth Prospects by Category
4.3.1 Health insurance category
4.4 Reinsurance Market Size by Segment, 2007–2016
5 Competitive Landscape
5.1 Overview
5.2 Leading Companies
5.2.1 Sagicor Life Jamaica Limited – company overview
5.2.2 Advantage General Insurance Company Limited – company overview
5.2.3 General Accident Insurance Company Limited – company overview
5.2.4 West Indies Alliance Insurance Company Limited – company overview
5.2.5 JN General Insurance Company Limited – company overview
5.2.6 Globe Insurance Company of Jamaica Limited – company overview
5.2.7 Jamaica International Insurance Company Limited – company overview
5.2.8 British Caribbean Insurance Company Limited – company overview
6 Macroeconomic Indicators
6.1 GDP at Constant Prices (US dollar)
6.2 GDP Per-Capita at Constant Prices (US dollar)
6.3 GDP at Current Prices (US dollar)
6.4 Inflation Rate (%)
6.5 Market Capitalization Trend – Jamaica Stock Market, Jamaica
6.6 Exports as a Percentage of GDP
6.7 Imports as a Percentage of GDP
6.8 Healthcare Expenditure Per-Capita
6.9 Employed Population
6.10 Total Population
6.11 Healthcare Expenditure as a Percentage of GDP
7 Appendix
7.1 Methodology
7.2 Contact Us
7.3 About Timetric
7.4 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Jamaican Insurance Overall Written Premium by Segment (JMD Billion), 2007–2011
Table 3: Jamaican Insurance Overall Written Premium by Segment (USD Billion), 2007–2011
Table 4: Jamaican Insurance Overall Written Premium by Segment (JMD Billion), 2011–2016
Table 5: Jamaican Insurance Overall Written Premium by Segment (USD Billion), 2011–2016
Table 6: Jamaican Insurance Segmentation (% Share), 2007–2016
Table 47: Jamaican Minimum Capital Requirements
Table 47: Application Fees for Registration of Life Insurance Companies
Table 47: Application Fees for Registration of Non-Life Insurance Companies
Table 7: Jamaican Life Insurance Written Premium by Category (JMD Billion), 2007–2011
Table 8: Jamaican Life Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 9: Jamaican Life Insurance Written Premium by Category (JMD Billion), 2011–2016
Table 10: Jamaican Life Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 11: Jamaican Life Insurance – Paid Claims (JMD Billion), 2007–2011
Table 12: Jamaican Life Insurance – Paid Claims (JMD Billion), 2011–2016
Table 13: Jamaican Life Insurance – Incurred Loss (JMD Billion), 2007–2011
Table 14: Jamaican Life Insurance – Incurred Loss (JMD Billion), 2011–2016
Table 15: Jamaican Life Insurance – Loss Ratio (%), 2007–2011
Table 16: Jamaican Life Insurance – Loss Ratio (%), 2011–2016
Table 17: Jamaican Life Insurance – Combined Ratio (%), 2007–2011
Table 18: Jamaican Life Insurance – Combined Ratio (%), 2011–2016
Table 19: Jamaican Life Insurance – Total Assets (JMD Billion), 2007–2011
Table 20: Jamaican Life Insurance – Total Assets (JMD Billion), 2011–2016
Table 21: Jamaican Life Insurance – Total Investment Income (JMD Billion), 2007–2011
Table 22: Jamaican Life Insurance – Total Investment Income (JMD Billion), 2011–2016
Table 23: Jamaican Life Insurance – Retentions (JMD Billion), 2007–2011
Table 24: Jamaican Life Insurance – Retentions (JMD Billion), 2011–2016
Table 25: Jamaican Individual Life Insurance Category – Written Premium (JMD Billion), 2007–2011
Table 26: Jamaican Individual Life Insurance Category – Written Premium (JMD Billion), 2011–2016
Table 27: Jamaican General Annuity Insurance Category – Written Premium (JMD Billion), 2007–2011
Table 28: Jamaican General Annuity Insurance Category – Written Premium (JMD Billion), 2011–2016
Table 29: Jamaican Non-life Insurance Written Premium by Category (JMD Billion), 2007–2011
Table 30: Jamaican Non-life Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 31: Jamaican Non-life Insurance Written Premium by Category (JMD Billion), 2011–2016
Table 32: Jamaican Non-life Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 33: Jamaican Non-life Insurance – Paid Claims (JMD Billion), 2007–2011
Table 34: Jamaican Non-life Insurance – Paid Claims (JMD Billion), 2011–2016
Table 35: Jamaican Non-life Insurance – Loss Ratio (%), 2007–2011
Table 36: Jamaican Non-life Insurance – Loss Ratio (%), 2011–2016
Table 37: Jamaican Non-life Insurance – Incurred Loss (JMD Billion), 2007–2011
Table 38: Jamaican Non-life Insurance – Incurred Loss (JMD Billion), 2011–2016
Table 39: Jamaican Non-life Insurance – Combined Ratio (%), 2007–2011
Table 40: Jamaican Non-life Insurance – Combined Ratio (%), 2011–2016
Table 41: Jamaican Non-life Insurance – Total Assets (JMD Billion), 2007–2011
Table 42: Jamaican Non-life Insurance – Total Assets (JMD Billion), 2011–2016
Table 43: Jamaican Non-life Insurance – Total Investment Income (JMD Billion), 2007–2011
Table 44: Jamaican Non-life Insurance – Total Investment Income (JMD Billion), 2011–2016
Table 45: Jamaican Non-life Insurance – Retentions (JMD Billion), 2007–2011
Table 46: Jamaican Non-life Insurance – Retentions (JMD Billion), 2011–2016
Table 47: Jamaican Property Insurance Category – Written Premium (JMD Billion), 2007–2011
Table 48: Jamaican Property Insurance Category – Written Premium (JMD Billion), 2011–2016
Table 49: Jamaican Motor Insurance Category – Written Premium (JMD Billion), 2007–2011
Table 50: Jamaican Motor Insurance Category – Written Premium (JMD Billion), 2011–2016
Table 51: Jamaican Liability Insurance Category – Written Premium (JMD Billion), 2007–2011
Table 52: Jamaican Liability Insurance Category – Written Premium (JMD Billion), 2011–2016
Table 53: Jamaican Marine, Aviation and Transit Insurance Category – Written Premium (JMD Billion), 2007–2011
Table 54: Jamaican Marine, Aviation and Transit Insurance Category – Written Premium (JMD Billion), 2011–2016
Table 55: Jamaican Personal Accident and Health Insurance Written Premium by Category (JMD Billion), 2007–2011
Table 56: Jamaican Personal Accident and Health Insurance Written Premium by Category (US$ Billion), 2007–2011
Table 57: Jamaican Personal Accident and Health Insurance Written Premium by Category (JMD Billion), 2011–2016
Table 58: Jamaican Personal Accident and Health Insurance Written Premium by Category (US$ Billion), 2011–2016
Table 59: Jamaican Personal Accident and Health Insurance – Paid Claims (JMD Billion), 2007–2011
Table 60: Jamaican Personal Accident and Health Insurance – Paid Claims (JMD Billion), 2011–2016
Table 61: Jamaican Personal Accident and Health Insurance – Loss Ratio (%), 2007–2011
Table 62: Jamaican Personal Accident and Health Insurance – Loss Ratio (%), 2011–2016
Table 63: Jamaican Personal Accident and Health Insurance – Incurred Loss (JMD Billion), 2007–2011
Table 64: Jamaican Personal Accident and Health Insurance – Incurred Loss (JMD Billion), 2011–2016
Table 65: Jamaican Personal Accident and Health Insurance – Combined Ratio (%), 2007–2011
Table 66: Jamaican Personal Accident and Health Insurance – Combined Ratio (%), 2011–2016
Table 67: Jamaican Personal Accident and Health Insurance – Total Assets (JMD Billion), 2007–2011
Table 68: Jamaican Personal Accident and Health Insurance – Total Assets (JMD Billion), 2011–2016
Table 69: Jamaican Personal Accident and Health Insurance – Total Investment Income (JMD Billion), 2007–2011
Table 70: Jamaican Personal Accident and Health Insurance – Total Investment Income (JMD Billion), 2011–2016
Table 71: Jamaican Personal Accident and Health Insurance – Retentions (JMD Billion), 2007–2011
Table 72: Jamaican Personal Accident and Health Insurance – Retentions (JMD Billion), 2011–2016
Table 73: Jamaican Health Insurance Category – Written Premium (JMD Billion), 2007–2011
Table 74: Jamaican Health Insurance Category – Written Premium (JMD Billion), 2011–2016
Table 75: Jamaican Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 76: Jamaican Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 77: Jamaican Non-life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 78: Jamaican Non-life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 79: Jamaican Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Table 80: Jamaican Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Table 81: Sagicor Life Jamaica Limited, Main Products
Table 82: Sagicor Life Jamaica Limited, Key Employees
Table 83: Advantage General Insurance Company Limited, Main Products
Table 84: Advantage General Insurance Company Limited, Key Employees
Table 85: General Accident Insurance Company Limited, Main Products
Table 86: General Accident Insurance Company Limited, Key Employees
Table 87: West Indies Alliance Insurance Company Limited, Main Products
Table 88: JN General Insurance Company Limited, Main Products
Table 89: Globe Insurance Company of Jamaica Limited, Main Products
Table 90: Jamaica International Insurance Company Limited, Main Products
Table 91: Jamaica International Insurance Company Limited, Key Employees
Table 92: British Caribbean Insurance Company Limited, Main Products
Table 93: British Caribbean Insurance Company Limited, Key Employees

List of Figures
Figure 1: Jamaican Insurance Overall Written Premium by Segment (JMD Billion), 2007–2016
Figure 2: Jamaican Insurance Market Dynamics by Segment, 2007–2016
Figure 3: Jamaican Life Insurance Written Premium by Category (JMD Billion), 2007–2016
Figure 4: Jamaican Life Insurance Written Premium by Category (% Share), 2011 and 2016
Figure 5: Jamaican Life Insurance Market Dynamics by Category, 2007–2016
Figure 6: Jamaican Life Insurance – Paid Claims (JMD Billion), 2007–2011
Figure 7: Jamaican Life Insurance – Paid Claims (JMD Billion), 2011–2016
Figure 8: Jamaican Life Insurance – Incurred Loss (JMD Billion), 2007–2011
Figure 9: Jamaican Life Insurance – Incurred Loss (JMD Billion), 2011–2016
Figure 10: Jamaican Life Insurance – Loss Ratio (%), 2007–2011
Figure 11: Jamaican Life Insurance – Loss Ratio (%), 2011–2016
Figure 12: Jamaican Life Insurance – Combined Ratio (%), 2007–2011
Figure 13: Jamaican Life Insurance – Combined Ratio (%), 2011–2016
Figure 14: Jamaican Life Insurance – Total Assets (JMD Billion), 2007–2011
Figure 15: Jamaican Life Insurance – Total Assets (JMD Billion), 2011–2016
Figure 16: Jamaican Life Insurance – Total Investment Income (JMD Billion), 2007–2011
Figure 17: Jamaican Life Insurance – Total Investment Income (JMD Billion), 2011–2016
Figure 18: Jamaican Life Insurance – Retentions (JMD Billion), 2007–2011
Figure 19: Jamaican Life Insurance – Retentions (JMD Billion), 2011–2016
Figure 20: Jamaican Life Insurance – Investments (JMD Billion), 2007–2011
Figure 21: Jamaican Life Insurance Penetration (% of GDP), 2007–2011
Figure 22: Jamaican Life Insurance – Premium Per-capita (JMD), 2007–2011
Figure 23: Jamaican Individual Life Insurance Category – Written Premium (JMD Billion), 2007–2011
Figure 24: Jamaican Individual Life Insurance Category – Written Premium (JMD Billion), 2011–2016
Figure 25: Jamaican General Annuity Insurance Category – Written Premium (JMD Billion), 2007–2011
Figure 26: Jamaican General Annuity Insurance Category – Written Premium (JMD Billion), 2011–2016
Figure 27: Jamaican Non-life Insurance Written Premium by Category (JMD Billion), 2007–2016
Figure 28: Jamaican Non-life Insurance Written Premium by Category (% Share), 2011 and 2016
Figure 29: Jamaican Non-life Insurance Market Dynamics by Category, 2007–2016
Figure 30: Jamaican Non-life Insurance – Paid Claims (JMD Billion), 2007–2011
Figure 31: Jamaican Non-life Insurance – Paid Claims (JMD Billion), 2011–2016
Figure 32: Jamaican Non-life Insurance – Loss Ratio (%), 2007–2011
Figure 33: Jamaican Non-life Insurance – Loss Ratio (%), 2011–2016
Figure 34: Jamaican Non-life Insurance – Incurred Loss (JMD Billion), 2007–2011
Figure 35: Jamaican Non-life Insurance – Incurred Loss (JMD Billion), 2011–2016
Figure 36: Jamaican Non-life Insurance – Combined Ratio (%), 2007–2011
Figure 37: Jamaican Non-life Insurance – Combined Ratio (%), 2011–2016
Figure 38: Jamaican Non-life Insurance – Total Assets (JMD Billion), 2007–2011
Figure 39: Jamaican Non-life Insurance – Total Assets (JMD Billion), 2011–2016
Figure 40: Jamaican Non-life Insurance – Total Investment Income (JMD Billion), 2007–2011
Figure 41: Jamaican Non-life Insurance – Total Investment Income (JMD Billion), 2011–2016
Figure 42: Jamaican Non-life Insurance – Retentions (JMD Billion), 2007–2011
Figure 43: Jamaican Non-life Insurance – Retentions (US$ Billion), 2011–2016
Figure 44: Jamaican Non-life Insurance – Investments (JMD Billion), 2007–2011
Figure 45: Jamaican Non-life Insurance Penetration (% of GDP), 2007–2011
Figure 46: Jamaican Non-life Insurance – Premium Per-capita (JMD), 2007–2011
Figure 47: Jamaican Property Insurance Category – Written Premium (JMD Billion), 2007–2011
Figure 48: Jamaican Property Insurance Category – Written Premium (JMD Billion), 2011–2016
Figure 49: Jamaican Motor Insurance Category – Written Premium (JMD Billion), 2007–2011
Figure 50: Jamaican Motor Insurance Category – Written Premium (JMD Billion), 2011–2016
Figure 51: Jamaican Liability Insurance Category – Written Premium (JMD Billion), 2007–2011
Figure 52: Jamaican Liability Insurance Category – Written Premium (JMD Billion), 2011–2016
Figure 53: Jamaican Marine, Aviation and Transit Insurance Category – Written Premium (JMD Billion), 2007–2011
Figure 54: Jamaican Marine, Aviation and Transit Insurance Category – Written Premium (JMD Billion), 2011–2016
Figure 55: Jamaican Personal Accident and Health Insurance – Paid Claims (JMD Billion), 2007–2011
Figure 56: Jamaican Personal Accident and Health Insurance – Paid Claims (JMD Billion), 2011–2016
Figure 57: Jamaican Personal Accident and Health Insurance – Loss Ratio (%), 2007–2011
Figure 58: Jamaican Personal Accident and Health Insurance – Loss Ratio (%), 2011–2016
Figure 59: Jamaican Personal Accident and Health Insurance – Incurred Loss (JMD Billion), 2007–2011
Figure 60: Jamaican Personal Accident and Health Insurance – Incurred Loss (JMD Billion), 2011–2016
Figure 61: Jamaican Personal Accident and Health Insurance – Combined Ratio (%), 2007–2011
Figure 62: Jamaican Personal Accident and Health Insurance – Combined Ratio (%), 2011–2016
Figure 63: Jamaican Personal Accident and Health Insurance – Total Assets (JMD Billion), 2007–2011
Figure 64: Jamaican Personal Accident and Health Insurance – Total Assets (JMD Billion), 2011–2016
Figure 65: Jamaican Personal Accident and Health Insurance – Total Investment Income (JMD Billion), 2007–2011
Figure 66: Jamaican Personal Accident and Health Insurance – Total Investment Income (JMD Billion), 2011–2016
Figure 67: Jamaican Personal Accident and Health Insurance – Retentions (JMD Billion), 2007–2011
Figure 68: Jamaican Personal Accident and Health Insurance – Retentions (US$ Billion), 2011–2016
Figure 69: Jamaican Personal Accident and Health Insurance – Investments (JMD Billion), 2007–2011
Figure 70: Jamaican Personal Accident and Health Insurance Penetration (% of GDP), 2007–2011
Figure 71: Jamaican Personal Accident and Health Insurance – Premium Per-capita (JMD), 2007–2011
Figure 72: Jamaican Health Insurance Category – Written Premium (JMD Billion), 2007–2011
Figure 73: Jamaican Health Insurance Category – Written Premium (JMD Billion), 2011–2016
Figure 74: Jamaican Reinsurance Ceded by Segment (%), 2007–2016
Figure 75: Jamaican Life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 76: Jamaican Life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 77: Jamaican Non-life Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 78: Jamaican Non-life Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 79: Jamaican Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2007–2011
Figure 80: Jamaican Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2011–2016
Figure 81: Market Share of Key Players in Jamaican Life Insurance Segment (%), 2011
Figure 82: Market Share of Key Players in Jamaican Non-Life Insurance Segment (%), 2011
Figure 83: Market Share of Key Players in Jamaican Property Insurance Category (%), 2011
Figure 84: Jamaican GDP at Constant Prices (US$ Billion), 2007–2011
Figure 85: Jamaican GDP Per-capita at Constant Prices (US$), 2007–2011
Figure 86: Jamaican GDP at Current Prices (US$ Billion), 2007–2011
Figure 87: Jamaican Inflation Rate (%), 2007–2011
Figure 88: Jamaican Stock Exchange Market Capitalization (US$ Billion), 2007–2011
Figure 89: Jamaican Exports as a Percentage of GDP (%), 2007–2011
Figure 90: Jamaican Imports as a Percentage of GDP (%), 2007–2011
Figure 91: Jamaican Healthcare Expenditure Per-capita (US$), 2007–2011
Figure 92: Jamaican Employed Population (%), 2007–2011
Figure 93: Jamaican Total Population (Million), 2007–2011
Figure 94: Jamaican Healthcare Expenditure (% of GDP), 2007–2011




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