Industry Report Insurance Industry In Jamaica,Key Trends And Opportunities To 2017

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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

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Industry Report Insurance Industry In Jamaica,Key Trends And Opportunities To 2017

  1. 1. The Insurance Industry in Jamaica, Key Trends and Opportunities to 2017 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 Executive summary With a 0.5% decline in GDP in 2012, the Jamaican economy is in a state of recession. The island nation’s 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 (2008–2012), supported by an increase in premium rates and the growing tourism industry. The industry is competitive with 17 active insurance companies in 2012. 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 2008–2012 review period and forecast figures for the 2012–2017 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 Jamaica’s inflation rate fell from 22% in 2008 to 7.3% in 2012 With 17 The Insurance Industry in Jamaica, Key Trends and Opportunities to 2017
  2. 2. 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 table Of Contents 1 Executive Summary 2 Introduction 2.1 What Is This Report About? 2.2 Definitions 2.3 Methodology 3 Jamaican Insurance Industry Overview 3.1 Jamaican Insurance Industry 3.2 Key Industry Trends And Drivers 3.3 Challenges 4 Industry Segmentation 4.1 Life Insurance Growth 4.1.1 Individual Life Insurance 4.1.2 General Annuity Insurance 4.2 Non-life Insurance 4.2.1 Property Insurance 4.2.2 Motor Insurance 4.2.3 Liability Insurance 4.2.4 Marine, Aviation And Transit Insurance 4.3 Personal Accident And Health Insurance 4.4 Reinsurance 5 Governance, Risk And Compliance 5.1 Legislation Overview And Historical Evolution 5.2 Legislation Trends By Type Of Insurance 5.2.1 Life Insurance Regulatory Trends 5.2.2 Property Insurance Regulatory Trends 5.2.3 Motor Insurance Regulatory Trends 5.2.4 Marine, Aviation And Transit Insurance Regulatory Trends 5.2.5 Health Insurance Regulatory Trends The Insurance Industry in Jamaica, Key Trends and Opportunities to 2017
  3. 3. 5.3 Compulsory Insurance 5.3.1 Motor Vehicles Insurance (third-party Risks) 5.3.2 Compulsory Insurance For Passengers 5.3.3 National Insurance 5.3.4 Compulsory Banana Insurance 5.4 Supervision And Control 5.4.1 International Association Of Insurance Supervisors 5.4.2 Financial Services Commission 5.4.3 Insurance Association Of Jamaica 5.5 Non-admitted Insurance Regulatory Trends 5.5.1 Overview 5.5.2 Intermediaries 5.5.3 Market Practices 5.5.4 Fines And Penalties 5.6 Company Registration And Operations 5.6.1 Types Of Insurance Organisation 5.6.2 Establishing A Local Company 5.6.3 Foreign Ownership 5.6.4 Types Of License 5.6.5 Capital Requirements 5.6.6 Solvency Margins 5.6.7 Reserve Requirements 5.6.8 Investment Regulations 5.6.9 Statutory Return Requirements 5.7 Taxation 5.7.1 Insurance Premium Or Policy Taxation 5.7.2 Corporate Tax 5.7.3 Vat 5.7.4 Captives 5.8 Legal System 5.8.1 Introduction 5.8.2 Access To Court 5.8.3 Alternative Dispute Resolution (adr) 6 Competitive Landscape 6.1 Overview 6.2 Leading Companies 6.2.1 Sagicor Life Jamaica Ltd - Company Overview 6.2.2 Advantage General Insurance Company Ltd - Company Overview 6.2.3 General Accident Insurance Company Ltd - Company Overview 6.2.4 West Indies Alliance Insurance Company Ltd - Company Overview 6.2.5 Jn General Insurance Company Ltd - Company Overview The Insurance Industry in Jamaica, Key Trends and Opportunities to 2017
  4. 4. 6.2.6 Globe Insurance Company Of Jamaica Ltd - Company Overview 6.2.7 Jamaica International Insurance Company Ltd - Company Overview 6.2.8 British Caribbean Insurance Company Ltd - Company Overview 7 Economic Indicators 7.1 Market Capitalization Trend - Jamaican Stock Market 7.2 Gdp At Constant Prices (us$) 7.3 Gdp Per Capita At Constant Prices (us$) 7.4 Gdp At Current Prices (us$) 7.5 Gdp By Key Segments 7.6 Construction Net Output At Current Prices (us$) 7.7 Inflation Rate (%) 7.8 Exports As A Percentage Of Gdp 7.9 Unemployment Rate 7.10 Gross National Disposable Income (us$) 7.11 Total Population 8 Appendix 8.1 Methodology 8.2 Contact Timetric 8.3 About Timetric 8.4 Timetric's Services 8.5 Disclaimer ResearchMoz(http://www.researchmoz.us/) is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price. Contact: M/s Sheela, 90 State Street, Suite 700, Albany NY - 12207 United States Tel: +1-518-618-1030 USA - Canada Toll Free 866-997-4948 Email: sales@researchmoz.us Website: http://www.researchmoz.us/ The Insurance Industry in Jamaica, Key Trends and Opportunities to 2017
  5. 5. The Insurance Industry in Jamaica, Key Trends and Opportunities to 2017

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