IAJ Address to Life Underwriters and Claims Administrators Health Seminar 2017

 

The Life Underwriters and Claims Administrators are gathered today under the Theme “Emerge Learn and Grow”. This is a testament to the fact that in today’s business environment, knowledge is power, it is constantly changing, and to be relevant as professionals in whatever field, education is continuous. The best way to keep on top of your game, is to maintain dialogue and engagement with persons who can give you information in real time of existing developments that can affect your job. The seminar today is an indication of the Insurance Industry’s commitment to ensure that its team members are well prepared for their jobs, as is evidenced by the impressive line-up of some of the most outstanding professionals in their respective fields to do presentations this morning.

The Insurance Industry is established to provide compensation to individuals who suffer economic loss because of some misfortune in their life, be it with respect to Life, Health, Motor or other property. We are proud of the role we have played to provide Life and Health Benefits for many Jamaicans. In 2016 the Industry paid out $20 B in Individual Life Benefits and $16.9 B in Group Health Benefits. Critical Illness Insurance Policies now represent approximately 25 % of new policies sold as more and more persons recognise the need to protect themselves against illnesses such as cancer and Heart Attacks and Strokes, given high cost of the treatment involved in these conditions and financial strain they cause to individuals and families alike. Our statistics show that Cancers and Cardiovascular illnesses account for half of the Individual Life Claims paid in 2016, with Cancers being the leader.

With the difficulties that exist in the Public Healthcare system we are happy to know that over 415,867 employees or approximately one third of current workforce had group health insurance. When we include a further 289,417 dependents it means that only about 25 % of our population are covered by health insurance. Clearly we need to better as it would relieve pressure now on the underfunded and overwhelmed  Public Health System to accommodate those who need healthcare in Jamaica. But like everything else coverage is dependent on ability to pay, and these are tough times. We continue to seek to increase the level of health coverage.

The Insurance Industry has spent Billions of dollars to assist the Public Health Sector while promoting a healthy life style, Sagicor Life’ s  annual 5K run and Guardian Life’s 5K Night run have now become calendar events supported by the public and the Private Sector. In addition to those major projects, the Industry has been involved in Health Fairs where various tests such as Blood Pressure, sugar and Cholesterol tests, prostate and pap smears are done, to allow individuals to be aware of the state of their health and to act where necessary, and we will continue to do so. We plan to do one on September 9 at the KPH for persons in the surrounding Community.

The truth is there is a need for more Public Education but more importantly for individuals to take personal responsibility for their health. As an industry, we stand ready and able to pay our claims but we would prefer to pay less claims and our policyholder less premiums. Thanks for the opportunity to address you make the best of what you learn today.

Peter Levy VP General IAJ

June 8 2017