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Statistics on The Insurance Sector

Review of Economic Performance-Current Context.

Industry Statisticsmyiaj_admin2024-10-08T11:27:18+00:00

Latest Industry News

PeterLevey-SpeakstoMotorInsurance

IAJ President – Peter Levy- Motor Uninsured
Managing Director BCIC- Speaks on the amount of uninsured motor vehicle on the road in Jamaica and the dangers it creates for the insured driver.

PeterLevey-SpeakstoMotorInsurance

IAJ President – Peter Levy- General Uninsured
Managing Director BCIC- Speaks on the amount of the uninsured population in Jamaica.

Past Statistics:

Life Insurance (2016-2017)
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General Insurance (2014-2015)
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Claims Payout (2012-2013)
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General Insurance (2014-2015)
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General Insurance (2014-2015)
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General Insurance (2014-2015)
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General Insurance (2014-2015)
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Statistics on The Insurance Sector.

The insurance industry in Jamaica is one of the largest in the Caribbean. In 2017, Jamaica’s insurance sector had over 795 Sales Representatives in Life Insurance servicing among 6 life insurance companies. In 2017, Jamaica’s insurance sector had over 500 Sales Representatives in General Insurance servicing among 10 general insurance companies. Learn More >

Industry Statistics

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MOTOR INSURANCE

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PROPERTY INSURANCE

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HEALTH INSURANCE

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RETIREMENT INSURANCE

2706, 2018

Minimum wage to go up, moving from $6,200 to $7,000

The National Minimum Wage is to go up from $6,200 to $7,000 per 40-hour work week, representing a 13 percent increase.

The minimum wage for security guards is also to be increased, moving from $8,854 to

2706, 2018

Fewer Jamaicans want to emigrate

Jamaica may be some way off its 2030 vision of becoming the place of choice to live, work, raise families, and do business — but the percentage of Jamaicans who want to emigrate has declined by more than 10 percentage

2606, 2018

Pricey Petrojam Insurance – Bidder says process corrupt

Chairman of Marathon Insurance Brokers (MIB), Richard Burgher, is demanding answers from the Government as to why Petrojam turned down a tender offer by to provide insurance services for its workers, but awarded the contract to a competitor even though MBI’s proposal was

2606, 2018

Private sector groups call for forensic audit of Petrojam, Universal Access Fund

Three of the island’s leading private sector groups have called for a forensic audit of the affairs of oil refinery Petrojam and the Universal Access Fund, both agencies of the Technology and Energy Ministry.

In a statement this afternoon, the Jamaica

2017 General Insurance Claims

Gross Claims incurred for 2017 was $13.2 billion 10% below the $14.7 billion recorded 2016 as there some exceptional claims in 2016.Reinsurance on claims was $2.42billion, -55% below $5.39billion for 2016. Motor claims were $ 9.5 B, 72 % of total claims incurred.

2017 General Insurance Claims

Gross Claims incurred for 2017 was $13.2 billion 10% below the $14.7 billion recorded 2016 as there some exceptional claims in 2016.Reinsurance on claims was $2.42billion, -55% below $5.39billion for 2016. Motor claims were $ 9.5 B, 72 % of total claims incurred.

2017 General Insurance Claims

Gross Claims incurred for 2017 was $13.2 billion 10% below the $14.7 billion recorded 2016 as there some exceptional claims in 2016.Reinsurance on claims was $2.42billion, -55% below $5.39billion for 2016. Motor claims were $ 9.5 B, 72 % of total claims incurred.

2017 General Insurance Claims

Gross Claims incurred for 2017 was $13.2 billion 10% below the $14.7 billion recorded 2016 as there some exceptional claims in 2016.Reinsurance on claims was $2.42billion, -55% below $5.39billion for 2016. Motor claims were $ 9.5 B, 72 % of total claims incurred.

2017 General Insurance Claims

Gross Claims incurred for 2017 was $13.2 billion 10% below the $14.7 billion recorded 2016 as there some exceptional claims in 2016.Reinsurance on claims was $2.42billion, -55% below $5.39billion for 2016. Motor claims were $ 9.5 B, 72 % of total claims incurred.

2017 General Insurance Claims

Gross Claims incurred for 2017 was $13.2 billion 10% below the $14.7 billion recorded 2016 as there some exceptional claims in 2016.Reinsurance on claims was $2.42billion, -55% below $5.39billion for 2016. Motor claims were $ 9.5 B, 72 % of total claims incurred.

Other Interesting Statistics

Life Insurance Caribbean

General Insurance Caribbean

Retirement Investment Caribbean

IAJ Promotes Best Practices in
The Insurance Industry.

The IAJ provides avenues for addressing common concerns and encourage sound industry practices and ethical conduct of members while promoting the best interests of the insuring public.

Stay Informed, Join the Conversation

IAJ stands ready to engage everyone promoting insurance literacy among the Jamaican consumers through our various platforms including but not limited to our Website, Social Media, Email and Events.

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