What Is Insurance Fraud?
INSURANCE IS A PROMISE TO PAY A SUM OF MONEY TO COMPENSATE FOR THE ECONOMIC LOSS OF A PERSON OR AN ASSET AS A RESULT OF SOME MISFORTUNE e.g. The Death of a Breadwinner or Destruction of property such as a house or car, or due to illness.
Insurance Risks
Simply put Insurance involves a group of persons paying funds into a pool so that if and when someone has a financial loss there is money in the pool to compensate the person for the loss. It is based on the principle that persons suffer losses at different times. The oldest insurance scheme on record is one set up for Roman Soldiers to provide for families of those who died in battle.
LIFE INSURANCE
Whole Life/ Term Insurance
Investment-linked Insurance
- Health Insurance
- Critical Illness Insurance
GENERAL INSURANCE
- Motor Insurance
Property Insurance
- House & Contents Insurance
- Business Insurance
Insurance and The Jamaican Consumer
Only about 29 % of the Jamaican Workforce has individual insurance.
Only one-third of the workforce and a quarter of the population has Group Health Insurance.
Of the over 600,000 houses in Jamaica, only about 130,000 are insured or just over 20 %.
Only 75 % of the vehicles on the road are insured.
- Only 9.2% of Jamaica’s workforce is currently a part of a registered pension plan and just over 40% are members of the NIS Scheme.
Importance of Insurance
A good financial Plan without Insurance will fail if there is a misfortune such as death, disability, ill health, hurricane, car accidents, terminal illness, fire, flood, earthquake, etc. Unfortunately, no one is immune to these risks of living and them unpredictable. Only Insurance Companies provide these services.
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.
What The Insured Public Says
Ability proceeds from a fusion of skills, knowledge, understanding and imagination, consolidated by experience.
Beauty is when you can appreciate yourself. When you love yourself, that’s when you’re most beautiful.
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.