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Despite the financial constraints caused by COVID-19 in 2020, it was not enough to stop growth in the insurance sector, which continues to rebound from the pandemic.

The Insurance Association of Jamaica (IAJ) is reporting that the sector has been able to withstand the onslaught of COVID-19 with an increase in the number of policies in force during 2020. In addition, the year saw a greater effort being made by policyholders in securing higher insurance coverage.

IAJ President Dr Adrian Stokes is confident that the sector will record another growth year in 2021, pointing out that success will depend on the Jamaican economy recovering from the pandemic. He disclosed that last year the sector paid out just over just over $60 billion in claims to policy holders.

Some $16.4 billion in general insurance claims were paid out, of which $13.6 billon relates to motor claims and $24 billion in death and living benefits claims from individual life insurance policies. Just over $20 million was paid out in health insurance benefits.

https://www.jamaicaobserver.com/sunday-finance/jamaica-s-insurance-sector-grew-in-2020-despite-covid-19-set-back-jump-in-number-of-policies-while-policyholders-in-2020-sought-higher-insurance-coverage_223122?profile=1056