Insurances - Jamaica

Jamaica

The Insurances market in Jamaica is projected to reach a gross written premium of US$2.58bn in 2024.
Non-Life Insurances dominate the market with a projected market volume of US$1.39bn in 2024.
The average spending per capita in the Insurances market is expected to amount to US$0.91k in 2024.
When compared globally, the United States leads with a nominal value of US$4,642.0bn in 2024.
The gross written premium is expected to grow at an annual rate of 0.96% (CAGR 2024-2028), resulting in a market volume of US$2.68bn by 2028.
The United States will continue to generate the highest gross written premium in global comparison, reaching US$4,642.0bn in 2024.
Jamaica's insurance market is witnessing a shift towards innovative products that cater to the unique needs of the local population, such as hurricane and earthquake insurance coverage.

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Analyst Opinion

The Insurances market in Jamaica has been experiencing significant growth and development in recent years. Customer preferences in the Jamaican insurance market are shifting towards more comprehensive coverage options that provide a wide range of benefits. Customers are increasingly seeking insurance products that offer not only traditional coverage for health and property, but also innovative solutions such as cyber insurance and climate-related risk protection. Trends in the Jamaican insurance market are being influenced by the country's efforts to strengthen its regulatory framework and promote financial inclusion. The introduction of new regulations and initiatives aimed at increasing transparency and consumer protection is driving market players to enhance their product offerings and customer service. Local special circumstances in Jamaica, such as the vulnerability to natural disasters and the high prevalence of certain health conditions, are shaping the insurance market in unique ways. Insurers are responding to these challenges by developing specialized products that cater to the specific needs of Jamaican customers, such as comprehensive disaster risk insurance and affordable health coverage. Underlying macroeconomic factors, including the country's economic growth and stability, are also playing a key role in the development of the insurance market in Jamaica. As the economy continues to expand and incomes rise, more individuals and businesses are looking to protect their assets and mitigate financial risks through insurance products. Additionally, the growing middle class in Jamaica is driving demand for more sophisticated insurance solutions that offer long-term financial security.

Methodology

Data coverage:

Data encompasses B2B and B2C enterprises. Figures are based on gross written premium, gross written premium per capita, gross claim payments, loss ratio, and distribution channels.

Modeling approach / Market size:

Market sizes are determined by a Bottom-Up approach, based on a specific rationale for each market layer. As a basis for evaluating markets, we use industry associations, national statistic offices, and international organizations, such as OECD. Next we use relevant key market indicators and data from country-specific associations such as insurance consumer spending, gross domestic product, insurance - consumer price index (CPI), population growth. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing and HOLT-linear. The main drivers are insurance consumer spending and insurance - consumer price index (CPI).

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.