2014-01-09 23:33:01 - The Insurance Industry in Jamaica, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
With a 0.5% decline in GDP in 2012, the Jamaican economy is in a state of recession. The island nation´s economy remained fragile during the review period, recording three consecutive years of negative growth, exacerbated by the widening current account deficit, depreciating currency and damage from Hurricane Sandy in 2012.
The International Monetary Fund (IMF) approved a four-year US$2 billion loan package in 2012 which is expected to stabilize the economy. However, despite the subdued economic conditions, the Jamaican insurance industry registered a compound annual growth rate (CAGR) of 6.2% during the review period (2008â2012), supported by an increase in premium rates and the growing tourism industry. The industry is competitive with 17 active insurance companies in 2012.
The Jamaican insurance
industry is among the smallest in the Latin America and Caribbean (LAC) region, with gross written premium valuing JMD61.8 billion (US$700 million) in 2012. The Jamaican insurance industry is dominated by the non-life segment, which accounted for 48.3% of the gross written premium in 2012.
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