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BMI View:Long constrained by a challenging economic and business environment, Jamaica's insurance
sector is under-developed by most standards. Except in the context of the Caribbean and Central America,
it is also small in absolute terms. Nevertheless, it is apparent that the stabilisation of the economy - thanks
to the government's successful implementation of an IMF-backed economic reform programme - has had a
very positive effect. In both the main segments, we have had to adjust our estimates of premiums for 2015.
We have also increased our forecasts for 2016-2020. In the life segment, the key change is an improvement
in confidence on the part of households and businesses that can afford to buy insurance. In the non-life
segment, the key change is the boost to motor vehicle insurance that comes from higher car sales.
Key Updates And Forecasts:
? Our estimates of premiums written in 2015 have been revised upwards. Lower inflation and a significant
improvement in confidence of savers have caused us to lift our forecasts for growth in life insurance
premiums so that they are well into double-digit rates.
? In the non-life segment, we have taken a more positive view of the prospects for motor vehicle insurance.
In spite of the general improvement in economic conditions, property insurers will likely face downwards
pressure on prices through the forecast period.