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June 21, 2022updated 28 Jun 2022 12:39pm

Jamaica insurance industry grows at a CAGR of 8.7% in 2020

By Carmen

The insurance industry in Jamaica witnessed a rise at a compound annual growth rate (CAGR) of 8.7% during 2015 to 2020 to reach $0.9bn (JMD134.3bn) in 2020, according to GlobalData’s global insurance database.

From 2015 to 2020, the life insurance and pension market grew at a CAGR of 9%, whereas the general insurance market registered a CAGR growth of 8.4%.

The insurance industry in Jamaica is forecasted to grow at a CAGR of 7.8% during 2020 to 2025 to reach $1.2bn (JMD195.5bn) in 2025. Over the projection period, life insurance and pension is expected to grow at a CAGR of 7.6%, whereas general insurance is projected to grow at a CAGR of 8.1%.

Market composition

Life insurance and pension led the insurance market, holding a value of $0.5bn (JMD78.3bn) and a share of 58.3% in 2020. General insurance held a value of $0.4bn (JMD56bn) and a share of 41.7%.


Growth rate by markets

In 2020, the life insurance and pension market grew at a rate of 9.3% over 2019, followed by the general insurance market which registered a growth rate of 7.6% over the previous year.

Methodology

This analysis is drawn from GlobalData’s Global Insurance Database, which tracks key insurance metrics across segments, categories, and line of businesses for 170 markets, globally. The data is sourced from regulatory bodies and insurance associations and is mapped as per our standard Industry Native Taxonomy Structure. The calculations are based on premiums standardised by the following order of preference Gross Written Premiums > Direct Written Premiums > Net Earned Premiums > Net Written Premiums. Verdict’s parent company GlobalData provides business information to 4,000 of the world’s largest companies.

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