PRESS RELEASE: Jamaica set to be the first CARICOM country with microinsurance legislation Bill to be tabled in 2023
PRESS RELEASE: Jamaica set to be the first CARICOM country with microinsurance legislation Bill to be tabled in 2023
Kingston Jamaica, Thursday November 3, 2022: Jamaica is set to become the first country in CARICOM with microinsurance legislation with a bill to be tabled in 2023. This was announced by Jamaica Finance and Public Service Minister Dr. the Hon Nigel Clarke, at the International Conference on Inclusive Insurance (ICII) which took place between October 24th -28th at the Jamaica Pegasus Hotel in Kingston.
According to Clarke: “This country has prioritised economic resilience. We take risk mitigation and insurance seriously. Access to finance is a critical pillar of sustained economic growth. We will table the microinsurance legislation in 2023. If we can’t have insurance available for the Jamaican citizen, there’s a cost that society bears – either directly or indirectly. We have a vested interest in making insurance more widely accessible and available in Jamaica. We will be the first country in CARICOM to have microinsurance legislation.”
The hybrid Conference, hosted by the Insurance Association of Jamaica and the Munich Re Foundation in cooperation with the Microinsurance Network attracted over 250 international delegates from over 50 countries and saw strong momentum continue in the development of international inclusive insurance markets.
In her response Sharon Donaldson, President of the Insurance Association of Jamaica, said: “We are delighted to hear that the inclusive insurance legislative framework will be tabled in 2023, and we hope it can be used as a template to mobilise our Caribbean partners to do likewise. As many of our insurance companies do business across the Caribbean it will set the stage for an expansion of inclusive insurance across the region and help reach scale in small territories. Inclusive Insurance is very important. Among the underserved populations of the world there are persons who are always, one flood, one fire, one death away from slipping back into poverty.”
Landscape of Microinsurance 2022 report to be launched alongside World Bank 2023 Spring meetings
Katharine Pulvermacher Executive Director Microinsurance Network announced that the full Landscape of Microinsurance 2022 report will be launched in partnership with UNDP Insurance & Risk Finance Facility alongside the World Bank Spring Meetings in April 2023. The Landscape Studies serve as a unique global benchmark to track the closing of the people protection gap, along with financial and social performance indicators and emerging trends in the inclusive insurance sector.
According to Pulvermacher: “Having knowledge of best practices around the world supports our network’s efforts to make microinsurance propositions more affordable, scalable and accessible, and encourages more insurers to invest in the long-term development of new markets. Based on the preliminary findings of this year’s Landscape of Microinsurance research on 2021 data, this opportunity is still very much untapped: in the 34 countries covered, only an estimated 3% to 8% of emerging consumers – between 71 and 223 million people – were reported as being covered by an inclusive insurance product in 2021. Encouragingly, it seems that overall customer numbers and premiums collected have rebounded to pre-pandemic levels, respectively increasing by 93% and 40% compared to 2020 on a like-for-like basis. I look forward to launching the report next year and thank everyone who is supporting its creation.”
The annual Landscape Studies have become an invaluable reference for all stakeholders in the inclusive insurance arena, providing state-of-the-art market intelligence to directly inform their strategic decisions to support inclusive insurance initiatives such as microinsurance programmes in developing countries. The current study gathered responses from 253 insurance providers in 34 countries in Africa, Asia and Latin America and the Caribbean, covering more than 900 products – an unprecedented response rate. The 2022 report will provide the most comprehensive and up-to-date snapshot of how the market has developed since 2021, tracking uptake of inclusive insurance products and services, along with insights into emerging trends based on extensive primary research.
“It’s inspiring to see the progress made at the ICII over the last few days - an example of what can be achieved when experts from different fields come together with purpose. The maturation of the microinsurance market and its potential to support the transformation and growth of emerging economies is a clear long-term growth opportunity for insurers,” Pulvermacher added.
Ghana to host ICII 2023
Deputy Commissioner of Insurance at the National Insurance Commission (NIC) of Ghana, Michael Kofi Andoh, announced that the next International Conference on Inclusive Insurance will take place in Accra, Ghana, from 23-27 October 2023: “I invite all of you to the centre of the world, Accra, Ghana, from 23rd to 27th October, 2023 to join us and make giant strides in the pursuit of universal access to insurance for all,” he commented.
Dirk Reinhard, Vice Chair, Munich Re Foundation and Chairman of the Steering Committee of the ICII 2022, said: “The major setbacks in the fight against poverty caused by the pandemic, the current economic crisis as well as climate change are a clear sign that we need to work harder to build more resilient societies. Affordable risk management including insurance is key for sustainable economic development. To close the insurance gap, we need more national financial inclusion and disaster risk finance strategies and joint efforts by all stakeholders. We are encouraged with the significant announcements made signaling international progress on Inclusive Insurance at this year’s ICII’s conference. We are looking forward to furthering the advancement of the inclusive insurance agenda when Ghana hosts the conference next year.”
-ENDS-
About the organisers:
Insurance Association of Jamaica (IAJ)
The Insurance Association of Jamaica (IAJ) is an amalgamation of the Life Insurance Companies Association (LICA) and the Jamaica General Insurance Companies Association (JAGIC) which took place in 2005.
The Association now comprises sixteen companies, ten General Insurance Companies and six Life Insurance Companies. The Jamaican Insurance Industry is integrated with the Caribbean Industry with many of the member companies having their footprint across the region.
People are ultimately at the core of what the the Munich Re Foundation’s work is all about. The foundation’s task is to minimise the risks to which they are exposed. It clarifies issues and provides support, also in developing countries. The Foundation's work addresses major global challenges: the fight against poverty, environmental and climate change, water as a resource and risk factor, demographic development and disaster prevention – and supports people in risk situations.
The Microinsurance Network is the global multi-stakeholder platform for professionals and organisations that are committed to making insurance inclusive. Membership-based, we bring together diverse stakeholders from across the value chain who share our vision of a world where people of all income levels are more resilient and less vulnerable to daily and catastrophic risks. We encourage peer-to-peer exchange and learning, facilitate the generation of knowledge and research, and act as advocates, promoting the role that effective risk management tools, including insurance, play in supporting the broader development agenda.
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