Insurance Industry a Cornerstone of National Stability

• Jamaica’s insurance industry has emerged as a cornerstone of national stability, with life insurance assets reaching $499.40Bn as at September 30, 2025. This is according to Minister of State in the Ministry of Finance and the Public Service, Hon. Zavia Mayne. This was an increase of approximately 9.3%, or $42.70Bn, over the $456.70Bn recorded on September 30, 2024.
• “The total assets of general insurance companies now amount to approximately 3% of gross domestic product (GDP), while the combined assets of life insurance companies account for a significant 14 per cent of GDP,” Mr. Mayne highlighted.
• He was speaking during the Jamaica Association of Insurance and Financial Advisors (JAIFA) Annual Motivational and Professional Development Seminar at the Jamaica Conference Centre in downtown Kingston, where he represented Portfolio Minister, Hon. Fayval Williams.
• According to the Minister, the strength of Jamaica’s economy and its insurance industry are deeply interconnected, noting that a stable economy creates fertile ground for a booming insurance industry.
• Since the 1970s, insurance companies, brokerages, and agencies have played a pivotal role in helping Jamaicans secure their financial future and safeguard the well‑being of their families. Mr. Mayne pointed out that Jamaica currently has approximately 17 registered insurance companies offering critical financial protection across a wide range of products, including health, dental and vision, life, motor, property, and legal insurance.
• He further underscored that the Government regards insurance as a critical tool for national development, emphasising that the sector is viewed as a strategic partner in Jamaica’s growth agenda.

(Source: JIS)