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.
“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 said