Improving access to insurance for the low income population in Jamaica

The report analyses among other topics how the insurance market has evolved in the last years, which products have reached some segments of the low income population, how low income population have dealt with main risks confronted.

It also proposes a series of recommendations for further work of each group of relevant stakeholders in the insurance market, highlighting the importance of a joint work that enable the development of insurance products designed to meet the needs of the target population and that work with alternative distribution channels.

With few initiatives to provide insurance to low income segments of the population and no regulation in place the Jamaican microinsurance market is in a nascent stage. Nonetheless, the Financial Services Commission (FSC) from Jamaica, knowing the huge variety of risks confronted by its population and assuming a leader role to promote access to insurance, has supported the a microinsurance country diagnostic within the joint Inter-American Development Bank/A2ii project.

Authors: A. Camargo, C. Tatin-Jaleran, L. Furst Gonçalves
Published by Superintendencia Financiera de Colombia, Banca de las Oportunidades, IADB/FOMIN

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