Insurance Industry a Cornerstone of National Stability – State Minister Mayne

Jamaica’s insurance industry has emerged as a cornerstone of national stability, with life insurance assets reaching $499.4 billion as of September 30, 2025.

This according to Minister of State in the Ministry of Finance and the Public Service, Hon. Zavia Mayne.

He noted that this out-turn represents an increase of approximately 9.3 per cent, or $42.7 billion, over the $456.7 billion recorded on September 30, 2024.

“The total assets of general insurance companies now amount to approximately three per cent of our gross domestic product (GDP), while the combined assets of life insurance companies account for a significant 14 per cent of GDP,” Mr. Mayne said.

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 on Tuesday (January 20), where he represented Portfolio Minister, Hon. Fayval Williams.

Mr. Mayne noted that the strength of Jamaica’s economy and its insurance industry are deeply interconnected.

In other words, a stable economy creates fertile ground for a booming insurance industry. When the industry is strong, the economy is more resilient. When the economy is stable, the industry has room to innovate and expand,” he stated.

Mr. Mayne pointed out that Jamaica’s economy is stronger, more stable, and more resilient than it has been in decades, even in the face of recent challenges such as the passage of Hurricane Melissa.

The State Minister said this economic stability fosters confidence and serves as the catalyst for long‑term investment and prudent risk management – the very foundations upon which the insurance industry is built.

Mr. Mayne noted that, 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.

“Our insurance institutions have laid the foundation for a culture of financial protection that has served generations of Jamaicans and continues to strengthen our national economy,” he stated.

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 noted that the industry’s sustained growth is a clear indication of its strength, stability, and continued relevance within Jamaica’s broader financial system.

Mr. Mayne emphasised that insurance strengthens the economy by mitigating risks, enabling businesses and individuals to pursue ventures they otherwise could not.

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.

“Through insurance-linked risk-financing instruments like the Catastrophe Bond, the Government received crucial resources needed to assist in rebuilding our roads, schools, hospitals, and other critical infrastructure following the devastating impact of Hurricane Melissa,” the State Minister detailed.

Mr. Mayne told JAIFA members that, “as advisors, you are not simply selling products”.

“You are guiding people through some of the most important decisions of their lives. These positions come with great responsibility and offer opportunities, especially at a time when financial literacy and resilience are national priorities,” he added.

The State Minister urged them to view their work as an opportunity to strengthen not only individual households but also the wider economy.

“I encourage you to see yourselves not only as insurance professionals but as educators helping Jamaicans to understand risk and protection, as leaders shaping the credibility of the industry, as innovators embracing technology and new approaches, and as nation-builders contributing to Jamaica’s economic stability,” Mr. Mayne said.