Insurance Industry Excellent Avenue for Economic Growth – FSC Head

Executive Director of the Financial Services Commission (FSC), Rohan Barnett, has said that the insurance industry was an excellent avenue for economic growth.
Addressing Guardian Life Insurance Limited’s ‘Stars Luncheon’ at the Terra Nova Hotel in Kingston on February 3, Mr. Barnett said that the industry was well developed, in terms of international standards and contribution to Gross Domestic Product (GDP).
“In recent years (GDP) has averaged 5.5 per cent in Jamaica, compared to 2.5 per cent in Latin America and the Caribbean, and 3.5 percent in emerging markets, generally,” he stated.
The FSC head, who represented Finance and the Public Service Minister, Audley Shaw at the function, pointed out further that the insurance industry accounted for some 11.5 per cent of the country’s financial assets, which he said, “obviously means a significant number.”
He pointed out, however, that when compared to the securities and banking industries, it was behind, as both sectors represent approximately 34 per cent and 38 per cent respectively, of the country’s financial assets.
He said that despite the maturity of the insurance industry, there was room for growth, stating that there were many avenues, through which this growth could be facilitated.
“Once you build up your business and refine your practice that growth will come, by the very nature of the fact that it hasn’t matured to the point where there’s complete saturation,” the FSC head contended.
Some 39 employees of Guardian Life Limited were presented with awards in recognition of their outstanding accomplishments in the marketing and sale of the insurance company’s suite of products during the last quarter of 2008.