Microinsurance Legislation Heading to Parliament in Fiscal Year 2025/26

Legislation aimed at facilitating the establishment of microinsurance for low-income earners will be introduced to Parliament during fiscal year 2025/26.

This was disclosed by Minister of Finance and the Public Service, Hon. Fayval Williams, during her maiden 2025/26 Budget Debate presentation in the House of Representatives on Tuesday (March 11).

She stated that an insurance company, in providing an estimate, indicated the possibility of offering a microinsurance policy with a monthly premium of $250 for a $500,000 benefit.

“Not every Jamaican can afford the premiums for traditional insurance sold here in Jamaica, so we have to meet the people where they are. The microinsurance legislation has been talked about; but I give my commitment that microinsurance legislation will be passed in this new fiscal year,” Minister Williams said.

She further indicated that all Programme of Advancement Through Health and Education (PATH) families will be given access to microinsurance to build resilience against the financial impacts of unexpected events such as illness, death, loss of income and natural disasters.

“I believe that this will significantly improve financial inclusion once it comes into effect,” Mrs. Williams stated.

She anticipates that once the legislation comes into effect, microinsurance products will be available by fiscal year 2026/27.

Minister Williams pointed out that the Financial Services Commission (FSC) has welcomed completion of the microinsurance legislation, as it would increase insurance penetration in Jamaica through expanded access.