Stakeholder workshops to present and discuss the Jamaica microinsurance country diagnostic findings
On July 3rd and 4th, the A2ii, the Multilateral Investment Fund (MIF), a member of the Inter-American Development Bank (IADB) Group, and the Financial Services Commission from Jamaica carried out two final workshops to present the findings and recommendations of the Jamaica microinsurance country diagnostic.
The country diagnostics are part of the activities of the joint IADB/A2ii Project “Implementation of Regulatory and Supervisory Standards for Microinsurance markets in LAC” that aims to increase the availability of sustainable (micro) insurance products tailored to the needs of the low-income population in Latin America and the Caribbean.
Participants included supervisory staff, market representatives and relevant ministries.
Elements of a proportionate regulatory approach are recommended: this includes developing a definition of microinsurance that will allow proportionate regulatory requirements, including entry by new risk carriers, allowing new categories of intermediaries to operate in the market, protecting consumers by simplifying policies and speeding up insurance claim processes, and seeking linkages with the estimated 1 million potential clients in the Jamaican diaspora. The FSC has committed to lead the process and coordinate with the Bank of Jamaica in the development of microinsurance regulations.
Related Documents
Workshop Agenda July 3rd and July 4th
Workshop report
Presentation Jamaica country diagnostic key findings
Presentation Jamaica country diagnostic recommendations
Presentation Encouraging access to insurance
Presentation Evolving business models
Jamaica Observer Report on the workshop
Fact Sheet "Implementation of Regulatory and Supervisory Standards in Microinsurance Markets in Latin America“ [for Spanish version click here]
