Proposed law to be major strategy for enhancing financial inclusion in Jamaica

Jamaica’s Finance Minister Dr Nigel Clarke is to update the local insurance sector on the long-awaited micro-insurance legislation, which the sector is eagerly awaiting.

Clarke is to address the Insurance Association of Jamaica (IAJ) Conference themed ‘Micro-insurance: The Jamaica Perspective’, where he is expected to comment on the status of the proposed law.

This legislation is expected to be a major strategy for enhancing financial inclusion in Jamaica, which is one of the major goals of the Ministry of Finance and the Public Service.

Micro-insurance is an insurance solution developed for persons with lower incomes as well as those in the underserved and informal segment of society, who run the risk of falling into poverty if they have financial misfortune such as the death of a breadwinner or crops destroyed by flood or drought.

Demonstrations of micro-finance products in Jamaica

The conference will deal with the impact of the impending legislation in the promotion of micro-insurance and is to feature a Parametric Crop Insurance implemented by GK General Insurance, as well as a Farmers and Fisher Folk Life and Health Insurance plan by Sagicor.

The pioneering work of the Credit Union Movement and CUNA Mutual with micro-insurance will also be on display as well as Wi Pay Jamaica demonstrating the role digitalisation can pay in enhancing micro-insurance.

The Bank of Jamaica will outline the Government’s plan for more financial inclusion at the conference, which will be streamed live into the Virtual International Inclusive Insurance Conference taking place from October 25-29.

The Financial Services Commission (FSC), which regulates non-deposit taking financial institutions in Jamaica is to address the regulatory framework for inclusive insurance.

The speakers for this section of the conference are FSC Executive Director Everton McFarlane; FSC Consultant Leon Anderson; Elizabeth Smith, senior financial analyst at the FSC; and Rodolfo Wehrhahn, international micro-insurance consultant out of the United States.