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JM | Oct 2, 2022

Jamaica to host international conference on inclusive insurance in October

/ Our Today

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Jamaica will be the host to the International Conference on Inclusive Insurance (ICII) scheduled to take place October 24 to October 28 at The Jamaica Pegasus hotel in New Kingston. The hybrid conference is being hosted by the Insurance Association of Jamaica in partnership with the Munich Re Foundation and the Microinsurance Network. It will attract more than 400 international delegates from over 50 countries.

Sharon Donaldson, president of the Insurance Association of Jamaica (IAJ), said it is the first time in 20 years that the conference is being held in the Caribbean and Jamaica is extremely proud to be the host country.

The conference will provide a platform for stakeholders to present and discuss issues, policies, and state-of-the-art solutions for efficient, sustainable, and inclusive insurance products; and promote the development and proliferation of good-value insurance for emerging economies. It also aims to enhance awareness of the demand for insurance in the low-income segment and its potential.

Sharon Donaldson, president of the Insurance Association of Jamaica.

According to Donaldson, many countries have large informal sectors which face a range of challenges, including the death of a breadwinner, precarious traditional livelihoods, compromised food security and damage to homes and infrastructure due to the climate crisis. Also citing the devastating effects of the COVID-19 pandemic, which has affected children’s education and caused many small businesses to close their doors, she said “many low-income groups are often unaware of steps they can take to protect themselves financially. The insurance industry has a critical role to play to provide innovative insurance and financial products and education geared to these groups”.

Dirk Reinhard, vice chair, Munich Re Foundation and chairman of the Steering Committee of the ICII 2022

Dirk Reinhard, vice chair, Munich Re Foundation and chairman of the Steering Committee of the ICII 2022, said risk management, including insurance, plays a key role in achieving the Sustainable Development Goals.

“Recent floods, droughts and wildfires have shown that climate change threatens the livelihood of billions of people that do not have access to affordable safety nets. Small island states are particularly vulnerable which is why we are very honoured that IAJ is hosting this year’s International Conference on Inclusive Insurance in Jamaica and for the first time in the Caribbean. How to reach scale in small countries will be among the key topics that will be discussed at this conference,” Reinhard stated.

Katharine Pulvermacher, executive director of the Microinsurance Network

Katharine Pulvermacher, executive director of the Microinsurance Network, said: “Insurance has the potential to make a significant and enduring contribution to public policy goals and to closing the global people protection gap. Only a tiny fraction of emerging customers and small-scale producers around the world have insurance of any kind, even for smaller, more frequent risks that can have a devastating effect on their economic well-being. This presents a clear opportunity for the insurance sector – one that we conservatively estimate to be worth at least US$66 billion per year, increasing as the resilience of the people and producers insured flourishes over time. We are delighted to partner again with the Munich Re Foundation and the Insurance Association of Jamaica for this impactful event to support the development of sustainable, inclusive insurance.”

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