While pointing out the low levels of insurance coverage in the Jamaican population, the president of the Private Sector Organisation of Jamaica (PSOJ), Metry Seaga, highlighted some benefits of having a robust insurance industry and even more insurance coverage, such as boosting employee productivity and economic prosperity.

The keynote speaker at the Marathon Insurance Brokers Limited’s launch of its Life, Health Employee Benefits Department, Seaga pointed out that the event served as a watershed moment.

“Today, as we celebrate this important step forward for Marathon, we also acknowledge a critical area of progress for our country: the strengthening of our insurance industry, and with it, the foundation for a more secure, productive, and competitive private sector,” he stated.

Calling for a more structured and stable economy, as well as “strategic investments in our people and in our systems”, the PSOJ president said that insurance providers and brokers can play a critical role in this regard.

“Insurance is the quiet partner of progress. It’s the safety net that lets you take a risk, start a business, expand a company, or invest in your employees,” Seaga added.

Yet, he pointed out that as of 2023, only about 30 per cent of Jamaicans had life insurance coverage and less than half had health insurance coverage. He further noted that such low penetration of health insurance coverage can catalyse disproportionate access to health care services, which disadvantages lower-income groups.

While referring to a 2016 study in which 32 per cent of Jamaicans polled cited lack of financial resources for having no insurance, Seaga said the situation is worsened by the increase in non-communicable diseases among average Jamaicans.

“These are not just statistics—they are red flags…These figures highlight the urgent need for expanded insurance coverage and better financial protection,” the PSOJ president asserted.

“Now let’s bring that back to the role of insurance and why we’re here today. Marathon’s new department focuses on life, health, and employee benefits. This is not just an expansion—it is a statement. It says to the Jamaican workforce: ‘We see you, we value you, and we are investing in your future,’” he added.

The lack of adequate and reliable health insurance can wipe out a family’s savings in the event of sickness, Seaga said. Moreover, without life insurance, a family could face poverty after the death of a loved one.

He further correlated insurance benefits with brain drain and productivity.

“If we want to stem the brain drain, if we want to retain our talent, then we need to create work environments that offer more than just a paycheque. We must offer protection. We must offer hope,” Seaga told the gathering.

“We know that companies with robust employee benefits see a 22 per cent increase in employee retention and a 29 per cent increase in overall satisfaction. These are not just feel-good numbers—these are productivity gains. And productivity, my friends, is where growth begins,” he continued.

Turning his attention to productivity, the businessman shared that, according to the Planning Institute of Jamaica analysis, the country’s labour productivity grew at an annual average rate of 0.5 per cent between 1980 and 2020. In comparison to its Caribbean neighbours, including the Dominican Republic and Trinidad & Tobago, Jamaica trailed behind.

“The truth is, our output per worker has remained virtually flat, even as our workforce has expanded. That’s not sustainable. That’s not the path to prosperity,” Seaga outlined. “The path to prosperity lies in investing in people—in their health, in their security, in their ability to focus on work without fear of what might happen to their families in a crisis.”

In this regard, the PSOJ has intensified its advocacy for policy reforms that facilitate more efficient systems, boost innovation, and support private enterprise as the engine of economic development. Yet, he is aware that the responsibility is not only on the Government’s shoulders and encourages private sector players to play their role in innovation, education and employee protection.

Seaga, in outlining that Jamaica is poised for growth based on previous performance, called on the private sector to contribute to the resilience and productivity.

“Insurance and employee benefits are critical pillars in this effort. So, what does this all mean for Marathon? It means your work matters more than ever. It means that the service you offer isn’t just a product—it’s a public good. It’s an investment in national resilience. It’s part of the architecture of a stronger, more sustainable Jamaica,” Seaga shared.