Facing a confluence of challenges now threatening the insurance industry, the newly elected president of the Insurance Association of Jamaica (IAJ), Rosemarie Henry, is doubling down on capitalising on opportunities to strengthen local players.

At a press briefing on Wednesday, April 23, 2025, following her election at the IAJ’s annual general meeting, Henry shared that the members of the association are all aware of the “complexity” they now face, but are also cognisant of the opportunities and ready to take advantage.

The complexity to which she referred encompassed the impacts of global warming, dynamic capital market movements, inflation, and geopolitical tensions, and how they factor into the insurance valuation process. In addition, Henry said “the cost and availability of reinsurance” were other factors insurance players had to grapple with.

With this in mind, the IAJ president outlined a road map for the association, highlighting some tools that will help navigate the challenges and risks during her term.

“Here is how the IAJ will move forward in a manner which can be described as purposeful, bold and inclusive: we will elevate our policy engagement—not just by responding to regulations but helping to shape it,” she said.

Henry added: “Whether on microinsurance, pension reform, capital reform or disaster risk financing, the IAJ will provide evidence-based, solution-oriented input to policymakers and regulators.”

Already, the IAJ is seeing signs of its input being welcomed and implemented. Minister of Finance Fayval Williams, in her budget presentation in March, announced plans to introduce microinsurance legislation to amplify the promotion of financial inclusion and security of Jamaica’s uninsured.

This announcement follows a similar one made by Dr Nigel Clarke, Williams’ predecessor, in his 2024/25 budget presentation. In 2022, Clarke was a guest speaker at the International Conference on Inclusive Insurance (ICII) hosted by the IAJ at the Jamaica Pegasus hotel in New Kingston.

At the media briefing last Wednesday, IAJ Immediate Past President Sharon Donaldson Levene listed the conference as one of the association’s achievements during her three-year tenure. “I am proud of what we achieved together, including staging our first insurance conference, which fostered community collaboration among our members, and successfully navigating a tight reinsurance market,” she said.

Her successor, Henry, is committed to continuing this advocacy, noting: “We aim to strengthen trust, accelerate consultation, and reposition insurance as a cornerstone of national development. We will engage constructively to ensure changes strengthen, not stifle, our industry.”

To improve advocacy for the industry, the new IAJ president has reckoned that engaging with members will be critical. As such, she said the industry representative seeks to improve interactions with members through enhanced communication platforms, structured consultation, and targeted forums.

This, she said, should help the association keep pace with the changing needs of life, health, and general insurers and pension providers.

“Our goal is to serve as an effective bridge between members and external stakeholders, ensuring relevance, unity and collective strength,” Henry remarked.

Turning her attention to the Jamaican public, the president said the IAJ will play a larger role through public education, community engagement, and partnership with civil society to promote and enhance financial inclusion, especially for underserved communities and vulnerable individuals.

“This is why we look forward the Honourable Minister of Finance and the Public Services [Fayval Williams] supporting our industry drive to serve these populations in a more effective manner with the implementation of the microinsurance legislation and pension reform phase two,” she said.

Moreover, Henry highlighted that the association still has to demystify insurance, rebuild consumer confidence, and promote financial literacy.

At the same time, she charged IAJ members to embrace digital transformation, including artificial intelligence, and new service models. On this note, she pointed out that innovation will be “our ally in improving customer experience, expanding access and strengthening resilience.

She further championed continuous professional development to maintain high ethical standards and deliver excellent service. In her address, Henry pointed out that IAJ will have to make an internal assessment and act upon it to meet its members’ needs.

“We will modernise our operations, adopt digital tools, and ensure we are transparent, accountable, and efficient. We will strengthen our internal capacity…to deliver on our mandate as we position ourselves at the centre of industry collaboration and stakeholder engagement,” she said.   

While thanking Donaldson Levene for her contributions to the “reinvigoration of the IAJ and welcoming newly appointed Executive Director Everton McFarlane to his role, Henry highlighted that we live in interesting times as much as they are defining times.

“The choices we make today will shape the resilience, relevance, and reputation of our industry for decades to come. Team IAJ is ready—ready to advocate, ready to engage, ready to innovate, ready to lead. We look forward to your continued support,” she concluded.