Insurance industry excellent avenue for economic growth, says Minister Shaw

Accounting, as it does, for some 11.5 per cent of the country’s financial assets, the Hon Audley Shaw, Minister of Industry, Commerce, Agriculture and Fisheries, has described the insurance industry as an excellent avenue for economic growth.
“The industry saw total assets amounting to $316.2 billion as at March 31, 2018, representing an increase of 8.4 per cent over the $291.6 billion reported for the period ending March 31, 2017,” said Minister Shaw.
Noting that there has been a steady growth in sales in the life insurance sector, Minister Shaw stated that “life insurance companies continue to be the dominant insurance industry in Jamaica, accounting for 80.2 per cent of the sector’s total assets while the general insurance companies account for approximately 20 per cent”.
The minister was speaking at the relaunch of the Caribbean Assurance Brokers Loyalty Programme, held in collaboration with Silver Star Motors, at the Mercedes-Benz Showroom in Kingston on December 5, 2019.
The Industry and Commerce Minister commended Caribbean Assurance Brokers for its visionary leadership, stating that the programme was a welcome initiative and was a way of giving back to its over 50,000 customers.
“We want to see more and more of these kinds of initiatives across the private sector that will redound to the benefit and well-being of our consumers, said the minister.
Minister Shaw applauded the company for its achievements, noting that it has the largest international health insurance portfolio in Jamaica and has assisted clients in securing medical claims payout in excess of US$20 million over the past 10 years.
The CAB Loyalty Card will allow customers to receive discounts at over 200 healthcare providers and merchants islandwide as well a $500,000 discount off the purchase price of a Mercedes-Benz from Silver Star Motors Limited.