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The Insurance Sector

Why Government's Involvement?

The Government came to the rescue of troubled insurance companies to fulfill its commitment to the public to protect their insurance policies and pension funds.  But beyond this, the role the insurance industry plays in a vibrant financial sector is an important one and as such, its impact on the country's overall economic well being is significant.

No government can afford to ignore the plight of its citizens nor threats to its economy posed by the level of fall out which threatened both the average Jamaican and the economy when several insurance companies faced failure.

The combined threat was a loss of approximately $341 billion (sum assured) affecting almost 500,000 policyholders if the Government had chosen to allow Life of Jamaica, Island Life, Jamaica Mutual Life Assurance Company, Dyoll Life Insurance Company and Crown Eagle Life Insurance Company to collapse.

What will emerge from the rehabilitation and divestment strategy is a stronger and more profitable insurance industry, one which will be well-placed to meet the needs of its customers and face the challenges of the future.

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