IAJ Pushes Adaptation of Global Standards

As the COVID-19 pandemic makes a third wave in Jamaica, the Insurance Association of Jamaica, (IAJ) at a seminar held recently, sought to provide various companies under it’s umbrella tools to adapt to new global practices. In a recent seminar the IAJ, highlighted areas that are critical for Jamaicans to have a better understanding of emerging risks in the life sector occasioned by COVID-19.

According to a report from the IAJ for the 12-month period ended April 30, 2021, the industry paid out 70 % more in death claims. Critical illness claims were up 15%. In 2020 the industry also paid out over $20 billion dollars in health claims. However it is not yet known the direct proportion of the claims that are COVID-19 related.

There are approximately 776,000 lives insured by the various group health plans, representing about a quarter of the nation’s population. The health insurers are reporting that costs for health care have been rising, with the sector suffering from increase shipping and logistics costs associated with the disruption of the global supply chains due to COVID-19.

In the meantime, keynote speaker Professor of Public Health and Health Technology, Winston Davidson outlined how tele-medicine can assist insurance companies in the underwriting and adjudication of claims. Professor Davidson further notes the rapid increase of technology that insurance companies must seek to assimilate in order to be on par with their global counterparts.

Additionally, the IAJ observed an uptick in the sale of individual life insurance policies up 23% over the 12-month period.

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