Jamaica is set to become the first country in CARICOM to have microinsurance legislation with a bill to be tabled in 2023. This was announced by Jamaica’s Finance and Public Service Minister, Dr. the Hon. Nigel Clarke, at the International Conference on Inclusive Insurance (ICII), which took place between 24–28 October at the Jamaica Pegasus Hotel in Kingston.
According to Clarke: “This country has prioritised economic resilience. We take risk mitigation and insurance seriously. Access to finance is a critical pillar of sustained economic growth. We will table the microinsurance legislation in 2023. If we can’t have insurance available for the Jamaican citizen, there’s a cost that society bears – either directly or indirectly. We have a vested interest in making insurance more widely accessible and available in Jamaica. We will be the first country in CARICOM to have microinsurance legislation.”