Leading provider of life and health insurance in Jamaica, Sagicor, now controls 63 and 64 per cent of the individual life and group health insurance industry market share respectively, according to a May 2018 report from the Insurance Association of Jamaica (IAJ).

This is the highest record for the company, moving up by 5 per cent over the comparative period last year when they had 58 per cent market share.

According to the IAJ, there are currently five major players in the insurance industry, with Sagicor Life Jamaica currently providing life insurance coverage for approximately 280,000 Jamaicans.

The company is also the dominant player in providing and administering health insurance, providing coverage for more than 600,000 Jamaicans — the majority of whom are covered under the company’s employer group insurance scheme in both the private and public sectors.

Speaking with the Jamaica Observer, CEO, Sagicor Group Jamaica, Christopher Zacca noted that the company has been making significant strides in the insurance industry as it looks to ensure that a greater percentage of Jamaicans understand the importance of life and health insurance.

“At Sagicor we are keen on providing the best products and services for our clients; always seeking innovative and efficient ways of ensuring our customers have the best client experience and service possible; insurance for us is not just a business, it’s about caring for the well-being of our fellow Jamaicans,” Zacca expressed.

The company’s individual life business is reporting an increase in annualised premium income (API) of $2 billion as at July 2018, a 17 per cent increase over the comparative period last year when they recorded over $1.7 billion in API.

The number of insurance policies in force has also increased by seven per cent — up from 490,842 to 525,920. Similarly, cash disbursements to clients have increased from $5.1 billion to $6.5 billion for the period January to June 2018 when compared the same period last year.

Sagicor’s Employee Benefits Division (through its group health business) has also seen an increase in business as well, recording growth of 15 per cent during the first half of the year, January to June 2018, when compared to the same period last year.

To further support and drive the growth of the business, Zacca noted that improved communication and client engagement and experience are main areas of focus for the group with several planned client-centric initiatives being rolled out over time.

“We are fully committed to ensuring we keep our clients and prospective clients knowledgeable about our products and services at all times, while maintaining the integrity of the value-added benefits to their life and well-being,” Zacca noted.