The Insurance Association of Jamaica (IAJ) has installed Rosemarie Henry as its new president, handing leadership of the industry body to a seasoned insurance executive and former regulator at a time of escalating global uncertainty and major regulatory changes at home.

Henry, principal officer at Cuna Caribbean Insurance Jamaica, steps into the role as insurers face mounting pressure from climate-driven risk, rising reinsurance costs, and what she described as a “reset” in the global economic order that threatens to suppress growth and challenge the industry’s resilience.

“We are gathering at a pivotal moment,” Henry said in her first address as IAJ president at the association’s post-annual general meeting press briefing last Wednesday. “The world is still adjusting to the socio-economic shifts triggered by the [COVID-19] pandemic, the Russia-Ukraine war, and the accelerated adoption of artificial intelligence.”

Her remarks follow a recent statement by the International Monetary Fund’s Chief Economist Pierre-Olivier Gourinchas that the global economic system under which most countries have operated for the last 80 years is being “reset”, bringing in a new era of trade disruption, shifting alliances, and fragmented supply chains.

For Jamaica’s insurers, Henry warned, that translates to growing volatility in the cost and availability of reinsurance, especially in areas like marine and transit coverage, as well as dampened investor sentiment.

“In emerging markets like ours, the fallout is already real — slower growth, increased capital constraints, and heightened vulnerability to external shocks,” she noted.

Closer to home, the sector is also contending with the intensifying effects of climate change. Henry said the shift from hazard intensity to hazard unpredictability is now one of the most pressing concerns for the insurance industry, making traditional risk modelling and underwriting more difficult.

“We’re not just contending with stronger storms or longer droughts; we’re navigating a landscape where the timing, frequency, and severity of these events are becoming less predictable,” she said.

The direct consequence is higher premiums, lower coverage availability, and strained reinsurance capacity — all of which contribute to widening protection gaps for Jamaican consumers. It’s a dynamic that has implications not only for insurers but for macroeconomic resilience more broadly.

Against this backdrop, Henry outlined a five-point strategic agenda aimed at strengthening the sector’s foundations. The IAJ, she said, will move towards deeper policy engagement, pushing for consultation on areas such as capital standards, disaster risk financing, pension reform, and the long-delayed implementation of microinsurance legislation.

“We are not here simply to respond to regulation, we intend to help shape it,” she said.

Her appointment comes at a pivotal moment for regulatory reform. Among the changes being considered are the roll-out of group supervision frameworks for financial conglomerates not covered by the Banking Services Act, the creation of a financial sector resolution regime, and Jamaica’s proposed shift to a Twin Peaks model of regulation, which would separate prudential supervision from conduct oversight.

While Henry affirmed the IAJ’s broad support for reforms that improve the resilience and transparency of the financial sector, she cautioned against aggressive timelines or fragmented implementation.

“Shareholders, employees, and policyholders all benefit from a strong, well-regulated system. But we urge our regulators to ensure that changes are timely, balanced, and sequenced so they enhance rather than undermine long-term development,” she said.

The leadership transition also coincides with a major personnel shift at the IAJ Secretariat. After 17 years at the helm, Executive Director Orville Johnson will step down from the role, passing the reins to Everton McFarlane, a former executive director of the Financial Services Commission (FSC) and one of the country’s most experienced financial sector policymakers.

The two men are currently working together on a structured handover to ensure continuity of strategy and institutional knowledge. McFarlane’s return to the policy sphere is expected to deepen the IAJ’s influence in shaping regulatory direction.

The new IAJ Executive Committee also includes Immediate Past President Sharon Donaldson of General Accident; Oliver Tomlinson of Canopy Insurance; Peter Levy of BCIC; Hugh Reid of JN Life; Chris Zacca of Sagicor Life; Karen Bhoorasingh of Guardian General Insurance; and Chaluk Richards of GK Insurance.

Paul Lalor, who served as vice-president, is stepping down from the role.

Henry, a chartered accountant and fellow of Life Management Institute, also brings a regulatory background to the table, having previously served at the FSC before transitioning to the private sector. Her combination of public and private experience signals a more assertive and technically grounded stance from the IAJ in its dealings with regulators and policymakers.

Looking ahead, Henry said the IAJ will also ramp up public engagement through consumer education and financial literacy programmes aimed at demystifying insurance and expanding inclusion, particularly among low-income households, informal workers, and other underinsured segments of the population.

She pledged to support members in embracing digital transformation and new service delivery models, including artificial intelligence (AI) applications that can streamline underwriting, improve claims processing, and make insurance more accessible.

Internally, the IAJ will undergo a modernisation push to improve efficiency, adopt digital tools, and strengthen its role as a collaborative hub for member companies and stakeholders.

“We understand that we must forge new alliances, deepen our roots, and build forward together,” Henry said.