Are Ja insurers ready for global competition?
published: Sunday | November 16, 2003 By Denis St. Bernard, Contributor St. Bernard THE REGION has now placed a spotlight on the Jamaican insurance sector, to gauge its performance after FINSAC’s intervention and a new regulatory framework instigated by the Financial Services Commission (FSC). A positive nod will not only place Jamaica as a model for others to follow but more importantly will put the country in a very competitive position regionally and globally, thus adding an entirely new dimension to the prospect of opportunities and economic growth for the Jamaican insurance industry. However, effective competition is a lot more than adequate regulation. Therefore the question is now being asked, “Can Jamaica effectively compete in the global market?” When Sunday Business met up recently with Leslie Chung, chairman of the Jamaica Association of General Insurance Companies (JAGIC), he expressed great optimism about Jamaica’s readiness to compete effectively with any of its regional
