Caribbean Insurance Market: Data, Carriers and Climate Risk
Caribbean insurance figures from named, checkable sources. AM Best rates a subset of regional carriers; national regulators publish country-level data. This page reports what the sources actually publish.
US$2.7B
Non-life insurance service revenue, 2024, up 12.0%
AM Best, 2026
US$997M
Jamaica gross premiums written, 2023
GlobalData, 2024
US$6.9B
Sagicor Group Caribbean pro forma total assets on merger
Jamaica Observer, 2025
The Caribbean insurance market is not reported as a single figure. AM Best rates and tracks a subset of regional carriers; national regulators publish country-level data on different bases. Any single “Caribbean insurance market size” should be treated with caution. What follows is what the named sources actually publish.
Insurance service revenue for AM Best-rated Caribbean non-life insurers reached US$2.7 billion in 2024, a rise of 12.0% (AM Best, 2026). Gross written premiums for AM Best-rated insurers in the region stood at US$1.9 billion (AM Best, 2023). Jamaica's insurance market wrote JMD 153.7 billion (US$997.1 million) in gross premiums in 2023, with a forecast CAGR above 5% through 2028 (GlobalData, 2024).
Pan-Caribbean property and health GWP totals are not available from publicly verifiable sources. Buyers evaluating this market should rely on AM Best-rated carrier data and country-level regulator publications, and should specify clearly which basis they are using before comparing figures across sources.
What the Sources Measure
Each figure below is reported on a distinct basis. The columns are not additive.
| Measure | Figure | Basis | Source |
|---|---|---|---|
| Non-life insurance service revenue, 2024 | US$2.7B, +12.0% | AM Best-rated carriers, IFRS 17 | AM Best, 2026 |
| Net insurance service revenue, 2024 | +11.3% | AM Best-rated carriers, IFRS 17 | AM Best, 2026 |
| Gross written premium | US$1.9B | AM Best-rated carriers | AM Best, 2023 |
AM Best figures cover rated carriers only and are reported under IFRS 17 insurance service revenue, which is not directly comparable to gross written premium. AM Best figures cover rated carriers only and are reported under IFRS 17 insurance service revenue, which is not directly comparable to gross written premium. Country-level GWP data is available from national insurance regulators. The two sets are not additive.
Climate and Reinsurance
The structural constraint shaping Caribbean insurance results, sourced from AM Best market segment reports.
Reinsurance capacity reduction, 2023
10% to 15% estimated decline
Driven by higher frequency of non-modelled events in the US and Europe, elevated interest rates, and a strong dollar for European reinsurers.
AM Best, 2023
Downstream effect on primary carriers
Large rate increases for primary policyholders. Some carriers were forced to drop customers under capacity constraints. Primary carriers are highly dependent on reinsurance and lack the capital to retain significant additional premium, making results very sensitive to reinsurance rates and terms.
AM Best, 2023
Conditions as of 2026
Reinsurance costs and capacity constraints are moderating, though climate vulnerability remains. IFRS 17 transition was completed by most Caribbean carriers from 2022 with few issues and minor restatements.
AM Best, 2026
Combined ratio, rated P/C insurers
95.3 in 2021 (94.8 in 2020)
AM Best, 2022
Carrier Landscape
The region's principal carriers and the live consolidation story.
Sagicor Group Caribbean Limited: Pending Merger
Sagicor Financial Company has agreed to merge Sagicor Group Jamaica and Sagicor Life Inc into a new holding company, Sagicor Group Caribbean Limited, expected to close in 2026 subject to regulatory and shareholder approval.
US$6.9B
Pro forma total assets
Jamaica Observer, 2025; Insurance Business, 2026
US$1.3B
Annual revenues (year ending 30 Sep 2025)
Jamaica Observer, 2025; Insurance Business, 2026
55%
Sagicor Financial expected stake at closing
Insurance Business, 2026
The merged entity will replace Sagicor Group Jamaica as the listed company on the Jamaica Stock Exchange.
Sagicor 2024 Audited Figures
Sagicor Financial Company audited financial statements, 2024, via Jamaica Observer, 2025
| Entity | Insurance Revenue | Net Profit | Total Assets |
|---|---|---|---|
| Sagicor Life Inc | US$317.44M | US$38.55M | US$2.58B |
| Sagicor Group Jamaica | US$349.43M | US$62.47M | US$3.88B |
Sagicor
Regional; merging into Sagicor Group Caribbean Limited (2026)
Guardian Holdings
Trinidad-based; life, health, and general insurance
Massy United Insurance
Regional; property and motor
NCB Insurance
Jamaica-based; life and general
CG United Insurance
Regional Caribbean presence
Country Data
Jamaica is the only Caribbean market with a consistently published insurance market figure.
Jamaica
JMD 153.7B
Gross written premium, 2023 (US$997.1M)
GlobalData, 2024
Life dominant
Largest segment by premium volume
GlobalData, 2024
Above 5% CAGR
Forecast 2024 to 2028
GlobalData, 2024
Property insurance penetration: below 5% of properties coveredAM Best, 2025
Country-level penetration data across the wider region is not consistently published. HRG conducts primary fieldwork in these markets; contact us for country-specific data.
Frequently Asked Questions
How large is the Caribbean insurance market?
The Caribbean insurance market is not published as a single reliable total. AM Best reports US$2.7 billion in insurance service revenue for rated non-life carriers in 2024, up 12.0% (AM Best, 2026). Country-level data is available from national regulators: Jamaica's insurance market wrote JMD 153.7 billion (US$997.1 million) in gross premiums in 2023 (GlobalData, 2024). A single pan-Caribbean market total is not reliably published.
What is driving change in the Caribbean insurance market?
Climate exposure and reinsurance capacity. Reinsurance capacity extended to the region fell an estimated 10% to 15% in 2023, driving large rate increases for primary policyholders and forcing some carriers to drop customers (AM Best, 2023). AM Best reports these constraints moderating by 2026, though climate vulnerability remains (AM Best, 2026).
Who are the largest Caribbean insurers?
Sagicor, Guardian Holdings, Massy United Insurance, NCB Insurance and CG United are among the region's principal carriers. Sagicor Financial has agreed to merge its Caribbean operations into Sagicor Group Caribbean Limited, an entity with US$6.9 billion in pro forma total assets and US$1.3 billion in annual revenues, expected to list on the Jamaica Stock Exchange on closing in 2026 (Jamaica Observer, 2025; Insurance Business, 2026).
What insurance penetration data is available for Caribbean markets?
Jamaica's insurance market wrote JMD 153.7 billion (US$997.1 million) in gross premiums in 2023, with life dominant and a forecast CAGR above 5% through 2028 (GlobalData, 2024). Property insurance penetration in Jamaica sits below 5% of properties covered (AM Best, 2025). Consistent country-level penetration data is not published across the wider region.
Sources
- AM Best, Best's Market Segment Report: Caribbean Insurers' Reinsurance Costs and Capacity Constraints Moderate, Although Climate Vulnerability Remains (2026)
- AM Best, Best's Market Segment Report: Caribbean Insurers' Near-Term Results Facing Pressure from Challenging Reinsurance Renewals in 2023 (2023)
- AM Best, Best's Market Segment Report: Climate, Reinsurance and Cyber Remain Top Risks for Rated Caribbean Insurers (2022)
- AM Best, Best's Market Segment Report: Jamaica Property Insurance Penetration Below 5% (2025)
- GlobalData, Jamaica Insurance Industry: Key Trends and Opportunities to 2028 (2024)
- Sagicor Financial Company, audited financial statements (2024)
- Jamaica Observer (2025); Insurance Business (2026)
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