New legislation could bring greater insurance benefits

PERFORMANCE

In 2010, growth in the insurance sector was negatively impacted by the subdued economic climate, inactivity in the businesses of Colonial Life Insurance Company Limited (Clico) and British American Life Insurance Company Limited (BA) following the intervention by the Central Bank in 2009, and the exit of one insurance company from the market.
According to the Central Bank's Financial Stability Report Mid-Year Review, June 2011, the industry comprised 31 active companies (nine composite, six life and 16 general) and held assets amounting to approximately $20 billion, with the lion's share belonging to the life insurance sector.