Reforming Insurance Law in the Caribbean: Lessons from North American Practices

Abstract

Background: The Caribbean insurance industry operates within a unique socio-economic context, influenced heavily by North American practices. However, adapting these frameworks to address local challenges remains a critical issue.

Objective: This study investigates how North American insurance law practices can inform regulatory reforms in the Caribbean. It aims to identify best practices for enhancing consumer protection, improving regulatory oversight, and addressing region-specific challenges such as natural disaster insurance.

Methodology: The research employs a comparative legal analysis, focusing on insurance regulations in Jamaica and selected North American jurisdictions. Data was collected from legal texts, policy documents, and expert interviews conducted between 2018 and 2024. A qualitative approach was adopted to analyze the applicability of North American practices to the Caribbean context.

Findings: The findings highlight that while North American regulatory models offer valuable insights, their direct implementation in the Caribbean is limited by differences in market size, economic stability, and governance structures. The study identifies the need for region-specific adaptations, such as mandatory disaster risk insurance and stronger consumer education programs. Recommendations include regional collaboration to harmonize insurance laws and the establishment of a Caribbean insurance regulatory body to streamline oversight and policy development.