Changes To Insurnace Law Could Lead To Additional Jobs | Business Day

[00:00:06]Good evening and welcome to the Business Day. I'm Andrea [music] Chisholm. The leadership of the Financial Services Commission FSC believes the proposed changes to the insurance law in Jamaica could lead to additional jobs in the sector. Members of the FSC were addressing the Regulations Committee in Gordon House on Wednesday.

[00:00:28]>> It is going to open up a new world to them. If it is opening up things for them, I can only expect that their profitability is going to improve and if that be the case and I'm not saying that a night follows day every time in this, but if you're doing better financially, it means that you can employ more people. So, I wouldn't expect that by making this change they're going to be cutting back on any employment for any anybody. I think that it would more open up opportunities for people and the public [cough] in general.

[00:01:05]>> Lawmakers will be making it easier for insurance companies to take up investment opportunities. This includes investing in infrastructural projects.

[00:01:14]Currently, companies have to satisfy a four-item checklist, but with the change, they would need one of the four.

[00:01:22]The checklist includes investing with companies listed on the Jamaica Stock Exchange or any other stock exchange recognized by the FSC.

[00:01:30]>> Right now, the insurance companies are complaining that they don't have enough um of a a selection of investment um assets out there that they can can invest in because as read how how it is right now, they're going to have to satisfy four different criteria. It is difficult to find any investment out here that going to satisfy all four.

[00:02:03]>> Amidst concerns about the strength of Jamaica's summer tourism season, the government says visitor arrivals remain encouraging despite the fact that the sector continues to grapple with reduced hotel capacity. Tourism Minister Ed Bartlett argued that it points to the confidence in destination Jamaica even as rebuilding efforts continue.

[00:02:27]>> Hurricane Melissa might have knocked out a sizable portion of Jamaica's tourism room stock, but according to Minister Ed Bartlett, it has not knocked the island off travelers' radar. He admits, however, this summer is unlikely to match last year.

[00:02:41]>> And for obvious reasons, we still have 30% of our inventory, and particularly um Montego Bay inventory out at the moment.

[00:02:51]Um we are, however, working feverishly to get uh back the stock um of rooms that we lost.

[00:03:00]>> The minister's assessment comes at a time when stakeholders have been closely watching booking trends, mindful that fewer rooms will naturally limit visitor capacity. Yet, despite those constraints, Jamaica continues to attract thousands of visitors.

[00:03:14]>> What it says is that the confidence and trust in destination Jamaica is very strong. Um that people believe in us that what we've done in terms of the recovery so far has been sufficient for them to keep that faith and and and confidence in the destination. Uh brand Jamaica is strong. It's absolutely strong. Um we continue to say that we punch, you know, so much more than our weight.

[00:03:43]>> One factor helping to sustain those numbers is the rapid expansion of the short-term rental market. Reports are that Airbnbs have absorbed visitors who would have normally stayed in hotels.

[00:03:55]This was State Minister in the Ministry of Industry, Investment, and Commerce at Reggae Sumfest in St. Ann last week.

[00:04:01]>> The Airbnb operators have been doing excellent business. [clears throat] >> It has enabled a lot of activity, particularly in rural Jamaica, to be happening. And um it has also supported the supply chain of tourism in Montego Bay and its environs.

[00:04:20]>> The growth of the market comes as several of Montego Bay's largest hotels continue extensive repairs and reconstruction, with some promising major upgrades in the coming months.

[00:04:31]>> And I'm satisfied that um summer will give way to a better fall, but definitely a stronger winter.

[00:04:41]And I see the recovery being full um for winter this year, and certainly 2027 is going to see strong growth for tourism in Jamaica.

[00:04:54]>> In the meantime, eyes are now on Dream Weekend, with thousands of visitors expected to descend on Montego Bay next week. The government says the event is another reminder that even as sections of the sector rebuild, Jamaica continues to attract travelers.

[00:05:10]>> All categories of fuel will be increased effective [music] tomorrow. Each liter of 87 gasoline will be increased by $3.06, and 90 gasoline [music] will go up by $4.50.

[00:05:24]Automotive diesel, ultra-low sulfur diesel, and kerosene [music] will also increase by $4.50.

[00:05:32]The cost of propane and butane will go up by 25 cents.

[00:05:37]And we go to the stock [music] market now. The JSE index advanced by 1,663 points today, [music] while the junior market index advanced by 15 points. The winners include Caribbean Assurance [music] Brokers, EduFocal, Sagicor Real Estate, Cargo Handlers and Berger Paints Jamaica. The losers include Image Plus Consultants, [music] Dolphin Cove, Proven Group, The Lab and Sagicor Credit Investments US dollar shares.

[00:06:06]>> [music] >> 19 stocks closed the session at the same price they started trading.

[00:06:11]And at the end of foreign exchange trading [music] today, banks and cambios were selling the US dollar for an average $159.53.

[00:06:21]The Canadian dollar is being sold for $113.17.

[00:06:27]The pound is going for $213.37, [music] while the euro is selling for an average $182.13.

[00:06:38]And that's it for [music] the business day. I'm Andrea Chisholm. Good evening.

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