If you've searched the net for health insurance that covers expats in Jamaica then you are most likely for looking for trusted UK based health insurance companies that will cover your medical costs in Jamaica.
Living as an expatriate in Jamaica you want to avoid any unwanted and unexpected health care costs. In some countries these can amount to hundreds of thousands of pounds for very serious conditions.
Our advice when looking for private medical cover that covers expatriates living in Jamaica is to speak to a insurance broker. Health insurance is incredibly complex and if you want complete certainty that Jamaica is covered you should talk with a medical insurance broker who can explain which policy providers will cover medical costs for expatriates in Jamaica and which will exclude it.
There are many advantages to using a broker but the biggest by far is that you're using their industry experience at no cost. They are paid by the insurer (Aviva or Bupa etc) rather than by you so it costs you no extra to use their brokering services.
- Do you live in many different postcodes? Some will give you a lower policy premium than offers. A broker will be able to advise whats best.
- Do you have a hobby that may invalidate your insurance claim? A broker will know this critical information.
- If you are a couple and one of you has claimed on your insurance policy this year would it be cheaper to separate you both onto two different insurance policies?
- You've developed a certain condition and want to know which policy provider offers the largest amount of cover for it. A broker will know this instantly saving you huge amounts of time and effort.
You can call around every health insurance provider on the market and ask if they provider cover for expats in Jamaica, however this will be a very time consuming process. Each insurer will ask for your medical history because its not normally a simple yes or not if a medical condition is covered or not.
Its much quicker to speak to one health insurance broker which will know which providers on the market offer cover for expats in Jamaica and under what terms they do or don't cover it.
The economy of Jamaica is heavily reliant on services, accounting for 70% of the country's GDP. Jamaica has natural resources, primarily bauxite, and an ideal climate conducive to agriculture and tourism. The discovery of bauxite in the 1940s and the subsequent establishment of the bauxite-alumina industry shifted Jamaica's economy from sugar and bananas. By the 1970s, Jamaica had emerged as a world leader in export of these minerals as foreign investment increased.
Weakness in the financial sector, speculation, and lower levels of investment erode confidence in the productive sector. The government continues its efforts to raise new sovereign debt in local and international financial markets in order to meet its U.S. dollar debt obligations, to mop up liquidity to maintain the exchange rate and to help fund the current budget deficit.
The Jamaican government's economic policies encourage foreign investment in areas that earn or save foreign exchange, generate employment, and use local raw materials. The government also provides a wide range of incentives to investors.
Free trade zones have stimulated investment in garment assembly, light manufacturing, and data entry by foreign firms. However, over the last 5 years, the garment industry has suffered from reduced export earnings, continued factory closures, and rising unemployment. The Government of Jamaica hopes to encourage economic activity through a combination of privatization, financial sector restructuring, reduced interest rates, and by boosting tourism and related productive activities.
In April 2014, the Governments of Jamaica and China signed the preliminary agreements for the first phase of the Jamaican Logistics Hub (JLH) - the initiative that aims to position Kingston as the fourth node in the global logistics chain, joining Rotterdam, Dubai and Singapore, and serving the Americas. The Project, when completed, is expected to provide many jobs for Jamaicans, Economic Zones for multinational companies and much needed economic growth to alleviate the country's heavy debt-to-GDP ratio. Strict adherence to the IMF's refinancing programme and preparations for the JLH has favourably affected Jamaica's credit rating and outlook from the three biggest rating agencies.
Before independence, Jamaica's economy was largely focused on agriculture with the vast majority of the labour force engaged in the production of sugar, bananas, and tobacco. According to one study, 18th century Jamaica had the highest wealth inequality in the world, as a very small, slave-owning elite was extremely wealthy while the rest of the population lived on the edge of subsistence.
These products were mainly exported to the United Kingdom, Canada, and to the United States of America. Jamaica's trade relationships expanded substantially from 1938 to 1946, with total imports almost doubling from £6,485,000 to £12,452,000. After 1962, the Jamaican government pushed for economic growth and all sectors excluding bauxite/alumina, energy, and tourism had shrunk between 1998 and 1999. In 2000, Jamaica experienced its first year of positive growth since 1995 due to continued tight macroeconomic policies.
Inflation fell from 25% in 1995 to single digits in 2000, reaching a multidecade low of 4.3% in 2004. Through periodic intervention in the market, the central bank also has prevented any abrupt drop in the exchange rate. The Jamaican dollar has been slipping, despite intervention, resulting in an average exchange rate of J$73.40 per US$1.00 and J136.2 per €1.00 (February 2011). In addition, inflation has been trending upward since 2004 and is projected to once again reach a double digit rate of 12-13% through the year 2008 due to a combination of unfavorable weather damaging crops and increasing agricultural imports and high energy prices.
To reverse this trajectory, the Government of Jamaica embarked on a comprehensive and ambitious program of reforms for which it has garnered national and international support: a four-year Extended Fund Facility (EFF) by the International Monetary Fund (IMF) providing a support package of US$932 million; World Bank Group and the Inter-American Development Bank (IDB) programs providing US$510 million each to facilitate the GoJ's economic reform agenda to stabilize the economy, reduce debt and create the conditions for growth and resilience.. In addition, the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA) will continue to support private sector development.
The reform program is beginning to bear fruit: Institutional reforms and measures to improve the environment for the private sector have started to restore confidence in the Jamaican economy. Jamaica jumped 27 places to 58 among 189 economies worldwide in the 2015 Doing Business ranking, the country's credit rating has improved and the Government has successfully raised more than US$2 billion in the international capital in the markets in 2014 and 2015..