Financials 2021 - Caribbean Assurance Brokers

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Company Profile

Board of Directors

Leadership Team

Corporate Outreach

Awards Recognition

Careers
Company Profile

Caribbean Assurance Brokers Ltd. (CAB), a name synonymous with innovation, is a multi-line insurance brokerage offering the full spectrum of insurance products and services throughout Jamaica.

Leadership Team

Our Management team mixes to perfection the blend of experience and millennial energy to rapidly adapt to our customers changing needs.

Awards Recognition

CAB takes pride in delighting its customers at each point of contact with the brand and is equally proud when we are recognized by our peers and/or partners.

Board of Directors

Our dynamic Board of Directors ensures that the CAB strategic objectives designed to give our customers "peace of mind" are continuously evaluated and improved.

Corporate Outreach

CAB takes pride in giving back to the community.

Careers

Join the CAB Caribbean Cruise team
Product
International Insurance Division

Employee Benefits Division

Credit Union Member Plans

General Insurance Division

Individual Insurance Division
International Insurance Division

Employee Benefits Division

Credit Union Member Plans

General Insurance Division

Individual Insurance Division
International Insurance Division

The International Insurance Division provides international insurance options in the areas of health, life, disability and travel insurance. With a suite of products designed for individuals as well as groups, we take pride in offering our clients global peace of mind supported by strategic partnerships both locally and overseas.

Popular Plans

International Health Insurance

International Life Insurance

Travel Insurance

Special Risks

Employee Benefits Division

Employee Benefits Insurance empowers employers to provide their staff members with additional employment benefits which can enhance the employees’ quality of life as well as attract and retain valued workers. These benefits are in the form of group-based plans which provide valued life, health and accident insurance coverage, as well as pension provisions. Group plans are also available for entities such as churches, schools and families (such as the Family Indemnity Plan).

Popular Plans

Employer Sponsored Group Health Plan

Employer Sponsored Group Life

Employer Sponsored Group Personal Accident Plan

Group Pension Plan

Voluntary Group Life, Health & Disability Plan

Church Mate

School Companion

School Personal Accident/Life

Credit Union Voluntary Group Health & Life Insurance Plan

Family Life Indemnity

General Insurance Division

General Insurance is essentially the transfer of risk; the transfer of risk from policyholder to Insurer. With the transfer of risk comes peace of mind, preservation of wealth and extension of quality of life.

Popular Plans

Property (Commercial & Residential Buildings; Content)

Motor

Liability

Public Liability

Professional Indemnity

Personal Accident (Group & Personal)

Pecuniary Loss

Business Interruption (Consequential Loss/Loss of Profits)

Fidelity Guarantee

Marine (Cargo & Hull)

Bonds (Performance & Maintenance)

Engineering

Cyber

Travel Insurance

Assured Travel - Short-term medical insurance for travel outside your home country available for leisure or business travellers and students studying abroad. Options to cover your trip cost, cancellation, baggage, evacuation and more.

Popular Plans

Assured Travel Liaison (Basic, Choice, Elite)

Assured Travel Protection

Assured Travel Student (Basic, Choice, Elite)

Individual Insurance Division

The Individual Insurance Division caters to persons seeking to have individual health and life insurance protection and investment, which can help to provide the peace of mind necessary during difficult times.

Popular Plans

Individual Life Insurance Plans

Individual Life Insurance Investment Plan

Individual Retirement Account

Individual Health

Medical Critical Illness

Non-Medical Critical Illness

Non-Medical Family Critical Illness

Individual Instant Coverage Plan

Credit Union Gold Series

Gold Series Health Plan is Group Health and Life Insurance Plan developed specifically for members of Credit Unions in Jamaica. Members can access healthcare with $6mil Major Medical coverage annually and Life Insurance coverage of $250,000 up to $1mil annually.

Popular Plans

Gold Series Plan

Major Medical Plan

Family Indemnity Plan (FIP)
Loyalty Programme
Investor Relations

Reports

Get up-to-date and relevant information on our company’s performance.

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Feedback

We welcome your comments and will Respond to your queries within 48 hours
Media
Blogs

Brochures

Press releases

Testimonials

Videos Ads
Contact Us

Investor Relations provides our shareholders and other stakeholders with up-to- date and relevant information on our company’s performance.

Quarterly Reports 2021

Q1 - March 2021

Q2 - June 2021

Q3 - Sept 2021

Audited Financial Statements 2021

2021 Audited Financial Statements

Product Offerings

International Insurance Division

The International Insurance Division provides international insurance options in the areas of health, life, disability and travel insurance. With a suite of products designed for individuals as well as groups…

Learn More

Employee
Benefits

The Employee Benefits Department has partnered with our local insurers to provide a wide range of benefits for employees to include group health, life, personal accident and group pension.

Learn More

General
Insurance

Our General Department addresses all the General Insurance needs of our clients, this includes, while not limited to: Property, Liability, Personal Accident, Marine, Bonds & Engineering.

Learn More

Local Individual
Insurance

Since any of us could fall victim to pre-mature death, critical illnesses, living too long without adequate savings, having insurance can help to provide the peace of mind needed in difficult times.

Learn More

Give us a Call

Have any questions? We're happy to help!

+1876 978 5508

Why Do You Need Insurance?

Economic loss is always a concern of humanity, but it does not have to be so once there are ways in which such loss can be addressed. Some persons may want to avoid such loss but that may not be possible. Others may want to minimize a loss, but again that may not solve the problem. The only way therefore for us to effectively replace the value of loss property or the livelihood of an individual is to recognize that if we all share the same dilemma, at no time will we experience the loss at the same time. Hence, we can all pool our resources together so that the few who suffer an economic loss, can benefit from the resources of all the contributors. This methodology can work as no one knows how or when a loss will occur. This gives rise to the theory that the contribution of the many pays for the misfortune of the few. This is the fundamental view of modern insurance, which not only provides for loss of property, but also the loss of income arising from the loss of a life.

Why Should You Use An Insurance Broker?

When purchasing insurance, it may be best to get quotes from multiple insurers in order to find the best price. One may think that anyone can compare rates themselves, and they possibly can. But in some cases, it may be better to have a professional walk you through your options as a professional can provide further insight into the type of coverage that those options may provide.

An insurance broker can:

assist you with assessing, managing & reducing your risk exposure, and provide expert advice on the right insurance solutions tailored to suit your needs;
use their technical expertise to evaluate a variety of options, including the prices, terms, conditions, benefits and exclusions of each coverage option;
provide assistance in interpreting insurance documents and help you to acquire and maintain your insurance coverage; and
act as your advocate in the settlement of any claim that may be made by you under your insurance.

Frequently Asked Questions (FAQ)

Q1. What is an Insurance Policy?

An insurance policy is a contract between you (the insured) and an insurance company (the insurer), in which the insurance company undertakes to take on the responsibility of the financial costs of certain risks. The policy describes the item(s) covered, the risks you are covered against and specifies your rights and responsibilities, along with the terms and limits of the cover.

Q2. Why do I need Motor Insurance?

Under the Motor Vehicles Insurance (Third Party Risks) Act of 1941, a minimum level of insurance is compulsory if you intend to operate a vehicle on Jamaican roads. Driving a vehicle that is not insured is an offence under the laws of Jamaica. Insuring your vehicle is a means of protecting yourself and giving you peace of mind as it provides coverage in the event of an accident, which can result in undue financial hardship.

Q3. What factors can affect the cost of my motor insurance?

A number of factors can affect the cost of your motor insurance – some of which you can control and some that are beyond your control. The type of car you drive, the purpose the car serves, your driving record, where you live and where the car is kept, can all affect how much your motor insurance will cost.

Q4. If I am insured under a private motor cover, can the vehicle be used for business?

The vehicle can be used for your business purposes if the insurance company has been be notified of the change. This cover will attract additional premium.

Q5. What is a no claim discount (NCD)?

This is a discount that is offered by some insurance companies, mostly general insurance companies. The discount is earned by an individual for having a claim-free/accident-free period of insurance. Usually your NCD increases in each year that you are insured and have not made a claim. However, there is usually a maximum set by the respective insurance company.

Q6. What is included under homeowner’s insurance?

Homeowners Insurance covers loss or damage to your property arising from a variety of “perils” such as fire, hurricane, earthquake, flood and faulty plumbing. Homeowners insurance also provides personal liability coverage for you as the insured as it covers your liability to third parties in the event of your negligence. Oftentimes, homeowner’s insurance is required by a lender in order for one to obtain a mortgage.

Q7. Why do I need to insure my property at full replacement value?

If you insure your home for less than the full replacement value, in the event of a partial loss you would be subjected to the Condition of Average (otherwise called the Average Clause). Under this condition/clause in an insurance policy, if your assets were insured for less than their full replacement value, you will only receive reimbursement for a portion of the loss suffered. In order to fully benefit from property insurance, it is important that the sum insured is equal to the replacement value (the full cost to replace your property) of the property that you are insuring.

Q8. What is the policy excess/deductible?

The excess/deductible is the first portion of a claim that you pay when making a claim. It is usually specified as a percentage of the value of the sum insured, though it may sometimes be a flat figure, depending on the type of policy. The Insurance Company will usually pay amounts over and above the excess figure, up to the sum insured.

Q9. What is term life insurance?

A Term Life Insurance Policy provides a policy benefit if the insured dies during a specified period of time.

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“We were so impressed that CAB acted so promptly to resolve the issue in our favour…”

Carimed – Dennis Grant

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Product Offerings

International Insurance Division

Employee Benefits

General Insurance

Local Individual Insurance

Why Do You Need Insurance?

Why Should You Use An Insurance Broker?

Frequently Asked Questions (FAQ)

Q1. What is an Insurance Policy?

Q2. Why do I need Motor Insurance?

Q3. What factors can affect the cost of my motor insurance?

Q4. If I am insured under a private motor cover, can the vehicle be used for business?

Q5. What is a no claim discount (NCD)?

Q6. What is included under homeowner’s insurance?

Q7. Why do I need to insure my property at full replacement value?

Q8. What is the policy excess/deductible?

Q9. What is term life insurance?

Employee
Benefits

General
Insurance

Local Individual
Insurance