Last update: 11-Dec-2013 6:16 am
Wednesday, December 11, 2013
Trinidad & Tobago Guardian Online
You are here
Sagicor executive: Fear factor worst part of stagnant economy
The depression of the international and regional economies has changed the way the insurance industry operates, said Jacinto Martinez, vice president, sales, Sagicor.
“In the last five years, economic turbulence and technological developments have changed all elements of the market, whether it is a producer, consumer or service provider. We, in the insurance industry, have learnt the hard lessons; it is not about the product we create, but the people to whom we wish to sell. We do not design people for products, we design products for people,” he said.
Martinez was speaking last Friday at a seminar on the Insurance Bill and global insurance industry hosted by the T&T Association of Insurance and Financial Advisers (TTAIFA) at the Capital Plaza, Port-of-Spain.
He said “one sneeze in the United States and China catches the cold and the Caribbean region catches a fever” as the entire global economy is integrated.
“Despite the stabilisation that has occurred over the last five years, the global economy has not recovered from the meltdown of the US economy in 2008. The US economy is still surviving from life support of Federal Reserves and has not yet rebuilt the momentum of pre-September 2008. Its hope for a growth rate of three per cent was recently reduced to 2.3 per cent. China's projected growth rate is 7.7 per cent, which given our projection of two per cent would seem quite high. Yet, this is China's worst economic performance in 23 years,” he said.
User comments posted on this website are the sole views and opinions of the comment writer and are not representative of Guardian Media Limited or its staff. Guardian Media Limited accepts no liability and will not be held accountable for user comments.
Please help us keep out site clean from inappropriate comments by using the flag option.
Guardian Media Limited reserves the right to remove, to edit or to censor any comments. Any content which is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will be removed.