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The new Insurance Bill should clean up “deficiencies” in the insurance industry, said A Norman Sabga, chairman and CEO of the ANSA McAL Group. He said: “Over the past 50 years the insurance industry has endured many changes... new market entrants, company closures, interventions and increased vigilance by our regulators.
“The new Insurance Bill which the Central Bank has been advocating is expecting to address deficiencies in the industry. It is still being considered for implementation and is expected to be presented before a Joint Select Committee of Parliament this year. “We welcome this and will continue to be prudent in the management of our own affairs.”
Sabga was speaking yesterday at the Tatil General and Life Agents Awards 2012/2013 at the Hyatt Regency, Port-of-Spain. The winner of the top agent award for 2012 was David Stevens while the winner of Tatil's Executive Award for 2012 was Ken Williams. Sabga said since the company's founding in 1963 the premium income had grown from $634,000 to $313 million.
He added: “Tatil’s balance-sheet size is among the largest and strongest and its net income ranks second highest in the industry. Since 2007, we have achieved and maintained an AM Best Rating of A-Excellent. “Similar to Tatil, our life company also boasts of impressive results. As at December 2013, net assets stood at $655 million, gross premium for this year was $128 million and we were able to generate a profit before tax of $68 million.”
Despite Tatil’s successes, Sabga said that was not the story for the entire industry as many insurance agents did not make it. “It is a well known fact that the vast majority of insurance agents, mainly in life insurance, fail and fall out of the industry in just their first few years. “But few industries outside the financial services industry offer the potential for relatively new professionals to make significant income within their first year of employment,” he said.
He also said the entire global business environment was in change, with established brands being wiped out and being replaced by newer entrants into the market. “Looking into the future, it is important that Tatil continues to evolve to maintain our competitive advantage. “We need to realise the full potential of the marketplace. The world is changing at an alarming pace, for example, Blackberry was an incredible innovation that came into the market a few years ago and now it is fighting to stay relevant,” he added