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Offline Flex

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Insurance Companies Thread.
« on: February 08, 2020, 01:10:10 PM »
Imbert: New rules for foreign insurance companies in T&T.

FINANCE Minister Colm Imbert said when the Insurance (Amendment) Bill is proclaimed foreign insurance companies will no longer be allowed in this country.

He was piloting the bill in the Senate on Wednesday.

"We are doing away with foreign insurance companies. That will be a thing of the past."

He said that in order to carry on insurance business in T&T after the act was proclaimed, which is expected in the next two months, people carrying on insurance business would need to incorporate themselves and register as a T&T company.

Imbert said foreign companies would operate by having a branch in T&T and would have to transition to a local company.

"So they will be forced to do so by law."

He added groups would be forced to restructure and would have to create a local company in one place, a financial holding company in another instance, and will have to transfer assets associated with that business to those new entities. He said the normal a stamp duty charges would be exempted in those circumstances.

Imbert reported that comments on the bill from the Association of T&T Insurance Companies had been received and were forwarded to the Central Bank and a learned senior counsel.

"And at this time we don't see any need to make any further amendments...because we think all matters have been adequately addressed."

He stressed the bill was the product of a request from the regulator, the Central Bank, and not Government "invention."

"This is not some sinister plot on the part of the Government to amend the 2018 Insurance Act to benefit certain unknown persons as was falsely stated in the other place (the House). These amendments have all come from the Central Bank which is the entity that has to regulate the insurance industry."

He said a team from the World Bank and the International Monetary Fund (IMF) came to T&T at the request of the Central Bank and the joint team was asked to conduct a review of the local financial services sector of which the insurance industry is a significant part.

"So if anybody wants to know why the IMF is here, they are not here for an article for consultation."

He said in T&T there were 12 life insurance companies, 19 general insurance companies and close to 3,000 brokers, adjusters, agents and salesmen. He reported as at September 2019 the assets of the insurance industry was $48 billion and 29 per cent of GDP, while assets for the pension sector totalled $51.1 billion and 31 percent of GDP. He said the combined assets of insurance and pension industries was $99 billion and almost 50 per cent of GDP.

Imbert said implementation of the act was crucial for the resilience of the financial sector and that would be reflected by upcoming World Bank and IMF reports.

« Last Edit: February 08, 2020, 01:27:13 PM by Flex »
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Offline Flex

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Re: Insurance Companies Thread.
« Reply #1 on: March 13, 2020, 04:16:08 AM »
Insurance industry growing in T&T
By Kyron Regis (Guardian).

A study by Orbis Research has recently indicated that the insurance market in T&T is booming.

In a release, the company contended: “Strong demand for insurance of vehicles, property, health and other insurances across Trinidad and Tobago are driving the revenues of insurance companies in the country.”

It continued that growing life expectancy, tax incentives on insurance products, favourable savings associated with insurance are further encouraging the customers across insurance segments.

Orbis Research indicated that T&T’s insurance industry is facing stiff competition as the insurance companies not only compete with each other, but also compete with the risk retention groups, government, and self-insurance.

It mentioned that the companies generally compete mainly based on two factors including the quality of the services and price that they provide.

According to Orbis, many large organisations self-insure for most of their employee benefits like health coverage, which lowers market scope for insurance companies.

It said that rising government spending, technological innovations and increased consumer awareness about insurance products are key market drivers in T&T.

Orbis noted: “The government’s policy of insuring the uninsured has progressively pushed the insurance penetration in T&T and the proliferation of insurance schemes.”

It added that the increasing number of digital distribution channels is also favouring the insurers to easily obtain insurance policies.

Orbis indicated that through different distribution channels, insurance companies in T&T are providing a wide variety of products with varying levels of complexity that are designed for different groups of businesses, individuals and other organisations.

The research also indicated that local market players in the country are focusing on marketing their competitive edge by rolling out more plans customised to diverse sectors and developing more innovative digital features.

Orbis Research The Trinidad and Tobago Insurance Market, Size, Share, Outlook and Growth Opportunities 2020-2026 outlines an analysis of the country’s Insurance activities, with a focus on market dynamics, recent trends, and insights on the insurance market.

The report covers the 2019 scenario and growth prospects of the Insurance Market for 2020-2026.

Life Insurance Premiums, Motor Vehicle Insurance, Property Insurance, Personal Accident Insurance, Health Insurance, General Liability Insurance, Credit/Financial Guarantee Insurance, and Other Insurance markets in T&T have been analysed and forecast to 2026 in the report.

The real measure of a man's character is what he would do if he knew he would never be found out.


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