GG Cites Need For Innovation in Insurance Industry

Governor-General His Excellency the Most Honourable Sir Patrick Allen says although growth in CARICOM countries was projected at 3.3 percent in 2014 , insurance and financial advisers in the Caribbean should consider how they can best serve the people of the region.  “People want to feel secure, but oftentimes those who most need your services cannot afford insurance.  They barely manage to eke out a living and therefore cannot hear your financial advice,” Sir Patrick Allen said.

He was addressing this morning’s Opening Ceremony of the 28th Annual Congress of the Caribbean Association of Insurance and Financial Advisors (CARAIFA) at the Hilton Rose Hall Resort and Spa in Montego Bay, St. James.

In addition to the fiscal challenges, Sir Patrick Allen alluded to other social issues such as ageing populations and increasing incidence of non-communicable diseases.  These, he said, were aspects of the Caribbean’s immediate future which CARAIFA must embrace. He said CARAIFA members should also be alert to the various tactics of cyber-criminals.

Citing issues relating to the environment and climate change, the Governor-General said readiness to deal with major catastrophes must also be examined.  “The question is the extent to which state and private sector safety nets, including insurance companies, are prepared to support massive rebuilding and rehabilitation efforts in the wake of disasters.”

He observed that new and emerging problems demand that the region pools its best intellect and experience to design workable strategies and commit to implementing them. “The socio-economic ills cannot be solved by any government acting alone.  Moving forward we should embrace community action, partnerships at all levels and volunteerism as essential vehicles for social transformation,” Sir Patrick Allen stated.