Tuesday, January 22, 2019

Sagicor Official Laments Under-Insurance In Caribbean

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Group Chief Operating Officer of Sagicor Financial Corporation Ravi Rambarran believes that the Caribbean is ‘grossly under-insured’, according to Barbados Today.

Rambarran was quoted as asserting  at a recent media breakfast meeting that if regional economies did not urgently put measures in place to cover insurance needs, they could continue to struggle due to the impact of natural disasters and people generally living longer.

Barbados Today said he disclosed that Sagicor would be making efforts in the new year to ramp up coverage in the three key areas of the region that are under-served.

The three areas were listed by the insurance official as pensions, [life] insurance and property.

“This is not just a Sagicor issue, this is a fundamental public policy issue in the entire Caribbean,”  Rambarran was quoted as saying.

As reported by Barbados Today, he observed  that  it was unfortunate is that people don’t voluntarily buy insurance.

“The equally unfortunate part is when they don’t they are subject to these shocks in their lives, whether it be illness, premature death, living too long or natural disasters,” he said.

Just this month, the International Monetary Fund (IMF), noted that as global warming continues to increase sea-water temperatures, the Caribbean is becoming more vulnerable to increasingly frequent and damaging natural disasters.

According to the IMF,policies that build resilience in Caribbean countries—such as strengthening physical infrastructure and putting in place insurance protection—can help minimize the human and economic costs of natural disasters and preserve the region’s ‘majestic beauty’.

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6 COMMENTS

  1. This guy is just selling insurance.Why dosent he explain,that all his life customers that have been filling his pocket for more than 30 years,when they reach the age of 70 they automatically cancel their insurance,all humans that reach that age have no more insurance,they have nothing at all.So you took all our money when we were young and strong,so when we reach 70 years of age or even before because you oblige us to pass a medical examination,when we reach the age of 60.I think we have to put new laws,to stop the scam and force you to protect your customers till the last breath of life,after all the money you have taken from them

  2. Verse of the Day

    December 27

    Matthew 2:11-12

    11 On coming to the house, they saw the child with his mother Mary, and they bowed down and worshiped him. Then they opened their treasures and presented him with gifts of gold, frankincense and myrrh. 12 And having been warned in a dream not to go back to Herod, they returned to their country by another route.

  3. Is there something call living to long, so how old a man should live what’s the maximum you see how much shot a man can talk just for money .living to look g

  4. while Sagicor official is not far from the truth, one must consider the contributing factors for his findings. unemployment is high in most of the Caribbean islands, and this is the highest contributing factor, also there is no avenue for persons in the lower earning bracket to obtain insurance. while I understand the insurance cost is high , those insurance companies need to reinvent their cost scale to encourage those persons who may want to get coverage but are unable because of their economic status and high insurance cost. A tipical example is after having paid your medical insurance premiums, upon visiting your health care provider or emergency, you are required to pay full cost immediately
    on service and have to wait approximately 6 to 8 weeks for part compensation. At this stage, this should have been changed a long time ago in the region, this is additional strain the individual who have put insurance in place to accommodate those times when an emergency arise. Insurance companies need to come together and sort things out we are going backwards instead of moving forward. Why in this day and age I can’t produce a card to my health care provider for medical insurance that I am paying for monthly to avoid this cost that I can’t normally afford. I still have to find the money’s upfront. That alone is already an inconvenience.

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