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’.