Insurance
The Future of Insurance:
Stronger Industry, Shining Image, Sterling Service
Trinidad and Tobago’s insurance industry is not only benefiting financially from the current thriving and robust economy but, under the supervision of the Central Bank, is also undertaking the necessary steps to become fundamentally stronger, to improve market conduct and to provide greater protection to policyholders.
Companies with a poor record for paying claims have tarnished the industry’s public image and reputation to its detriment. This is now changing for the better since the Central Bank took over the supervision of the industry in 2004. The Central Bank is ensuring that insurance companies put their financial house and business operations in order, and a clear message has been sent – those that do not comply will not be allowed to continue in business.
That message resounded with the recent liquidation of two insurance companies – Goodwill and Citizens. Noting t...
