Who We Are
The Beacon Insurance Company Limited is ranked as the fourth largest insurer in Trinidad and Tobago. Our roots go back to 1972 when Mr Aziz Hadeed founded The Caribbean Insurance Company, passing the proverbial baton to his son, Gerald Hadeed, who sits at the helm today. The company was rebranded as The Beacon Insurance Company in 1996. The early years of the company were characterised by direct personal relationships between Aziz and his clients, rather than through Brokers and after 45 years of cumulative growth, Beacon is now a regional player with Branch Offices and an Agency network that spans Trinidad & Tobago, Barbados, Grenada, St Lucia, St Vincent & The Grenadines, St Kitts & Nevis, and Dominica. Beacon therefore enjoys a reputation as an emerging giant in the regional insurance industry.
What We Do
Our Purpose at Beacon is to “help our customers achieve their goals and to recover from setbacks through the compassionate delivery of our services.”
The exceptional skills of our team of 200+ financial, technical, administrative, and relationship-building experts make this a daily reality for customers who depend on our understanding and compassion.
Led by an experienced and qualified management team, we underwrite all major lines of general insurance for both individual and institutional clients, including:
- Motor (Private and Commercial)
- Property (Private and Commercial)
- Group Health and Employee Benefits
- Accident and Casualty
- Marine Cargo and Hull
Our Financial Strength
CariCRIS, the regional rating agency (and a subsidiary of Standard & Poor), has reaffirmed Beacon’s a CariA- rating and identified our strengths as:
- Good financial asset credit quality and a well-diversified investment policy
- Prudent risk management practices evidenced by healthy capitalisation and solvency ratios
- Conservative risk-retention policies
- Improved financial performance supported by good geographic and product diversity
This rating is a world-class testimonial to our level of creditworthiness and our ability to meet ongoing insurance obligations. Our high financial-asset credit quality and good diversification of our investment portfolio are likely to cushion the impact of unexpected shocks to any single country or security in the seven (7) countries throughout the Caribbean Region in which we operate.
Beacon Insurance Performance Indicators
Our conservative risk-retention and solvency ratios in all these territories are above the minimum regional regulatory requirement of 120%. Beacon’s capital strength is also enhanced through its Reinsurance Program.
Our current providers include 2 of the world’s largest reinsurers, Hannover Re and Munich Re. Their collective expertise, financial strength and risk management capabilities are invaluable to us, and add a superior level of stability to the Company’s operations. Beacon focuses on achieving growth and profitability through effective risk management, intensified marketing, and customer retention. This improved brand awareness has translated into the overall premium growth we enjoy, particularly in the T&T market.
The company reported consolidated Total comprehensive income for the financial year ending 30th June 2017 of $14.5m with a return on equity of 10.7%. Gross premiums amounted to $380m with a loss ratio of 63.3% and a combined ratio of 96.4%. The Company achieved a return on its investment portfolio of 3.32%. On the Consolidated financial position as at year-end, Total assets as at 30th June 2017 amounted to $597m, growth of 9.1% from last year. Our total liabilities including our policyholder reserves amounted to $457m. Overall, the financial results for the current year ending 30th June 2017 are commendable as we continue to maintain our market share albeit within declining market rates and reduced insured’s cover.
Our claims record
Over the last 10 years, Beacon has paid out over 150 million US dollars in claims regionally, not including catastrophic events such as Hurricane Ivan and the more recent and violently destructive, Hurricane Maria which accounted for some 30 million US dollars in 2017. Our clients understand that we consider it our duty to pay legitimate claims – and pay them quickly – which is why accessibility is a key feature of our operation. Beacon’s spread of branches, agencies and even online facilities are carefully planned to ensure that our customers can find us easily when they need to, allowing us to enjoy above-average customer renewals and genuine word-of-mouth referrals from customers who are happy with their Beacon experience.
Beacon’s operations have been designed around the company’s promise to deliver convenient and caring customer experience. We continually monitor and measure the delivery of our services to our customers and re-calibrate our processes to ensure optimal customer experience. We are now considered leading players in the digital marketplace as we strive to serve and support our customers in their transition to an online journey and continue to invest heavily in the delivery of our promise of convenience. Beacon can now include in our portfolio of achievements:
- modernized Policy Administration System which allows complete visibility and control of both documents and work-in-progress as they pass through different divisions within the Company.
- Mobile and online services, including an app and the only customizable and regional online quoting system for private motor insurance.
- Constant measurement of our service levels at a transactional level using customer feedback.
- Accident management services provided to our clients aimed at simplifying and expediting the Claims process. Only 3 insurers regionally have signed up for this service, Beacon being one of them and also the main driver of its implementation in the TT market.
- 24-hour Roadside assistance services made available to all motor policyholders
- Premium financing capability, allowing customers a 12-month period over which their premiums can be paid.
We’re Still a Family
Growth has not taken away the family atmosphere at Beacon. A friendly and caring attitude toward others is in the DNA of the Company culture. This is why we have families who’ve been insuring directly with us for over 45 years. Grandparents began with Aziz in the 1970’s and the third generation are still insuring with Beacon. They know first-hand that our business model is built on a promise to pay legitimate claims quickly, so that our valued Customers can recover from setbacks through the compassionate delivery of our services.