Insurance
From The Report: Trinidad & Tobago 2016
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While Trinidad and Tobago’s insurance industry was affected by a slower economy in 2015, most of the largest insurers remain prof¬itable. Key metrics suggest the industry is resilient, although companies will have to adapt their business models to keep abreast of market developments. At the end of 2015 there were seven active life insurance companies, 17 active general insurance companies and seven active composite companies. According to figures from the Association of T&T Insurance Companies, which represents most insurance companies operating in the country, gross written premiums received by its general insur¬ance reporting members in 2014 stood at TT$3.58bn ($551.3m), an increase of 7.1% on the preceding year, but still below the TT$3.69bn ($588.3m) registered in 2012. Although T&T’s national economy could be facing difficult headwinds in the coming years, industry experts believe that, overall, the future of the sector looks promising.

This chapter features an interview with Robert Trestrail, Executive Vice-President and General Manager, Sagicor Life.

Articles from this Chapter

Overview

A show of strength: Resilient in the face of difficult economic conditions, the sector looks at ways to adapt to a changing environment
OBG
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The Trinidad and Tobago insurance industry was affected by a slower economy in 2015, and the macroeconomic environment will remain difficult in 2016. Despite this, most of the largest insurers remain profitable. Key metrics suggest the industry is resilient, although companies will have to adapt their business models to keep abreast of market developments. Industry Structure The Central Bank of T&T (CBTT) regulates the insurance industry. Companies are registered with the CBTT in three categories:…

Interview

Preparing for change: OBG talks to Robert Trestrail, Executive Vice-President and General Manager, Sagicor Life
OBG
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Interview:Robert Trestrail How do you expect the insurance sector to be impacted by the current recession? ROBERT TRESTRAIL: The insurance sector is fairly resilient to crises, and insurance products are usually maintained notwithstanding clients experiencing challenging times. Customers who maintain policies do not necessarily want to give them up, they understand that qualifying for the same type of policy will be affected by their age and health, along with other key factors. To assist…