Insurance
From The Report: Trinidad & Tobago 2020
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Trinidad and Tobago’s insurance industry has persevered through recent economic struggles and recession. With GDP forecast to expand in 2020 and 2021 and demand for health and life products rising, T&T’s insurance sector exhibits strong potential and its performance expected to improve further. The proliferation of digital offerings will ensure that a larger customer base receives better service and personalised options. Local insurers report needing more information to make assessments, and as such it will be important to make more data available while respecting privacy concerns. Other challenges include a shortage of foreign exchange, a lack of reliable data and wider macroeconomic pressures. However, consolidation, innovation, the rise of insurance technology and digitalisation are expected to strengthen the sector. This chapter contains an interview with Ravi Tewari, CEO, Guardian Holdings.

Articles from this Chapter

Overview

Full speed ahead: Consolidation, technological innovation and digitalisation create new product lines and avenues for growth
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While overall economic growth was flat in 2019, the financial sector experienced 1.4% expansion, to which insurance was a strong contributor. From January to March 2019 finance and insurance activities grew by 1.7%, according to the Ministry of Finance. Together with real estate and business services, the sector added 400 new employees in 2019. Financial and insurance activities contributed 7.4% of real GDP in the first quarter of 2019. The industry has persevered through recent economic…

Interview

Digitally driven: Ravi Tewari, CEO, Guardian Holdings, on the impact of new technologies and innovation on the industry’s development
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Interview:Ravi Tewari Which segments of the insurance sector show the most room for growth in Trinidad and Tobago? RAVI TEWARI: In absolute terms life and pensions remain untapped markets. In the property and casualty segment the penetration rate is marginally better, although there is also room to grow. In any case, opportunity exists to significantly increase the number of customers in the market by favouring digital distribution channels. The issue is that the market is soft and will…