The Insurance Association (BVI) was officially re-launched on June 20, 2014, at the Moorings, Wickham’s Cay II. Photo: Provided

The current executive is comprised of Chairperson/ President- Sarah Hatcher Century Insurance Agency (Nagico Insurances); Vice President/Education and Training Officer- Antoinette Morgan (Alphonso Warner Ins. Agency); Treasurer- Helen Janes (Hyperion Risk Solutions); and Public Relations and Lobbying Officer - Ruth E. Q. Phillips (Caribbean Insurers Ltd.). Photo: Provided

Re-launch of the Insurance Association (BVI), June 20, 2014. Photo: Provided

Re-launch of the Insurance Association (BVI), June 20, 2014. Photo: Provided

The official re-launch ceremony took place at the Moorings, Wickham’s Cay II where members were given torchlight speeches by several prominent persons in the industry.

The current executive is comprised of Chairperson/ President- Sarah Hatcher Century Insurance Agency (Nagico Insurances); Vice President/ Education and Training Officer- Antoinette Morgan (Alphonso Warner Ins. Agency); Treasurer- Helen Janes (Hyperion Risk Solutions); and Public Relations and Lobbying Officer - Ruth E. Q. Phillips (Caribbean Insurers Ltd.).

Public Relations and Lobbying Officer of the Group, Ms Ruth E. Q. Phillips had previously told Virgin Islands News Online that the Association was originally formed in 2007, but had been dormant for many years. She noted that the members had been meeting since last November to gain support and momentum, and also write a constitution.

Ms. Phillips had noted that among the challenges was the approach that both companies and customers need to take regarding the introduction of the National Health Insurance Scheme, potential changes in the legislation to the anti-money laundering regulations, but most importantly working with the general public to better understand the role of insurance.

President of Insurance Company of the West Indies (ICWI) Mr Paul Lalor traveled from Jamaica to deliver the feature address to the new association members on June 20, 2014. “I congratulated the industry for coming together to re-launch the insurance association which was a clear sign of the growing maturity of the local insurance market, the ability of the players to set aside their competitive,” Mr Lalor told Virgin Islands News Online.

In noting the importance of the association Mr Lalor said that as a group the industry has a strong combined voice ‎and as such will have a much bigger influence on issues in the industry specifically and economy generally. “It provides a forum for insurance practitioners to meet and discuss market conduct and issues between members,” he said.

According to Mr Lalor the Insurance industry on a global basis has done a very poor job at promoting itself especially given the vital role it plays in facilitating businesses and individuals in pursuit of their entrepreneurial endeavours. The association will as one of its mandates focus on doing Public Relations about what the industry does.

“We also need to do a better job of educating our clients to ensure that they understand the nature of the ‎product they are buying and what is involved in making a claim. The new association has already commenced on this initiative,” he noted.

Mr Lalor told this news site that in addition there is always a need to improve the professionals working in the industry ‎and as a group an association can create and coordinate industry wide training. “The association is working on this as well.”

‎The executive board has already made great strides and as it develops further it is hoped that the members will agree to fund the staffing of a full time secretariat. “It is difficult for persons employed full time to member companies to dedicate the hours needed once the Association broadens its ambit so hopefully in the near future the association will be able to afford the change,” Mr Lalor stated.

Managing Director at Caribbean Insurers Ltd Brian Jermyn highlighted some of the main benefits as he gave brief remarks. Those included:

1. input to local regulators regarding current industry issues, standards or proposed legislation changes

2. better communication with our Regulators both here in the BVI and in other countries to tackle any pertinent issues as they arise

3. better training options for both current members and students who would like to progress their insurance knowledge and studies – continuing education is very important and we hope the Association will be able to provide some training opportunities that may not currently exist or may be available to a wider group of people at reduced costs

4. liaise with other Insurance Associations in other countries, such as Jamaica, St Lucia to compare notes on current insurance issues and legislation issues – what has worked well in their territories, what has not – sharing of information can lead to greater productivity

5. inform and educate the general public about the insurance industry and insurance coverage through publications and workshops; and, 

6. adopting a Code of Conduct or a set of Ethical Principles aimed to protect the public and also to achieve orderly and courteous conduct within the insurance industry.