Jamaica to help Eastern Caribbean insurance companies

The country has been asked to provide technical assistance to insurance companies in the sub region.

KINGSTON, Jamaica, Thursday March 10, 2011 – Prime Minister Bruce Golding says the President of the Caribbean Development Bank (CDB) has made a recommendation proposing that Jamaica be asked to provide technical assistance to several insurance companies of the Eastern Caribbean which have been facing difficulties. 

He revealed at Guardian Life's 11th Annual Awards Ceremony recently that the matter had come up for discussion during the recent the Intercessional Meeting of Caribbean Community (CARICOM) Heads in Grenada last week when the state of CL Financial, CLICO and British American Insurance was dealt with.

"I was amazed when they laid out all the figures and the deficiency among these companies which is equivalent to 17 percent of the GDP of the Eastern Caribbean countries. That's how bad it is, they are facing a crisis," Golding said. 

Golding said the President of the CDB was asked to send a team in to see what can be done and subsequently made recommendations which proposed that Jamaica provide technical assistance. 

"We have been there and done that and it is because of that experience why today we have such a well regulated insurance sector. We have a sound solid regulatory framework,” the Prime Minister said.

He added that Jamaicans can be thankful that the country has a well regulated insurance industry, although he acknowledged that some may argue it may be too well regulated.

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