Home' Trinidad and Tobago Guardian : August 8th 2013 Contents BG10 NEWS
BUSINESS GUARDIAN www.guardian.co.tt AUGUST 2013 • WEEK TWO
With almost two years in
T&T s insurance market,
National General Insurance
Corporation NV (Nagico
Insurances) is planning to
introduce a policy of settling
claims in three days.
Settling claims early is a procedure adopted in all
of its branches in the region, including St Maarten,
which means it must now be introduced to T&T, said
Imran McSood Amjad, chief executive officer, Nagico
"The first thing we need to do is change the systems
because GTM had an old system they were using,
(but now) we have our own written software which
we have to introduce here. It is a process, because
right now we are building our software, updating our
software as well. We plan to finish that process before
we introduce it (early claims) here.
He was speaking to Business Guardian on Monday
evening following its inaugural awards ceremony,
which was held at Capital Plaza hotel, Wrightson
Road, Port-of-Spain. The company entered the T&T
market through its October 2011 acquisition of GTM
Insurance on Queen Street, Port-of-Spain.
Describing T&T s insurance regulatory system,
Amjad said it is "very thorough, very comprehen-
"The yardstick is high, the compliance level is high
in T&T compared to some of the Caribbean islands.
They (the regulators) were very willing, very under-
standing, they operated professionally and, at the end
of the day, that s what you want, that s all you can
ask really. People can set their standards, but once
they are fair and they are co-operative, that s all you
can ask for, and they were, at the Central Bank."
Amjad spoke of the Nagico brand being recognised
"First of all, it s to get our name recognised because
people in T&T do not know Nagico, so we are a new
name to them. I found that most people have been
co-operative, most people have been willing to work
with us. We have to convince them that they can
"We have to do a good job to ensure they understand
who Nagico is, what we have been doing for 30-plus
years, our financial strength, about our claims set-
tlement record. Once the people in T&T get to know
more about the Nagico name, I don t think it would
be that difficult."
Commenting on the new Insurance Act which
requires companies to have increased capital, Amjad
said that requirement does not affect Nagico.
"We have more than $450 million in net assets and
more than $1 billion in assets. That does not affect
us really. I am not concerned about the financial
requirements of the Central Bank. As a company, we
deal with several regulators and T&T is only one of
"We are licensed to do business in France. France
is one of the toughest jurisdictions, the French bureau-
cracy is amazing. We got a license to do business in
French territories. There are only eight overseas branch-
es in all of France, in thousands of insurance companies
in France. There are only eight overseas branches and
Nagico is one of them, you have to go through a rig-
orous compliance and regulatory environment in order
to achieve that."
Nagico also has a presence in the Netherlands.
"Their (Netherlands) system of regulation is very
tough and their (Netherlands) requirements are very
high. They use very high European standards. In the
Bahamas, we had to go through that also. Bahamas
regulations are also quite tough. They follow a European
model. The British Virgin Islands are an offshore
centre. Because of this, the environment is a rigorous
one when it comes to regulations, compliance and
capitalisation. We passed it.
"The regulators have all become much more thor-
ough, much more difficult. I would say they are taking
regulation to a level that I have never seen before.
This is not much of a concern for Nagico. I would
imagine that there would be some companies in the
wider Caribbean which would have a problem meeting
a lot of the new regulations.
"I feel also that some of the local companies in
T&T would be affected by the new regulations.
Insurance and the Dangerous Dog Act
Amjad was asked to comment on insurance as it
relates to the Dangerous Dog Act.
"I don t see that as a problem, Nagico does have
coverage for pet liability as we call it. We already carry
such a plan in the Nagico homeowner s plan in St
Maarten. It has not as yet been introduced in T&T
because all the policies here have to pass the Central
Bank requirement. At the moment, we are going with
the Association of T&T Insurance Companies and
Central Bank-approved policies. The normal home-
owners insurance we sell covers a certain amount of
liability caused by the actions of your dog, so we
already provide that coverage.
"The specific coverage for the dogs would just be
an extension of the normal personal liability coverage,
so it will not be a problem to introduce it. Everything
is insurable at the right price, at the right terms."
to settle claims
in three days
Nagico's presence in
BVI (via its managing general agent
St Kitts & Nevis
The regulators have all become much
more thorough, much more difficult. I
would say they are taking regulation
to a level that I have never seen
before. This is not much of a concern
for Nagico. I would imagine that there
would be some companies in the
wider Caribbean which would have a
problem meeting a lot of the new
Imran McSood Amjad, chief executive officer, Nagico Group.
PHOTO: ANDRE ALEXANDER
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