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Local News>Insurance Association LaunchedBy Ashford W. Meikle, Staff Reporter |
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There is a new umbrella group for the insurance industry in Jamaica - the Insurance Association of Jamaica (IAJ), that was launched on Wednesday at the Terra Nova Hotel on Waterloo Road in New Kingston.
The IAJ is the result of the merger between the former Jamaica Association of General Insurance Companies (JAGIC) and the Life Insurance Companies Association of Jamaica (LICA).
Earl
Moore WINSTON SILL/FREELANCE PHOTOGRAPHER
The association covers 17 of the 18 life, health and general companies. Medecus, the newest health insurance provider, is not a part of the association although plans are afoot to enlist that provider.
"Yesterday we had LICA and JAGIC, today, we have one association - the Insurance Association of Jamaica," commented deputy CEO and chief marketing officer of Life of Jamaica, Michael Fraser, as he gave the opening address at Wednesday's event. He commented, "This ... represents a very important milestone in our history. One umbrella group means that we are a more powerful voice representing the life sector and the general sector."
The president of the newly formed body is CEO of Guardian Life, Earl Moore who said, "today marks a new era of collaboration between companies in the insurance industry. We will be adopting a proactive stance as we seek to provide effective representation to all our stakeholders."
Mr. Moore acknowledged that he was "fully aware of the magnitude of the challenge of charting the right course for any new organisation. But I also know from past experience that if you have a team that has the level of expertise and commitment that is to be found in our team at the IAJ, then we have an excellent chance of achieving our goals."
In a press release, the trade association noted "one major benefit that the IAJ will bring to the table for consumers is a dispute resolution mechanism that will deal with customer concerns that cannot be resolved at the company level."
In a short speech, the executive director of the Financial Services Commission (FSC), Brian Wynter, lauded the insurance industry on forming the new body. He said it was important to present a united position given the changing environment in which the industry operates, particularly as it relates to actuarial and accounting standards.