PAN AMERICAN Insurance Company is projecting a ten per cent increase in growth this coming year.
“We anticipate a ten per cent growth over last year,” said Country Manager Keith King.
Stating that they were concerned about the slowing economic situation, King however re-emphasised the point about the benefits of insurance in difficult times.
“When you cannot save and disposable incomes are affected and you are not sure what will happen in the future, insurance is there for people to fall back on,” he said.
The top insurance executive said that things have happened since the Pan American Life Insurance Group made the projections for this year and that those things could impact the projections.
“However, we still believed we should still be able to see that growth we are anticipating,” he pointed out.
King, along with Greer Quan, Managing Director, Caribbean; and Jorrell Best, Vice President, Regional Group Business, spoke at a news conference at which they dealt with the performance of the company, the outlook and plans to bring new products and services to the Barbados market where it is the second largest player.
“We are in fact looking at a number of ways to ensure that the products we have match the entities where we served,” said Ms. Quan. “There are, for example, some US dollar-denominated products and we are looking to see whether they can be designed in the currency that is applicable in this territory,” she remarked.
“We are also looking to see whether the product matches the societal needs,” according to her.
King said that they at Pan American Life still continue to reason with the local regulator – the Central Bank of Barbados – on a project and that they have to accept that the environment has changed.
Ms. Quan said that Barbados continues to be a major contributor to the company’s overall business in the region. According to her, Barbados is not a small player and continues to do the Caribbean proud. (JB)