Philipsburg (DCOMM):--- On Friday evening November 23rd, Minister of Finance Roland Tuitt gave an address at the signing ceremony between Henderson Insurances (broker), New India Assurance and The Insurance Company of the West Indies. The importance of the signing by Henderson Insurances and the two insurance providers further enhances the goal and aim to spread the risk by insurers which helps to reduce overall premiums and also to provide choice to the general public of Sint Maarten.
The following remarks were made by Minister at the ceremony,
"As the Minister of Finance, I am responsible for the financial well-being of the country and what I understand out of the insurance industry, is that it is primarily charged with the (indemnification) putting clients back in the financial position they were prior to an insured loss.
It goes without saying that this industry has my attention for the simple reason; if we have a good functioning insurance industry, it can go a long way in keeping the economy intact.
If the industry is not functioning properly, it tells me that clients can suffer financial losses for which there will be no settlements. This by extension places an extra burden on our social budget, with all the associated tax-hike implications.
I am aware and understand that the role of the CBCS is to focus on a number of specific details regarding the function of the insurance industry and to ultimately ensure that all insurance companies are in a sound state of solvency. However; one of the things I personally believe that may still require some special attention; is the substance of the policy itself.
And yes often times, people do believe that insurance covers everything, something I know would not really be possible, given the contractual nature of an insurance product. On the other hand however, it is only fair that insurance companies take sufficiently into account; (I) the market demands and (ii) the needs and expectations of the individual customer.
Taking the market demands and the specific needs of customers into account, coupled with some simplified insurance language (jargon) would go a long way in improving the understanding of the insurance industry. I am also confident that this will result in more people seeking solutions for some uncertainties through insurance products.
If we give sufficient attention to these areas, it is my humble opinion that we will also see fewer disputes between parties in an insurance contract.
As far as the Ministry is concerned, we know that this industry remains an important instrument to ensure continuity of our economic activities, whether it concerns settling the claim of a private car, fire losses at a hotel, medical expenses, or even a nationwide devastation after a hurricane.
I want to applaud Henderson Insurances for its tireless efforts in helping to shape this industry from a proactive approach. I know Mr. Henderson from the time he started some 15 years ago and watched his involvement with the SIBA initiatives which resulted in legislation for brokers in 2003. Today I experience his initiatives for a new chapter I would call "the importance of spreading risk".
I applaud these traits and encourage all industry leaders to lead and demand the attention for positive change and enhancement of your respective industries. This I am convinced will help us to build a strong country that is effective and workable for the masses. And there is no better time than now, that our country is still in its infancy stage.
