July 16, 2004

Ensuring financial stability

Moving into one’s own home is always an occasion of pride and joy for the occupant. It exudes a sense of satisfaction and feeling of accomplishment.
The staff and policy owners with Clico can relate to that sensation of joy following their move last Monday evening. {{more}}
It added to a sign of improvement in developments nationally. The new building, constructed with sensitivity to capital city Kingstown’s architectural tradition is another reflection that planners are keen in some sense of maintaining the ‘City of Arches.’
Beyond the glitter of new walls and apparent financial enhancement, warnings of the potential plunge into economic instability were pointed out emphatically by Prime Minister Dr. Ralph Gonsalves.
Even at the risk of offending some persons, Dr. Gonsalves pointed to changes on the horizons in the insurance industry. By January 1, 2005, regulations will be in place governing operations of Insurance companies here.
There is little time for them to catch their breath, but they will have to get their act together and emulate Clico’s motto ‘Clico is people.”
With a company like Clico which has developed something of a regional entity, and with the Caricom Single Market and Economy (CSME) in our face, it is more imperative that the message of economic stability is driven home firmly and strongly.
Insurance consumers in St. Vincent and the Grenadines, the region and world over must be protected from the ravages of financial woes in whatever form they might appear.
Therefore, insurance companies will be warned to ensure that compliance to consumer protection measures, as well as powers to deal with companies in potential trouble are adhered to.
The Clico move to its new headquarters signals a thrust in financial alacrity.
Governments and insurance companies will have to work hand in hand in order to secure each other’s interests. There will be a delicate balancing act between the operations of insurance companies and the policy owners whom they serve. But there must be confidence in the financial market as is required by any stable society. How the situation pans out is a concern that every citizen regardless of his or her outlook must be alert to. The lessons are obvious to all insurance companies, and citizens in whatever category must keep up with the ever-changing climate of their economic environment.