INSURANCE
INTERVIEW
JASON CLARKE
PRESIDENT ASSOCIATION OF TRINIDAD AND TOBAGO INSURANCE COMPANIES (ATTIC)
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ncreasing motor vehicle fraud, soft insurance rates, low interest rates and adjusting to a new Insurance Act are just some of the challenges facing local insurance companies. In addition, the blows dealt by the pandemic and related economic and business disruptions have left the local insurance industry “a bit bruised and battered,” says newly appointed President of the Association of Trinidad and Tobago Insurance Companies (ATTIC), Jason Clarke. But, he is confident that not only is the industry seeing the light at the end of the tunnel, but it will emerge stronger than before. Clarke took up the mantle of President in May 2021. In this Q&A in June, he gives ATTIC’s perspective on the industry.
How would you describe the last year for the insurance industry and was there any major challenges due to COVID-19? Similar to that experienced by most sectors within Trinidad and Tobago, the last year has been arduous for our industry, inclusive of the 24 insurance companies represented by ATTIC. At the beginning of the COVID-19 pandemic, many of our members were confronted with a complex choice of ensuring continued service to customers whilst safeguarding the health, safety and wellbeing of employees. As an essential service, some of our members’ employees are on the front line.
Most members had to quickly transition processes and shift some operations to work-from-home models. We are proud of our members, as most were able to implement the necessary changes, adjust to the evolving economic climate, regulatory health
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As a dynamic industry, we are continuously managing varying and evolving challenges and risks.
by Kay Baldeosingh-Arjune
ADAPTABLE, FLEXIBLE, STRONGER THAN EVER
protocols, and social distancing mandates. The adaptability and flexibility shown by our membership over the last year have thus far protected many jobs. It has also enabled members to ensure that they continue to satisfy their obligations to policyholders in as safe an environment as possible.
Outside of COVID-19, what are some of the biggest problems currently faced by the industry and what is being done to address them?
As a dynamic industry, we are continuously managing varying and evolving challenges and risks. For example, as the economy contracts, we are wary of increasing motor vehicle fraud and the filing of suspicious claims. Our members are also dependent on the conversion of local currency to fund their reinsurance programmes. This has become difficult to perform. Insurance rates have been soft for more than 10 years, but it is now at an inflection point that unfortunately coincides with the local economic contraction and the pandemic. Interest rates on investments continue to be at historic lows whilst the local stock market declines. These present significant hurdles for members’ investment portfolios which in turn compromises their policyholders’ ability to meet their obligations. In addition to these, the industry also has to now manage the transition
