Insurance
INSURANCE
Whereas the Banking act is standard
throughout the Eastern Caribbean, the
Insurance act is not. However, one common
and harmonised insurance act throughout the
Eastern Caribbean is in the process of being
implemented at the moment and Grenada
is the first country amongst these states to
administer this new insurance act.
Overall, the new Act strengthens the
supervisory and regulatory powers of GARFIN
as the Supervisor of Insurance.
Flexible Annuity Programs and other high
risk investment practices that depart from the
proven safe principles of insurance business’s
was the cause of CLICO & British American
Insurance going bankrupt, and, due to their
downfall, this practice has now been banned
by regulators to ensure this situation never
happens again.
Corporate Governance was lacking so
insurance companies have sensitized
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Grenada has seen a 30% increase in
property insurance rates since
hurricane Ivan but in the last year has
seen some softening of rates
authorities for the need for more regulations
which will ultimately benefit policy holders.
According to a survey conducted by AGIC
(Association of Grenada Insurance Companies)
its member companies received a total of 5348
claims as a direct result of Hurricanes Ivan
and Emily which affected Grenada on the 7th
Sept. 2004 and 13th July 2005 respectively.
The survey reveals that of the 5348 claims
a total of 5324 claimants have received
settlement totaling EC$ 406,062,384.00
Grenada has seen a 30% increase in property
insurance rates since hurricane Ivan but in
the last year has seen some softening of rates
which is due in part to the world economic
downturn and a lessening of claims on the
island.
Presently, typical property insurance rates
hover around EC$ 8.00-$10 per $1,000 of
coverage
GENERAL INSURANCE COMPANIES IN GRENADA
• American Home Assurance Company Ltd
• Beacon Insurance Company Ltd
• Caribbean Alliance Insurance Company Ltd
• Clico International General Insurance Ltd
www.businessgrenada.com
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renada now has a modern insurance
legislative framework in keeping with
international standards and best
practices. The new insurance act of 2010
came into effect in March 2010 and increases
the capital and solvency requirements for
insurance companies and makes provision for
the establishment of statutory funds to protect
policyholders liabilities. It also imposes
penalties on companies and their officers
for non-compliance and brings insurance
agents, brokers and adjusters under greater
supervision.
• Eastern Caribbean Insurance Limited
• Grenada Motor & General Insurance Company
• Grenadian General Insurance Company Ltd
• Guardian General Insurance Limited
• Gulf Insurance Limited
• Guyana & Trinidad Mutual Fire Insurance
Company Limited
• Island Heritage Insurance Company
Limited
• Lloyds Underwriters
• Netherlands Insurance Company (WI) Ltd
• NEWIM Life & General Assurance
Company Limited
• Trans-Nemwil Insurance (Grenada)
Limited
• United Insurance Company
LONG TERM INSURANCE COMPANIES IN GRENADA
• Beacon Insurance Company Limited
• British American Insurance Company Limited
• Clico International Life Insurance Limited
• Demerara Mutual Life Assurance Society Ltd
• Guyana & Trinidad Mutual Fire Insurance
Company Limited
• NEWIM Life & General Assurance Company
• Sagicor Capital Life Insurance Company
Ltd Sagicor.
BG