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 and Grenada is
poised to be amoungst the first country states to
administer the new regional 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. Due to their downfall,
this practice has now been banned by regulators
to ensure this situation never happens again.
Corporate Governance was also lacking so
insurance companies have sensitized 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)
46
46
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
Company Limited
• Island Heritage Insurance Company
Limited
• Lloyds Underwriters
• Netherlands Insurance Company (WI) Ltd
• Massy United Insuarance Company Ltd
• NAGICO Insuarance (Grenada Ltd)
• Sun General Insurance Inc.
“
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
“
G
renada now has a modern insurance
legislative framework in keeping with
international standards and best practices.
The 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.
Grenada did see a 30% increase in property
insurance rates after hurricane Ivan but in
recent years has seen some softening of rates.
Presently, typical property insurance rates hover
around EC$ 6.50-$8 per $1,000 of coverage.
GENERAL INSURANCE COMPANIES IN GRENADA
• American Home Assurance Company Ltd
• Antillean General Insurance Company Ltd
• Beacon Insurance Company Ltd
• Caribbean Alliance Insurance Company Ltd
• Eastern Caribbean Insurance Limited
• Grenadian General Insurance Company Ltd
• Guardian General Insurance Limited
• Gulf Insurance Limited
• Guyana & Trinidad Mutual Fire Insurance
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LIFE INSURANCE COMPANIES IN GRENADA
• Antillean Life Insurance Company Ltd
• Beacon Insurance Company Limited
• British American Insurance Company Limited
• Clico International Life Insurance Limited
• CUNA Caribbean Insurance OECS Ltd
• Demerara Mutual Life Assurance Society Ltd
• Guardian Life (OECS) Ltd
• Guyana & Trinidad Mutual Life Insurance
Co Ltd
• Pan American Life Ins Co. of the Eastern
Caribbean Ltd
• Sagicor Life Inc
• Scotia Insurance Eastern Caribbean Ltd BG