Insurance

While Trinidad and Tobago’s insurance industry was affected by a slower economy in 2015, most of the largest insurers remain prof¬itable. Key metrics suggest the industry is resilient, although companies will have to adapt their business models to keep abreast of market developments. At the end of 2015 there were seven active life insurance companies, 17 active general insurance companies and seven active composite companies. According to figures from the Association of T&T Insurance Companies, which represents most insurance companies operating in the country, gross written premiums received by its general insur¬ance reporting members in 2014 stood at TT$3.58bn ($551.3m), an increase of 7.1% on the preceding year, but still below the TT$3.69bn ($588.3m) registered in 2012. Although T&T’s national economy could be facing difficult headwinds in the coming years, industry experts believe that, overall, the future of the sector looks promising.

This chapter features an interview with Robert Trestrail, Executive Vice-President and General Manager, Sagicor Life.