Insurance

With a declining economy restricting premium-income growth and bringing rates under sustained pressure, 2016 was a challenging year for Trinidad and Tobago’s insurance sector. The relative scarcity of foreign exchange has also caused some issues with regard to the payment of reinsurers. Penetration remains relatively low, meaning local companies have significant room to expand. Total premiums represent around 2.6% of GDP, while the OECD average is more than three times higher. Barring any similar storms in the upcoming season, the sector will likely benefit from a recovery period. This will be aided by a turnaround in the energy sector, which will be a key driver of financing. While there are challenges ahead, the insurance sector seems set to re-enter a growth environment in the near term.

This chapter contains an interview with Ravi Tewari, Group CEO, Guardian Group.