Sagicor – the insurance show goes on

The COVID-19 pandemic has not put a stop to Sagicor’s sale of new life and medical insurance products and coverage will include the novel coronavirus.

This has been made clear by Ravi Rambarran, group chief operating officer of Sagicor during the insurance giant’s regional virtual town hall meeting, as he and other top executives of the company fielded questions from policyholders and the general public.

Declaring that Sagicor has not stopped its operations, Rambarran said the insurance giant was writing new medical and life business.

 “Right now, we are looking at how to conduct business in a COVID-19 world. So, where clients will have to be rated [because of their health status] and there may be higher prices, but that is something we are looking at.

“The reason why we are looking at this is because we recognise that now is not the time to raise prices. Generally, across the board, we have not done so deliberately even where circumstances warrant it. Right now our strong inclination is not to add to the problem. It is to be part of the solution, so I would say that if you are looking to get a new policy – and COVID-19 related coverage, we will provide it. Don’t worry too much about it.”

During the virtual town hall, which was hosted on various platforms including Facebook and YouTube, Rambarran told clients throughout the region who have been impacted by job losses due to a halt in travel and leisure business across the globe, that the company was prepared to work with clients to see them through this period.

In its last financial report for the 2018 financial year, Sagicor chairman Stephen McNamara said: “Each business segment grew their revenue, and each delivered positive net income, in spite of significant one-time items, in particular the restructuring of the Government of Barbados debt. We are pleased with our performance in the face of these challenges. Total revenue increased 22 per cent to US$1, 484.3 million, compared to the prior year amount of US$1, 218.6 million, an increase of US$265.7 million.” (IMC1)