An insurance and risk management firm is extending a helping hand to the Freundel Stuart administration as it seeks to lower the country’s national debt and increase revenues.
Over the past few months there have been growing concerns among various sections of the society regarding a lack of confidence in the Barbados economy and a widening fiscal deficit.
In a short interview with Barbados TODAY on the sidelines of the company’s official launch of its new offices at Sky Mall on Tuesday night, chief executive officer of Lynch Insurance Brokers Limited, Gregory Rose, suggested that the best way to tackle the national debt was through a private/public sector partnership.
Rose suggested that one of the ways Government could cut back on its spending was to pay greater attention to areas of risks, adding that his company was willing to work with the Democratic Labour Party (DLP) administration through various consultations.
“I think we can weather the storm. I think it will take a united public and private sector partnership . . . . I know the Government has [economic] challenges and there are areas that our risk expertise can help the Government . . . not just from the insurance standpoint, but creating cost efficiencies that could help the Government out of his current [economic] crisis,” said Rose, adding that he remained confident in the local economy.
He said Lynch Insurance Brokers Ltd, an associate of Marsh Inc., was willing to do “economic consulting, strategic consulting, human resource consulting” in addition to the risk and insurance advisory.
“So we don’t draw just from the insurance side. We can bring people from all the different segments to analyze what the real problems are. So they are now free to pursue opportunities. We can draw on any kind of consulting that can help and if creating cost efficiencies within a Government entity is one of those, well, we can do that. If there is a strategic problem or competitive problem we can advise on that as well,” he said.
Lynch Insurance Brokers Ltd was previously located on Hinks Street and currently employs 28 people, but Rose told Barbados TODAY the 154-year-old company had plans to expand its “executive compliment” and hire people. He opted not to give details.
He agreed that too many Barbadians were cutting back on their insurance coverage.
“For the time being, yes, people are trying to cut back on their insurance coverage, but they are taking excessive risks by cutting in areas where they really shouldn’t. They may cut insurance coverage that they really need in the long run,” said Rose.
Lynch Insurance Brokers Limited boasts more than 4,000 clients ranging from private line customers to both small and large commercial clients. Lynch Insurance Brokers Limited recently acquired a stake of Tradewinds International Insurance Brokers. [email protected]