No pandemic effect as yet – Sagicor

There is no evidence to suggest that COVID-19 has led to a substantial increase in claims at Sagicor Life Inc.

So says its president and chief executive officer Ravi Rambarran who noted that even though the effects of the pandemic had been felt worldwide, it had so far not impacted Sagicor’s coffers.

In fact, he did not divulge whether the insurance company had received any COVID-19-related claims.

“Right now within Sagicor there is no evidence of any significant increase in claims arising from COVID-19. The loss of life is unfortunate, the change in the trajectory of our lives is also unfortunate, but there is no material change and we continue to monitor and if there is then we will adjust our practices to suit, but right now there is none,” he pointed out during a virtual press conference this week to announce the launch of its Healthcare Heroes Group Insurance Plan.

Speaking on Sagicor’s financial status, Rambarran said that even amidst the COVID-19 pandemic, the company continued to perform well.

He emphasized that Sagicor was among one of the top insurance companies in the region.

“What I will say is that we are a publicly-listed company so we have to be very careful when we make pronouncements. However, in line with our obligations as a publicly-listed company we will be releasing our quarterly results soon and so all explanations and all the results will be there.

“However, what I will say to provide comfort to all of our clients and prospective clients is that at the end of December 2019, our total capital, both permanent capital and our debt capital was in excess of US$1.6 billion. We are in terms of permanent capital base and in terms of size of capital, we are larger than, or at least comparable to, any other major financial institution within the Caribbean in terms of financial strength,” Rambarran said.

“So from our audited financial statements we are financially strong. We meet all international benchmarks that we have set ourselves against, but as I said more information is within our published financial statements as of the end of December 2019 and again in line with our reporting obligations we will be releasing our quarterly results so all will be revealed.”
randybennett@barbadostoday.bb