By Sue-Ann Wayow
The Association of Trinidad and Tobago Insurance Companies (ATTIC) has outlined plans for the launch of ‘jacketless’ motor insurance certificates as part of the move towards enhanced digitisation of the industry.
ATTIC shared its plans for the improvement of the sector when it met with the Central Bank of Trinidad and Tobago on Monday during which CBTT Governor Larry Howai reaffirmed the Central Bank’s dedication to deepening its partnerships with the insurance industry.
The meeting was part of the bank’s continued series of critical stakeholder engagements.
A release from the Central Bank on the meeting said that digitisation of the industry “will further protect policyholders and improve overall efficiency in the sector,”
The release stated, “The discussions were rich, wide ranging and insightful, covering a number of key areas critical to the insurance industry. Topics included the funding of reinsurance costs, proper pricing of insurance premiums to ensure adequate policyholder protection, required insurance legislative amendments to support the industry’s investment objectives, restructuring of the insurance premium tax to address key issues such as climate change, subrogation and cybersecurity insurance.”
The association expressed willingness to work closely with the Insurance Brokers Association of Trinidad and Tobago and the Central Bank in its capacity as Regulator, on public education outreaches to elevate the level of awareness among citizens of the importance of insurance as a whole, and adequate levels of coverage in particular, for consumer protection in the event of an unforeseen occurrence.
ATTIC’s President Dean Romany thanked Howai for the invitation and expressed optimism that ATTIC and the Central Bank can work together in the best interest of the industry and the country.
Howai reiterated the Central Bank’s support for collaborative efforts to address the issues, optimise industry resilience and ensure affordable and accessible insurance products for consumers.
He noted that regulatory vigilance, consumer protection and prudent risk management remained priorities for the bank.
Howai said, “It is through these frank and constructive engagements that we, together with our partners in ATTIC, can develop practical solutions to shared challenges. The Central Bank is committed to fostering an environment where the insurance sector thrives, adapts, and continues to safeguard the interests of all”.
The bank’s representatives included the Inspector of Financial Institutions (Ag) and the Deputy Inspector while Romany, Director – Musa Ibrahim and Manager – Raphyl Williams represented ATTIC.
Both parties agreed that the bank will follow up with ATTIC on the issues raised with intent on developing an implementation plan.
