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Orville Johnson, general manager of the Insurance Association of Jamaica. - File photos
Sagicor Life Jamaica Limited headquarters in New Kingston. Sagicor, which was rebranded from Life of Jamaica in June 2008, is Jamaica’s largest insurance company.
Sabrina Gordon, Business Reporter
In another indication of a tough economy, the life insurance companies in Jamaica are paying out increasing amounts as policyholders turn in their plans for cash.
Industry officials report that cash disbursements last year grew to $12.24 billion from $10 billion in 2008.
Most of this - $8.4 billion in 2009 and $6.7 billion in 2008 - was as a result of policy encashments.
While the industry has seen a steady increase in premium income and policies sold over the years, the disbursement trend is also reflective of an industry that in recent years has been transformed from one mainly providing resources in the event of death to a business focused on the mobilisation of medium- to long-term funds for financial goals, such as higher education and retirement income.
This situation has unfolded as a greater number of clients demand more living benefits, industry spokespersons point out.
“The insurance industry has come a long way since the 1970s,” said Orville Johnson, general manager of the Insurance Association of Jamaica (IAJ).
“In the early days, we sold mostly whole-life insurance and over 70 per cent of the policies were whole life and term. Now that category of policy represents a mere four per cent of our new business.”
Primary focus
Whole-life insurance policies combine a term policy, that is, one that provides life coverage only, with an investment component. But even with whole-life plans, life coverage for death benefits, and not investment, was the primary focus.
“As market and economic conditions change with people now demanding more living benefits, wanting more than just buying insurance for protection in the event that one dies, the industry too has changed in response,” Johnson told the Financial Gleaner.
Over the last three years, according to the IAJ representative, more than 60 per cent of all new insurance policies sold were linked either to equities or interest-sensitive investment arrangements.
Since 2006, the number of policies sold has moved up by 12.9 per cent from 84,298 to 95,229 at the end of December 2009.
Plans focusing on coverage in the event of critical illness, such as cancer, represented 23 per cent of the new policies sold, personal accident policies accounted for 11 per cent while whole life was just about four per cent, the industry is reporting.
The transformation of the life market, according to Johnson, started back in the late 1970s and early 1980s when inflation soared and equity-linked policies were introduced to give policyholders a better return on investments than the traditional whole-life products offered.
The policies, Johnson said, later evolved into more flexible and transparent universal life policies responding to customer needs, mainly as a result of the advent of insurance offshoots of banks in the 1990s.
This, he suggested, was a market response to the then high interest rate policy and a declining stock market which made equity-linked plans uncompetitive.
Further transformation in policy type came after bank-affiliated insurance companies introduced more products with living benefits linked to personal accident and critical illness.
While these policies still provide some level of coverage in the event of death, Johnson said that 70 per cent of the premium income or lump-sum payment made now goes to servicing some investment-linked account, with protection risk against such eventualities as illness or death getting the remaining 30 per cent.
More recently, life insurance companies have developed a range of financial solutions to provide retirement income through ‘approved retirement schemes’.
Most resilient
But despite the changes, the IAJ is holding up the life insurance industry as being among the most resilient of businesses in the face of the current global economic downturn.
Sagicor Life Jamaica remains the dominant force.
The company offered no specifics, but said its policyholders have been cashing out for two years.
“Encashments have been increasing in value and volume from early 2008,” said Mark Chisholm, vice-president and head of individual lines division.
According to IAJ industry data, total premium income at the end of December 2009 amounted to $21.35 billion, up from $19.5 billion in the previous year.
At the same time though, the industry saw growth in sum insured to $122 billion and increase in the number of sale agents to 781.
At the end of 2008, the number of life insurance companies in Jamaica shrank to five following the acquisition of Blue Cross of Jamaica’s health portfolio by Sagicor Jamaica.
The other four life insurers are Trinidad-owned Guardian Life Limited and commercial bank-affiliated Scotia Jamaica Life Insurance Company and NCB Insurance Limited. (Jamaica Gleaner)
sabrina.gordon@gleanerjm.com
President of the Jamaica Amateur Athletic Association (JAAA), Howard Aris (second right), is joined by LIME Chief Marketing Officer Chris Dehring (right), Errol K. Miller (second left), LIME’s regional vice-president, corporate communications, and JAAA treasurer Ludlow Watts, as the telecommunications company announced a $21-million sponsorship of the JAAA’s youth programmes. The announcement was made during a press conference at the Hilton hotel, New Kingston, yesterday. - Ian Allen/Photographer
André Lowe, Senior Staff Reporter
Telecommunications company LIME yesterday announced a $21-million three-year sponsorship of the Jamaica Amateur Athletic Association (JAAA) youth programmes during, a press conference at the Hilton hotel in Kingston.
The sponsorship will be used towards the staging of local meets geared at selecting Jamaica’s teams to youth championships such as the Carifta Games, Junior Pan American Games, CAC Games and IAAF Junior and Youth Championships.
The funds will also go towards supporting the selected teams and will also be used for the fitting of the JAAA’s new office space at Tremaine Avenue.
LIME’s Chief Marketing Officer, Chris Dehring, welcomed the partnership and described it as an honour to be paired with one of the island’s best managed sporting administrations.
“It’s excellent for us at LIME to be associated with the JAAA, which is an incredibly well-run association,” said Dehring, a former sports administrator himself with his role in Cricket World Cup 2007. “We are honoured at LIME to be part of this, particularly the youth development programme which is so important to all of us.
“It’s really intended to make sure that they can plan ahead with some certainty in terms of thefunding that will be available to them and that is very important to any administration,” he added.
Dehring went on to explain how the funds will be put to use over the three-year period.
“The sponsorship is $21 million over three years and we basically sponsor all the youth development meets that take place, including all the national trials, whether it be for the Carifta Games, Junior Pan Am Games, CAC Games, IAAF meets as well as sponsorship of the teams that get selected out of these trials.”
LIME is also hoping to help towards the improved efficiency of the JAAA’s operations and is already planning to improve the association’s communication facilities as part of its support.
Modernised approach
“The JAAA can benefit from a modernised approach to how they communicate and in terms of how office management is controlled, so we will be working very closely with them to modernise those facilities with proper internet services, broadband services
and mobile communication services on a closed-user group, so that they can communicate more efficiently with the athletes and everyone else,” Dehring said.
JAAA president, Howard Aris, was grateful for the support and added that it will help to address issues where sending teams away to international youth meets are concerned.
“Let me thank LIME for joining with us in trying to develop the programme for our young athletes,” said Aris. “We have from time to time serious challenges in terms of funding for our teams and therefore this partnership will go a long way in assisting us in furthering the cause of track and field for our young athletes.”
“We look forward not only to the partnership in terms of the actual cash value, but more so to the various elements that were described in terms of their help towards us being a far more efficient organisation when we occupy our new premises,” Aris added. (Jamaica Gleaner)
With the 2011 General Elections fast approaching, coupled with the Leader of the Opposition signaling that he is not interested in being the presidential candidate, there is a plethora of speculations as to who should be the People’s National Congress Reform’s consensus candidate.
The name instinctively being referred to by members of the hierarchy of the party is Winston Murray.
When contacted by this newspaper, Murray said that at this point in time he will be offering no comments on the matter.
Dr Richard Van West Charles who recently had signaled his intention to challenge incumbent leader of the party, incumbent Robert Corbin, and had subsequently supported Murray’s challenge, has again thrown his weight behind him.
According to Dr Van West Charles, if Murray does not accept such a nomination then he will be available, but his position is that Murray will be a good candidate and he has his support.
Another longstanding member of the party, Shadow Foreign Affairs Minister Aubrey Norton told this newspaper that he is of the opinion that Murray is the best person to run as presidential candidate against the People’s Progressive Party in the next general elections.
This was also the view of party Shadow Home Affairs Minister Deborah Backer who said that she supports Corbin’s position that there should be a consensus candidate and her “instinctive choice” was Murray.
According to Backer, she would readily throw her weight behind Murray as the party’s presidential candidate.
This newspaper also spoke to several other persons in the party who told this newspaper that Murray would be the ideal candidate to be the presidential candidate for the PNCR in 2011.
In January of last year, following differences with the party on their position on the Economic Partnership Agreement with the European Union, Murray resigned as party Chairman and subsequently challenged Corbin for the leadership of the party. He was unsuccessful in that bid.
A Parliamentarian since 1985 Winston Shripal Murray attended the London School of Economics, London University BSC (Hons) Econs in 1970; he also attended the Institute of International Monetary Fund in Washington, DC where he obtained a Certificate in Public Finance, in 1975; he also attended the University of Guyana where he obtained with Credit his LLB in 1996 thence to the Hugh Wooding Law School in Trinidad and Tobago where he obtained his Legal Education Certificate in 2000.
From 1970 to 1972 he served as an economist in the Ministry of Trade. The following two years he held the position of Second Secretary, Guyana Embassy, Brussels, Belgium.
Between the years 1974 and 1979 Murray was a Senior Economist/Deputy Secretary to the Treasury in the Ministry of Finance. Murray was also the Permanent Secretary of the Ministry of Trade and Industry between the years 1979 and 1983.
Commencing in 1983 for one year he served as Head of the Department of International Economic Co-operation at Office of the President, Guyana.
Murray was also Guyana’s Head of the Presidential Secretariat in 1985 and from that time to when the PNCR lost office Murray served as Senior Minister/Deputy Prime Minister – Ministry of Trade, Tourism and Industry.
Murray has over the years had many accomplishments as a negotiator including: Barter deal exchanging bauxite for TU 154 aircraft with USSR, Agreements with Japan for electricity generating facilities on the West Bank of Demerara and Garden of Eden, Acquisition of Universal tractors from Romania, Investment Promotion and Protection Treaty with Korea, Double taxation agreement with Canada.
He also served as Guyana’s principal spokesman and negotiator on CARICOM affairs, negotiated the Common External Tariff for such critical items as rice, sugar, wood and wood products as well as handled the harmonisation of fiscal incentives and industrial planning within CARICOM.
In the Trade Ministry, Murray was responsible for devising and overseeing a system for determining the foreign exchange requirements for importers, on the basis of which import licences were granted.
He also served as liaison officer for trade and economic missions to Guyana.
In the case of the People’s Republic of China, Murray prepared the report for Cabinet on an economic mission from that country and identified the specific projects, which Guyana should pursue for economic cooperation. Cabinet adopted that report in its entirety.
He was also seconded to the Ministry of Foreign Affairs in 1971 and 1972 to serve on the Guyana delegation to the United Nations, New York and served on the 5th Committee of the U.N. and articulated Guyana’s position on the U.N. budget as well as on proposals for reorganisation of some departments.
Murray has also served as Guyana’s Alternate Governor to the IMF, IBRD, IDB and CDB.
He performed functions of President of Guyana on two separate occasions and was among other achievements awarded Guyana’s Cacique Crown of Honour (CCH) in 1984. (Kaieteur News)
Roger Seepersad
Trinidad and Tobago remained undefeated in the West Indies Cricket Board Regional Under-15 Tournament yesterday with a 73-run victory over Barbados in round three of the competition at the National Cricket Centre (NCC), Balmain, Couva.
Man-of-the-Match Brian Christmas’s undefeated 84 (100 balls 131 minutes, eight fours) powered T&T to 240 for nine off their 50 overs after they were sent in to bat.
In reply, Barbados collapsed to 167 all out in 42 overs, with Trinidad and Tobago captain Vikash Mohan, Jovan Ali and Andy Gobin taking three wickets each.
Defending champions Jamaica also got back onto the winning path, defeating the Windward Islands by six wickets at Gilbert Park, California.
Batting first, the Windwards were bowled out for 173, while Jamaica, led by Aldane Thomas’s 61, reached 174 for four off 37 overs. Man-of-the-Match Fabian Allen was not out on 35.
IN FORM: Trinidad and Tobago batsman Brian Christmas plays an aggressive stroke during his Man-of-the-Match knock of 84 not out against Barbados in the third round of the West Indies Cricket Board Regional Under-15 Tournament at the National Cricket Centre, Balmain, Couva yesterday. T&T won by 73 runs to remain undefeated in the competition. -Photo: DEXTER PHILIP
In the other game yesterday, Guyana clinched their third consecutive victory of the tournament when they defeated the Leeward Islands by ten wickets at Inshan Ali Park, Preysal.
Batting first, the Leewards were dismissed for a paltry 60 off 31.5 overs, Man-of-the-Match Ricardo Adams snaring two for 11. In reply, Guyana powered their way to victory on the back of an aggressive 45 (26 balls, eight fours) from opener Brian Sattaur.
At NCC, Jeremy Solozano and Aleem Khan gave Trinidad and Tobago a solid start through their 39-run partnership before the former was trapped leg before to Demar Thorne for 12.
Skipper Mohan added a quick 24 (30 balls, two fours) but he could not maintain that momentum, becoming the first of four batsmen to be bowled by right-arm spinner Dario Boyce.
Wickets continued to tumble as Khan, who came into the first XI at the expense of spinner Jesse Bootan, was run out for 26 after facing 56 balls (106 minutes), leaving T&T in trouble at 112 for four.
They needed someone to step up and Christmas did just that. He turned the tables on Barbados with his aggressive stoke play which brought the hosts back into the match.
He shared a 20-run partnership with Al Small (six) before Boyce again seized the momentum for Barbados as T&T lost three quick wickets for the addition of 19 runs.
The good news for the home team at that stage was that Boyce had completed his ten overs and Christmas was still at the wicket.
He and pacer Jonathan Hirst shared a vital 55-run-stand for the ninth wicket which ensured T&T got over the 200-run mark.
Hirst knew his role, rotating the strike and allowing Christmas, who was nearing his 50, to play his naturally attacking game.
Hirst was eventually run out for 14 (40 balls, 45 minutes), but stayed long enough for Christmas to score his second half-century of the tournament.
Barbados got off to a good start in their run chase, thanks to some wayward bowling by pacers Al Small and Hirst.
Shane Proverbs (16) and Boyce (25) prospered off the faster bowling, taking Barbados to 50 before T&T could make any inroads.
It was the spinners who did the trick, Gobin removing Proverbs via the lbw route and Boyce being bowled by Ali.
Gobin also accounted for Jonathan Drakes, bowled for nine with the score on 60, but Barbados soon regrouped through skipper Jameel Stuart, who shared a 71-run stand for the fifth wicket with Jaffari Toppin (35). Â
Stuart top-scored with 56 (65 balls, 85 minutes, seven fours) as he brought Barbados back into the match but he alone could not stave off defeat.
It was none other than Gobin who got the crucial breakthrough, trapping Stuart lbw with Barbados on 158. The visitors never recovered, losing their last five wickets for eight runs.
All teams will have a rest day today before the tournament resumes tomorrow with T&T taking on champs Jamaica at Wilson Road Recreation Ground, Debe from 9:30 a.m.
Barbados will be in action against Guyana at Munroe Road Recreation Ground, while the Leewards tackle the Windwards at Kennedy Park, Debe.
Yesterday’s summarised scores:
Windwards 173 all out (Kelton Cadoo 55; Kevon Williams 3/29, Fabian Allen 3/12, Roshane Manning 2/36) vs Jamaica 174/4 (Aldane Thomas 61, Fabian Allen 35 n.o., Brandon King 28, Sadique Henry 24 n.o; Vince Smith 2/39)
-Jamaica won by 6 wkts
MOM-Fabian Allen (Jamaica)
Leewards 60 all out in 31.5 overs (Tristan Hanley 16, Shaka Sobers 11 n.o.; Ricardo Adams 2/11, Shawn Perreira 2/19, Shalandra Shameer 2/2) vs Guyana 63 without loss in 10 overs (Brian Sattaur 45 n.o., Romario De Jonge 10 n.o.)
-Guyana won by 10 wkts
MOM-Ricardo Adams (Guyana)
Akile Simon akile.simon@trinidadexpress.com
AN APPLICATION for a licence to sell alcohol at the prestigious Hyatt Regency Hotel in Port of Spain was struck out by the Liquor Licensing Committee at the Port of Spain Magistrates’ Court yesterday, after the bearer of the licence, Neelanda Rampaul, failed to appear in court for a second consecutive time.
Rampaul, the former Urban Development Corporation of Trinidad and Tobago’s (UDeCOTT) chief operating officer, resigned hours after Prof John Uff presented the report of the Commission of Enquiry into UDeCOTT and the construction sector to President George Maxwell Richards on Monday.
Her resignation also came as a criminal probe into UDeCOTT and its former executive chairman, Calder Hart, is being conducted by the Anti-Corruption Investigation Bureau (ACIB). The ACIB is probing claims that Hart awarded millions of dollars worth in contracts to Malaysian firm CH Development Ltd, although he allegedly has family ties with its owners.
The licence, which was in Rampaul’s name, was struck out by the committee’s chairman, Senior Magistrate Lucina Cardenas-Ragoonanan, at the Four A Court yesterday. It was the second time in one week that the matter was called and Rampaul had failed to appear in court.
This development meant that all bars at the Hyatt had to be shut down last evening, since the hotel is now not authorised by law to sell alcohol beverages. Its previous licence, which was valid for a year, expired on Wednesday at midnight.
At the Port of Spain Magistrates’ Court yesterday, several calls were made for Rampaul to appear. ’Neelanda Rampaul! Neelanda Rampaul! Neelanda Rampaul!’ a policeman shouted at the top of his voice, as he stood in the hallway of the court house.
The officer then returned to the courtroom and informed Cardenas-Ragoonanan that no one had responded.
Cardenas-Ragoonanan said when the committee examined the name on the licence, it was ’common knowledge’ that the bearer was no longer affiliated with the company which she had requested the licence on behalf of.
She said after Rampaul’s departure (from UDeCOTT), the committee realised that the application could not be brought or pursued in Rampaul’s name. The hotel, according to the Liquor Licence Act, was entitled to re-apply for a licence before the committee, which sits every Thursday.
In dismissing the application, Cardenas-Ragoonanan noted that the matter was first called on March 25, but Rampaul never showed up in court. (Trinidad Express)
STILL AT WORK: Prime Minister Baldwin Spencer, in a photo circulated to the media on Wednesday night.
OPPOSITION ANTIGUA LABOUR PARTY (ALP) supporters demonstrated outside of the office of Antigua & Barbuda Prime Minister, Baldwin Spencer in St. John’s yesterday, demanding his government leave office.
Their demands followed a dramatic High Court ruling on Wednesday by Justice Louise Blenman, who ruled invalid the election of Spencer, Tourism Minister John Maginley and Education Minister Jacqui Quinn-Leandro in the March 12, 2009 general elections.
Though the UPP immediately sought and obtained stay of execution pending an appeal, the ALP is insisting that the government is illegitimate and should leave office.
Opposition Leader Lester Bird, who was leading the protestors, told the media:
“We’re (going) continue the picket and demonstrate to Baldwin Spencer that he should get (out of) there,”
Bird also announced his intention to file an injunction against the stay of execution, accusing Spencer of “trying to deprive the people of Antigua & Barbuda of their just rights” and pronouncing that “we [the ALP] are the government now; we have the majority.”
However, Spencer dismissed the ALP’s stance, telling the Caribbean Media Corporation:
“I don’t know what that injunction is seeking to achieve. There’s nothing in the world which says right now that I have to demit office. That is absolutely absurd.”
He insisted that both himself and the UPP remain in control, saying:
“In the meantime, I’m still functioning as Prime Minister, the government is still very much in tact and we are doing whatever is required of us to ensure that the ship of state continues to sail.”
As tensions remained high going into the long Easter weekend, security measures were stepped up.
Deputy Commissioner Neal Parker said the force would be boosting its visibility and more officers would be deployed across the country, particularly on foot patrols.
National Security Minister Errol Cort cautioned citizens, calling on them to “continue to show the highest levels of political maturity in a lawful and respectful manner.”
In a statement from his office, Cort urged:
“As we prepare for the Easter celebrations, against a background of political turbulence, I call on all citizens and residents of this fair land to remain calm and, most importantly, to observe and respect the rule of law.
Any form of unlawful civil disobedience will not be tolerated by the Security Forces. I therefore urge all, in the interest of preserving law and order and in the furtherance of maintaining the stability of the country, to fully cooperate with law enforcement officials.” (AL-F) (Nation News)
ADMINISTERING CORPORAL PUNISHMENT has proven be to a controversial subject in Barbados’ educational system in recent years. Many persons are of the view that if you “spare the rod you will spoil the child”; while others are strongly opposed to any idea of hitting a child, arguing that this attitude breeds violent behaviour.
With the assistance of the United Nations Children’s Fund (UNICEF), the Ministry of Education and Human Resource Development has rolled out the Child Friendly Schools (CFS) Programme, which offers an alternative to corporal punishment, while not eliminating the use of such discipline as a last resort.
Acting Deputy Chief Education Officer Joy Gittens explained that the CFS concept was first introduced in May 2007 at the Hillaby-Turners Hall Primary School.
“CFS’ genesis was actually at a workshop held in Trinidad, where UNICEF had brought several stakeholders together with the idea to get a sort of a coalition against corporal punishment,” she explained, adding that Hillaby-Turners Hall principal Karen Best had challenged UNICEF’S Representative, Tom Olsen, at that meeting to use her school as a pilot for the programme here.
“The results from Hillaby have had a domino effect throughout the Caribbean, and we now have 11 schools throughout the region which would have settled on the concept,” Gittens said.
Statistics from the Hillaby-Turners Hall School have shown a decrease in the number of cases being reported to the principal; a reduction in the use of corporal punishment in the classroom; improved behaviours among the student population; and a willingness by children to express themselves.
She hoped that this approach, which is now operative in nine primary schools and one secondary school, would lead to less violence within the school system. You know we have this concept of bullying happening within the schools, and some people feel that school is a threatening place, we therefore hope that they now see the school as a supportive environment,” the deputy chief pointed out.
Under CFS work the principal then selects a support team of no more than five teachers who are to be trained by UNICEF. Further training and technical support, including the use of psychologists to evaluate students are given.
The ministry plans to roll out the CFS Programme in an additional ten schools every year. (BGIS) (Nation News)
