Friday, October 30, 2020

GenAc TT launches Nov 2

Motor One rebrands to expand General Accident Insurance footprint in the Caribbean

KINGSTON, JAMAICA: General Accident Insurance Trinidad and Tobago (GenAc TT) will officially launch its operations on Monday, November 2, 2020.

The rebrand is part of the insurer’s entry into the twin-island republic with the acquisition of Motor One Insurance (Motor One) last October. This is General Accident’s first step into regional expansion and represents its first venture outside of Jamaica.

“The rebrand as GenAc TT’ benefits customers and stakeholders.  In the last year, we have proven to the customers of Motor One that we are committed to service, fairness and performance,” said Natasha Pettier, CEO of GenAc TT. “We have ensured that customers receive value, fast processing and claim payments and the assurance of stability.”

Pettier took over the operations of the legacy company on March 1, 2020 and was appointed as a director on the management board of GenAc TT.

She outlined that the diverse and proven team is already offering new and improved services, ease of doing business and a trusted partnership to Trinidad and Tobago.

“Along with what we are known for, we will be bringing new services and features such as concierge and roadside assistance to the market,” Pettier explained. “GenAc Trinidad has strong local roots and is looking to collaborate with our community associations.”

“All valid claims must be paid, people trust us with their money, their prized possessions, the sweat of their brows and we must never betray that trust,” Pettier declared.

Building On Strength 

GenAc TT is bolstered through its parent-company General Accident Jamaica Limited’s near 100-year history in the insurance sector. GenAc (Jamaica), which is a member of the Musson Group, owns 65 per cent of GenAc TT.

Motor One had over 20,000 direct motor insurance policies and a large branch network.

With a strong balance sheet, excellent leadership and positive prospects, the company stands ready to serve Trinidad and the wider regional insurance market.

GenAc Jamaica’s Managing Director Sharon Donaldson said, “As we expand our Caribbean footprint, our values remain at the heart of how we do business. We strive for service that exceeds customer expectations and contribute to Caribbean development through robust and long-term financially strong decisions that are for the benefit of our customers, society, the environment and each other.”

REFLECTIONS ON THE INSURANCE YEAR  2018

IAJ YEARBOOK 2019 PAGES SECTION 1The Insurance Industry in keeping with the continued recovery of the Jamaican Economy had a productive year in 2018. I am pleased to report that the local Insurance industry paid out in excess of $55.30billion in benefits for 2018 compri

sing: $13.90billion in General Insurance benefits, $2.37billion in Life Insurance Policy benefits and $20.03billion in Health Benefits.

This amount does not include pension benefits for which the life sector has in excess of $322 billion pension funds under management which will provide Retirement Benefits for its members in the future. The buoyancy of the sector has attracted three new players to join the Insurance fraternity in 2019.

In the General Insurance Sector, Iron Rock and Massy United Insurance Company have come on board while on the Life side Canopy Insurance has joined the Insurance Family. While this is indeed evidence of the future prospects of Insurance in Jamaica, we are still concerned that the Insurance Penetration in Jamaica is still low  CLICK HERE FOR PUBLICATION.IAJ YEARBOOK 2019 PAGES SECTION 1

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