INSURANCE COMPANIES

In Trinidad & Tobago

DEFINITION
Insurance companies are financial institutions that protect their

costumers against possible financial expenses that may or may not occur.
Example, a motor car accident. As long as these individuals have an insurance policy the insurance

company will pay these expenses

INSURANCE
Association of Trinidad and Tobago Insurance Companies

General Finance Corporation Ltd.

ALM Insurance Services Limited Colfire Clico

Tatil - Insurance
NIBTT

ASSOCIATION OF TRINIDAD AND TOBAGO INSURANCE COMPANIES

Objectives

To promote and encourage the

development in Trinidad and Tobago of an insurance industry suitable to the needs of the community and capable of making genuine contributions to the economic welfare and development of the country.

OBJECTIVES
To consult together as to problems affecting insurance companies

incorporated in Trinidad and Tobago and to take such action from time to time as may be thought proper and expedient.

To encourage and assist insurers in Trinidad and Tobago in the maintenance of proper standards of insurance practice, in public relations and advertising.

GENERAL FINANCE CORPORATION LIMITED

OBJECTIVES
To be the premier financial institution within our market segment,

with a well recognized brand and a reputation for excellence and integrity.
To provide quality financial products with high levels of customer

service and employee commitment, whilst increasing shareholder value and building a reputation for integrity and excellence.

BRIEF HISTORY
GFC was formed in 1974 as a subsidiary of the Neal & Massy Group

of Companies to provide loan & deposit taking services in support of the rapidly expanding new vehicle division of Neal & Massy Automotive.
GFC continues to meet the business needs of Corporate, Commercial

and Individual clients with over 3,000 customers on record.

COLFIRE

OBJECTIVES
To provide quality products tailored to meet the needs of all our

Policyholders.
To consistently provide excellent service To build and maintain a sound reputation for settling claims

expeditiously and fairly

To consistently improve our financial strength providing

Policyholders with a secure environment for effecting their insurances.

CLICO

OBJECTIVES
To be a global financial services leader providing innovative, end to

end solutions that optimise wealth and create security for all our stakeholders
They believe that integrity is the foundation of all our relationships.

They demonstrate our integrity and professionalism in the way we work together, with our customers, and with all our other stakeholders.
They believe that our agility is critical to our competitiveness. They

are proactive, flexible and proceed with speed.

TATIL

OBJECTIVES
To be the partner of choice for financial security.

To cover health, life, motor and property insurance

NATIONAL INSURANCE BOARD OF TRINIDAD & TOBAGO (NIBTT)

OBJECTIVES
access to an array of benefit products relevant to the needs of benefit

recipients;
benefits levels that are meaningful in terms of real purchasing power

and poverty amelioration;

affordable contribution rates for employers, employees and the self-

employed;
support for national social initiatives.

BENIFITS
NIS Benefits categories breakdown: Sickness Benefit Maternity Benefit Invalidity

Funeral Grant Retirement

Employment Injury Employment Injury Death

Survivors'

IMPORTANCE OF INSURANCE
1. Insurance provides Security and Safety

E.G. The insurance provides safety and security against the loss of

earning at death or in golden age, against the loss at fire, against the loss at damage, destruction or disappearance of property, goods, furniture and machines, etc.
2. Insurance provides a Peace of Mind:

E.G. The security banishes fear and uncertainty, fire, windstorm, automobile accident, damage and death are almost beyond the control human agency and in occurrence of any of these events may frustrate or weaken the human mind.

IMPORTANCE OF INSURANCE
3. Life Insurance encourages saving 4. Wealth of the society is protected E.G. The loss of a particular wealth can be protected with the

insurance. Life insurance provides loss of human wealth. The human material, if it is strong, educated and care-free, will generate more income. 5. Reduction in Inflation E.G. The two main causes of inflation, namely, increased money in supply and decreased production are properly controlled by insurance businesses.

IMPORTANCE OF INSURANCE
Economic Growth of the Country:

For the economic growth of the country, insurance provides strong

hand and mind, protection against loss of property and adequate capital to produce more wealth. The agriculture will experience protection against losses of cattle, machines, tools and crop.

INSURANCE IS IMPORTANT IN OUR EVERYDAY LIVES?

INSURANCE IS IMPORTANT IN OUR EVERYDAY LIVES?