The Insurance Company of the West Indies which takes over coverage of clients of First Domestic Insurance Company officially launched with two branches in Dominica over the weekend.
From November 2019, an arrangement between the Insurance Company Of The West Indies And First Domestic Took Effect For The Continued Coverage Of First Domestic’s clients in Dominica.
Upon expiration of clients’ insurance policies, renewal will be done under the ICWI brand. While FDIC advises that the choice to renew under the new ICWI brand is that of the policy holder the 26-year old local company encourages clients to stay with the Insurance Company of the West Indies, a Jamaican-based multi-national organisation.
Attending the company’s launch at the Old Mill Cultural Center this past weekend, were senior government officials, heads of various financial institutions, business sector representatives and ICWI agents and customers.
Representatives from the Financial Services Unit were also present.
Hon Minister for the Blue & Green Economy, Agriculture and National Food Security, Fidel Grant, who represented the Hon Prime Minister and Minister for Finance Roosevelt Skerrit, welcomed ICWI to Dominica and thanked the company for investing in the island after Hurricane Maria.
He recognised that the 2017 disaster was a blow to local business.
“These occurrences have caused government to pay even more attention to the regulation of the sector. Our aim is that with a well-regulated sector, policyholders will not be out of pocket if a disaster strikes and [that] the insurance companies will be in a position to make payments without going out of business.”
Minister Grant said, “The matter of insurance has been widely discussed since the hurricane and there are many lessons which we have learned from that experience.”
He asked ICWI, “What kind of products can you offer that will bring benefit to policy-holders when they make a greater effort to build resilient homes?”
President of the Insurance Company of the West Indies, Paul Lalor in his remarks said the company intends to expand its investments in Dominica.
“That means not only by growing our business and employing more people, but we want to invest, we want to be part of the fabric of Dominica.”
ICWI began operations in Jamaica over 50 years ago and now operates in the Bahamas, the British Virgin Islands, the Cayman Islands, St Kitts & Nevis, St. Maarten, Trinidad and Tobago, the Turks & Caicos and now Dominica.
The company operates from the ground floor of the First Domestic Insurance building on King George V St in Roseau and in Portsmouth.