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Panama's health insurance 'an eye catcher'
February 10, 2012
Panama's health insurance 'an eye catcher'
Panama's decision to offer medical insurance to tourists is an "eye catcher", according to the director general at the Ministry of Tourism.
David Johnson said the new program, brought into force last month, is an excellent way to promote the destination and highlight its medical tourism offerings.
So should The Bahamas implement a similar system?
"First we need to expand our facilities," Johnson s...
February 04, 2012
PLP: FNM Delayed Implementing of National Health Insurance
The Progressive Liberal Party expresses disbelief and amazement that five years after the Free National Movement government voted in favour of the Progressive Liberal Party's National Health Insurance scheme,
Colina to host insurance literacy session
January 26, 2012
Colina to host insurance literacy session
Colina Insurance Limited, a leading life and health insurer, is set to host the second edition of CONNECT, the company's sustainable insurance literacy and financial planning program, on Thursday, January 26, 2012 at the Sheraton Cable Beach Resort. This program, themed "Who's getting what you've got when you're gone?" will focus on the life claims process as well as the legal considerations...
January 25, 2012
Family Guardian Insurance Announces New Management Appointments
Family Guardian Insurance is pleased to announce their new management appointments:
Patricia Hermanns, President and CEO of Family Guardian, has
announced the promotion of
Corey Baker to the position of Staff Manager,
Exuma Branch, and
Tewanda David to the position of Staff Manager,
Marathon District.
Mr.
Baker joined Family Guardian in 2004 as a sales representative for
Chippingham Distr...
January 23, 2012
GENERAL INSURANCE CONCERN ON MONEY LAUNDER 'EXEMPTION'
By NEIL HARTNELL
Tribune Business Editor
THE BAHAMIAN general insurance industry is seeking "clarification" from regulators as to whether new anti-money laundering guidelines apply to the sector, a senior executive warning that intermediaries would "have a lot more piled on their plate" if they did.
Timothy Ingraham, president of Summit Insurance Company, told Tribune Business that general insu...
Sunshine Insurance 2012 Race Weekend
January 20, 2012
Sunshine Insurance 2012 Race Weekend
Official results
Nearly 2,300 persons, representing 20 countries, participated in the 2012 Sunshine Insurance Race Weekend, January 14 and 15. A total of 1,333 persons registered for the 5K Susan G. Komen Bahamas Race for the Cure on Saturday morning, and 958 participated in Sunday's 2012 Marathon Bahamas.These figures are up from last year's numbers of 1,100 and 794 respectively. Participa...
Leaders discuss future of insurance sector
January 19, 2012
Leaders discuss future of insurance sector
Strengthening The Bahamas' insurance sector is a key ingredient to improving financial services in the country.
This is what led The Bahamas Financial Services Board (BFSB), the Insurance Commission of the Bahamas (ICB) and Ernst & Young to host a breakfast briefing recently to update key stakeholders on developments in the insurance sector at the British Colonial Hilton.
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January 17, 2012
Sunshine Insurance Marathon Bahamas - Full Marathon Results
Junkanoo Beach - Nassau, Bahamas January 15, 2012
Overall Male Winner
Overall FirstName LastName Country Age 10K 21K 30K GunTime NetTime Pace
1 Bryan Huberty USA 33 36:41 1:16:56 1:51:12 2:42:53 2:42:53
6:13
Overall Female Winner
3 Angela Cobb USA 28 38:35 1:22:34 2:00:56 3:00:17 3:00:15
6:53
Overall Male Masters Winner
5 Jerome Pontrelli USA 43 43:26 1:30:45 2:11:00 3:08:56 ...
BFSB and regulator to host insurance update
January 11, 2012
BFSB and regulator to host insurance update
Pic of Arvind Baghel e-mailed by Natario
NEW developments and initiatives within the insurance sector will be discussed during a breakfast briefing next Tuesday hosted by the Bahamas Financial Services Board (BFSB) and the Insurance Commission of the Bahamas (ICB), in collaboration with corporate sponsor Ernst & Young.
The ICB representatives will update participants on regulatory developments a...
INSURANCE BROKERS: OVER 25 TO 'FALL OFF'
January 04, 2012
INSURANCE BROKERS: OVER 25 TO 'FALL OFF'
By NEIL HARTNELL
Tribune Business Editor
MORE than 25 per cent of all existing Bahamian insurance brokers and agents are unlikely to be licensed under the new Act governing the sector, the Insurance Commission told Tribune Business yesterday.
Arvind Baghel, the regulator's head of insurance supervision, confirmed to this newspaper that around 25 of the existing 85 insurance brokers and agents -...
3rd Annual Bahamas Marathon & Sunshine Insurance Race Weekend
Sunday 15th January 2012 6:00 AM
Jan 15
3rd Annual Bahamas Marathon & Sunshine Insurance Race Weekend
Sunshine Insurance Race Weekend (Marathon, Half Marathon and 4 Person Relay) returns for the third year with the second running of the Susan G. Komen Bahamas Race for the Cure 5K. The marathon 26.2 mile race on Sunday showcases the beauty of historic Nassau, Paradise Island, Cable Beach with a finish at Arawak Cay. Saturday...
Colina Insurance launches 2010 corporate calendar
December 20, 2011
Colina Insurance launches 2010 corporate calendar
The 2012 corporate calendar of Colina Insurance Limited was launched last evening and showcased the promise of sports within the country as thirteen young teams and athletes were highlighted as "The Brightest Young Stars of Sports", the theme of this year's calendar. Shot by photographer and graphic designer, Scharad Lightbourne, the images caught various young athletes in their individual s...
BROKERS 'CUT OUT' OF HOMEOWNERS INSURANCE MARKET
December 12, 2011
BROKERS 'CUT OUT' OF HOMEOWNERS INSURANCE MARKET
By NEIL HARTNELL
Tribune Business Editor
THE outgoing Bahamas Insurance Brokers Association's (BIBA) president has again complained that ties between commercial banks and large brokers are "cutting everyone else out" of the homeowners insurance market, with such arrangements proving "unfair" to consumers.
Vaughn Culmer, head of Vaughn Culmer & Associates, whose term as BIBA head expires at year...
Colina Insurance, IMI host medical symposium
December 01, 2011
Colina Insurance, IMI host medical symposium
Colina Insurance Limited's medical symposium for physicians and group health administrators, held yesterday evening at the British Colonial Hilton, marked the company's first symposium in partnership with the International Medicine Institute of the University of Miami (IMI), following the signing of a landmark affiliation agreement between the two entities in May.
The symposium brought to The Baha...
Small firms struggle with Insurance Act
September 30, 2011
Small firms struggle with Insurance Act
With the deadline for registering under the Insurance Act arriving today, industry leaders say small-to-medium-sized operators are having trouble meeting the new requirements, which could result in mergers, acquisitions or perhaps some firms falling off the radar entirely.
The new act, meant to bring local insurance companies up to code when it comes to standards, regulations, transparency and eff...
Experts call insurance estimate 'ridiculous'
September 19, 2011
Experts call insurance estimate 'ridiculous'
While a leading catastrophe modeling firm has revised its insurance losses estimate for Hurricane Irene, local experts believe the number is still grossly exaggerated.
AIR Worldwide reduced the losses for The Bahamas to between $200 and $400 million, down from its August 26th $300-to$700 million estimate.
But Brice Ferguson, president of Professional Insurance Consultants, said the revised figure ...
Insurance Firms to See Huge Claims
August 29, 2011
Insurance Firms to See Huge Claims
Insurers in the Caribbean could face as much as $1.1 billion in claims, according to an international catastrophe risk management company, and The Bahamas will account for nearly 60 percent of those losses.
The Boston-based company, AIR Worldwide, said between $300 million and $700 million in insured losses have been estimated for The Bahamas, while the Caribbean region is estimated to be between...
Homeowners scramble for insurance
August 24, 2011
Homeowners scramble for insurance
At least one insurance provider is reporting an increase in renewals, upgrades and even new policies as the threat of Hurricane Irene - and millions of dollars in damage - hits home.
The situation has been more true for individual coverage rather than businesses, said the head of Summit Insurance, Timothy Ingraham.
"Businesses in recent times will look to see where they can save money," he told Gu...
August 09, 2011
New Chief Executive Officer to the National Insurance Board in TCI
Turks and Caicos Islands - The Government is pleased to announce the appointment of Mr Colin Heartwell as the new Chief Executive Officer for the Turks and Caicos Islands National Insurance Board.? Mr Heartwell will begin his three year contract at the end of August.
Mr. Heartwell is a senior executive with two decades of business management experience in various areas of economic development.?...
Insurance Agent Accused Of Fraud
July 21, 2011
Insurance Agent Accused Of Fraud
AN INSURANCE agent was arraigned in Magistrate's Court yesterday charged with committing fraud by false pretences.
Manie Romain, 34, of Palm Tree Avenue, was accused of defrauding Mercillia Allen of $421.10 on February 24.
A second charge alleges that the accused attempted to obtain the same amount from Allen on April 13 by false pretences.
Romain pleaded not guilty to both charges and w...
July 15, 2011
Some small businesses see 50 health insurance premium hike
Some small businesses have seen group health insurance premiums leap 50, even 70 percent -- an uncommon event they may have little control over, that nevertheless could jeopardize their businesses.
McCartney to continue as superintendent of insurance
July 07, 2011
McCartney to continue as superintendent of insurance
Following a report in this newspaper that there was nobody at the helm of the Insurance Commission, Guardian Business has learned that Lennox McCartney will continue as superintendent until his replacement has been selected.
No Superintendent At Helm of Insurance Commission
July 06, 2011
No Superintendent At Helm of Insurance Commission
The top seat at the Insurance Commission of the Bahamas (ICB) has been vacant since Thursday - when the appointment of outgoing Superintendent Lennox McCartney expired.
'Revoke' insurance licences of banks
June 29, 2011
'Revoke' insurance licences of banks
By NEIL HARTNELL
Tribune Business Editor
The Bahamas Insurance Brokers Association's (BIBA) president has called for the revocation of agency/brokerage licences held by commercial banks, telling Tribune Business the situation creates "a really unfair playing field" that prevents smaller firms from competing and squeezes them out of the market.
Vaughn Culmer, of Vaughn Culmer & Associates, told ...
Income drop for Summit Insurance in 2010 fiscal year
June 24, 2011
Income drop for Summit Insurance in 2010 fiscal year
Tough market conditions caused total comprehensive income for Summit Insurance Company Limited in the 2010 fiscal year to decline by 34.5 percent to $2.9 million -- down from $4.5 million the previous year.
Summit Insurance managing director Timothy Ingraham told Guardian Business yesterday that challenges in the auto insurance segment contributed to the decline, but indicated that property pre...
Bahamas Insurance Assoc elects first female chair
June 23, 2011
Bahamas Insurance Assoc elects first female chair
Venentia "Tina" Cambridge scored two 'firsts' when she secured the office of chairperson of the Bahamas Insurance Association (BIA) during officer elections last month.
Cambridge comes in as the first woman to hold the post, and the first chairperson coming directly from the life and health side of the industry, that association having merged with the Bahamas General Insurance Association (BGIA...
May 13, 2011
National Insurance Board's Journey 2 Wellness to Launch May 18th
Nassau, Bahamas - The
National Insurance Board's Journey 2 Wellness (J2W) programme, a
seven-episode documentary/reality series, kicks off Wednesday, May 18 at
8pm on ZNS TV 13 with the ever-amusing and frank Chrissy Love as host.
J2W follows the progress of nine Wellness Challengers who participated
in NIB's 12-week Get Well Bahamas (GWB) campaign.
NIB launched
its Get Well Bah...
April 01, 2011
Customs Bond Letter and National Insurance Payments Issue Resolved VIDEO
The Grand Bahama Port Authority's commitment to business owners in Freeport hinges primarily on its ability to provide key incentives provided through the Hawksbill Creek Agreement. But this year, there was a new challenge to the provisions of that agreement by a new government policy which required that licensees provide proof that their businesses were up to date on their National Insurance...
Downtown blaze reveals value of fire insurance
February 16, 2011
Downtown blaze reveals value of fire insurance
At least $7-10 million in building value was wiped out by the Valentine’s day fire, which devastated the offices of Betty K Agencies and several surrounding buildings, according to one insurance specialist, and the destruction should serve as a reminder of the value of fire insurance.
Chairman of the Bahamas Insurance Association Timothy Ingraham told Guardian Business yesterday that, withou...
Insurance regulator must be more than 'policeman'
February 14, 2011
Insurance regulator must be more than 'policeman'
By NEIL HARTNELL
Tribune Business Editor
The newly-appointed Insurance Advisory Committee will advise the insurance regulator over the selection of a new Superintendent, its chairman telling Tribune Business that the post had moved beyond merely being "a policeman and traffic director" to also facilitating the sector's growth and development.
Chester Cooper, who is also president of BAF Financi...
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