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Caribbean Connect: A High Level Symposium on the CSME. Cross Border Investments in Insurance. Caribbean Connect: A High Level Symposium on the CSME Cross Border Investments in Insurance. Cross Border Activity In 2004:

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Caribbean Connect: A High Level Symposium on the CSME

Cross Border Investments in Insurance

Marlene Murray, CFA June 29, 2006


Caribbean connect a high level symposium on the csme cross border investments in insurance l.jpg
Caribbean Connect: A High Level Symposium on the CSMECross Border Investments in Insurance

Cross Border Activity

In 2004:

Approximately 43% of GHL’s assets were held within the Region, but outside Trinidad and Tobago and approximately 33% of the revenue was generated in this area.

CARICOM countries outside of Barbados held approximately 50% of the total assets of Sagicor and generated approximately 54% of its revenue.

Marlene Murray, CFA June 29, 2006


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Caribbean Connect: A High Level Symposium on the CSMECross Border Investments in Insurance

Major push/pull factors included:

  • Competitive pressures in the financial sector

  • Acquisition opportunities that were available within the Region

Marlene Murray, CFA June 29, 2006


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Caribbean Connect: A High Level Symposium on the CSMECross Border Investments in Insurance

Some effects of cross border insurance investments:

  • Regional risk diversification

  • Regional insurance companies with the critical mass to realise the benefits from technological developments

  • Product and service improvements

  • Improved competitive ability at an international level

Marlene Murray, CFA June 29, 2006


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Caribbean Connect: A High Level Symposium on the CSMECross Border Investments in Insurance

Major Challenge

The diverse insurance regulatory requirements that now obtains within the Region has been identified as a major challenge in cross border operations

Regulators need to upgrade their processes to include supervision of cross border trade and group operations as well as advance initiatives for cooperation and harmonization.

:

Marlene Murray, CFA June 29, 2006


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Caribbean Connect: A High Level Symposium on the CSMECross Border Investments in Insurance

The CSME can:

  • Provide a platform for regulatory cooperation and harmonisation

  • Facilitate mutual recognition

  • Promote the development of Regional capital market structures

Marlene Murray, CFA June 29, 2006


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Caribbean Connect: A High Level Symposium on the CSMECross Border Investments in Insurance

Concluding Propositions

Financial conglomerates domiciled in the Region, with significant cross border operations, have vested interests in the success of Regional economies.

Strong Regional financial institutions are good for the development and stability of the Regional economy and financial system

Marlene Murray, CFA June 29, 2006


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Caribbean Connect: A High Level Symposium on the CSMECross Border Investments in Insurance

Thank You

Marlene Murray, CFA June 29, 2006