A group of domestic insurance companies in the territory has re-formed an industry association, an official said Friday.
The group hopes to represent the industry’s interests, increase cooperation between companies, and educate the public about insurance, according to Antoinette Morgan, the vice president of the Insurance Association of the VI.
“We hope to have a stronger, more vibrant industry in the BVI,” she said. “We believe by combining forces there is strength in numbers.”
So far, eight VI firms have signed up since the group began holding initial meetings in November, according to a press release.
The group has had three meetings to date, was formally incorporated on April 3, and is now in process of registering as a non-profit organisation. A similar association had been formed in 2007 but later became inactive, she said.
Ms. Morgan added that the group will represent not only the companies that write clients’ insurance polices but also the agents and brokers who sell and administer the policies.
See the April 17, 2014 edition for full coverage.
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