ANSA to enter energy sector

TATIL MANAGING Director Gerry Brooks has warned of the risks of taking out policies with foreign insurance policies. Addressing Tatil’s 40th Anniversary Gala and Award Ceremony on Tuesday at the Hilton Trinidad, Brooks said: “With the impending new insurance legislation must come a strengthened regulatory capacity. Revenue and public policy concerns must trigger when business is placed directly overseas. There is a real possibility that claims may not be paid, with the knock-on impact of job losses and economic harm.”

He urged: “Consideration should be given to extending the Deposit Insurance Corporation philosophy to cover insurance policyholders.” To boost the country’s rate of savings and participation in tertiary education, Brooks called for a lifting of taxes on investment income and for tax deductions for companies like Tatil which invest in registered educational projects. He assured: “The insurance industry stands ready to play its role in realising country objectives.”

Brooks said in the last year Tatil had taken in gross written premiums of $174 million representing an 11 percent increase, made $36.6 million in profits (presumably underwriting plus investments) and made underwriting profits of $7.3 million. “Our accomplishments locally have to be seen in the context of world premium income of $2,143 billion, with Latin America representing US$31 billion in premium income. The possibilities to expand and grow are infinite. We in the financial services sector must strategically position ourselves to increase our share of the lucrative, fast-growing global trade in financial services.”

Announcing that he would soon assume responsibilities at ANSA McAl head office, he advocated: “We must participate in the energy sector! We must broaden our regional thrust inclusive of North and South America.” Saluting his staff, Brooks urged them that to give 99.9 percent of effort was not good enough. “If 99.9 percent was good enough then two planes landing at Chicago’s O’Hare Airport would crash each day. This would yield 730 plane crashes annually. Seventy-three thousand persons would die annually... If 99.9 percent were good enough, one million credit cards would have wrong monthly balances and you would change banks.” Brooks concluded: “In the final analysis, the one quality all successful people have is the ability to take on responsibility. Each individual’s mantra should be ‘It is my responsibility to make this company great! I can make a difference!’”