Insurer: Hard times blow to business
Tough?economic?times are forcing some people to pull back on paying insurance premiums and even cancelling policies.
The harsh reality was brought to the fore by general manager of Co-operators General Insurance Co. Ltd, Anton Lovell, as the company opened its new multimillion-dollar Collymore Rock, St Michael offices to full business yesterday.
Against the backdrop of sluggish economic performance, Lovell said the company was “battening down”, keeping its rates as affordable as possible and looking to better times, when the Barbados and world economies rebounded.
The company registered a drop in income before taxation of $1.8 million in 2011 to $556 598 at the end of the financial year ended May 2012. (GA)