Pan-American Life Insurance Group (PALIG) is celebrating its 10-year anniversary in the Caribbean region as it has a presence in 13 countries with 23 agencies in 18 locations.
Chairman of the Board and CEO José S Suquet announced that despite the challenges associated with the COVID-19 pandemic, PALIG is set to regain its 2019 profitability.
Suquet said that 10 years ago, the Caribbean represented four per cent of PALIG’s revenue. Now, that figure has doubled and is approaching nine per cent. That said, PALIG is expected to make US$1.4 billion in global revenue as its life insurance business in the Caribbean region has grown exponentially, comprising 45 per cent of the premium of its international territories.
It should be noted that during the pandemic, PALIG paid US$135 million in claims.
Suquet was speaking at an event to commemorate PALIG’s decade-long involvement in the Caribbean at the Hyatt Regency Hotel on October 7 under the theme The Best is Yet to Come.
Greer Quan, PALIG’s Chief Executive Officer of the Caribbean was present at the event. Commenting on the government’s proposed extension of the retirement age from 60 to 65, Quan said PALIG has packages for individuals’ longevity in their careers and lives.
“Even though the retirement age bracket is changing as a result of longevity, persons experiencing longer life spans, the fact that our products also match some of these lifestyle improvements is again a testament to what Pan American Life is doing in the Caribbean. Just as an employer ourselves, our retirement age is already 65. So, we very well understand what it means to make sure and look after the entire life cycle of our insures.”
PALIG’s Caribbean workforce is supported by 254 employees with robust industry experience and a network of 364
agents and brokers steered by a strong agency management team.
Meanwhile, PALIG maintained its ‘A’ ratings and positive outlook throughout the pandemic — a testament to its financial strength and resilience.
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