Scotiabank Group says its insurance business has survived well during the COVID-19 period so far.
Senior vice-president for Investment and Insurance, Dr Adrian Stokes disclosed that premium lapses have surprisingly been flat so far this year, given the fallout in the economy from the novel coronavirus crisis.
Speaking at a recent Jamaica Observer Business Forum, Dr Stokes reported, “We have not seen any substantial increase in lapses; in fact, our lapses so far are flat year over year, in other words, every day I see this data I ask my team to check if its accurate, we are not seeing any fallout so far.”
However, he cautioned, “It’s still very early in the evolution of the crisis and so things may change but so far we have not seen any material increase in lapses so that’s a very good situation from our perspective.” Dr Stokes, flanked by his president, David Noel, and executive vice-president of Retail Banking, Audrey Tugwell Henry, emphasised that one of the things that the Scotiabank Group did very early in the crisis was to be proactive.
Leave A Comment