#TurksandCaicos, December 8, 2017 – Providenciales – A whopping blow by Hurricanes Irma and Maria was quantified Friday and comes from the insurance sector of the Turks and Caicos when financial service Industry professionals gathered for a pivotal pow-wow at the Palms Resort; the Annual General Meeting is hosted by the Turks and Caicos Financial Services Commission. The meeting comes days after international reports on the insurance sector and its responses to the devastating catastrophes of 2017 and an EU report of ‘tax havens’ – were published this week.
Turks and Caicos Media was however invited since the end of the November to attend the FSC-led AGM, which early on – though its Managing Director, Niguel Streete – exposed some costs to the TCI business sector in the aftermath of record setting Irma and Maria, both in September. A $300m dollar loss for insurance companies in the Turks and Caicos was reported and there is a plan announced for more stringency in the financial sector due to new rules to take effect in 2018.
Also on the AGM agenda, talk of challenges facing re-insurers, responding to international requirements, standards and challenges there and a panel discussion on how to take advantage of the changes. The three and a half hour AGM opened with an address by the Chairman of the FSC, Errol Allen.
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