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FSC Chairman: Insurance companies Urged to diversify during AGM 

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Dana Malcolm 

Staff Writer 

 

#TurksandCaicos, September 15, 2023 – Climate emergencies on the other side of the globe will likely affect the pocketbooks of local Turks and Caicos Residents, according to Dr. David Oakden, Chairman of the Financial Services Commission (FSC), as he described the trickle-down effect of climate change on insurance.

“Climate change is much more than higher temperatures, it means we will have more severe hurricanes, more flooding, more wildfires– and many more extreme events,” he cautioned.

Oakden said that the common thread between these extreme weather events globally was that the funding for them ends up in the hands of global international re-insurers via reinsurance of domestic insurance companies, and the Turks and Caicos has a high dependence on these re-insurers.

“If you live in the Turks and Caicos and own property and you have property insurance, most of the premium you are paying is not going to the local insurance company— most of it is going off to the large global reinsurers.”

With extreme weather events now becoming more common because of climate change, those global companies will face higher losses and a more unpredictable market.

“These higher losses are going to result in higher premiums and I hate to say it but forest fires in Greece could well result in higher premiums for property in the Turks and Caicos islands.”

In addition, if insurance companies end up being unable to pay claims on damaged property, the banks holding the mortgages will also be affected, the Chairman explained.

But Oakden says there is a way that this risk can be mitigated.

“I think the local companies must take greater care in diversifying the number of reinsurers that they use so that the risk is spread around,” he stated.

He maintained that as the local regulator of the Financial Services Sector, which covers banking, insurance and more the FSC would have to take steps to encourage this behavior.

The AGM of the Turks and Caicos Financial Services Commission was held at the Shore Club on Friday August 25, 2023.

News

Stolen Vessel Recovered

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***MEDIA RELEASE***

 

July 20th, 2024.

 

#TurksandCaicos, July 20, 2024 – Shortly after 10 am yesterday (July 19th), the Police Control Room received a report of a stolen boat in the Turtle Cove district.

The description of the vessel given to officers was a black, 26-foot Hurricane boat with two Yamaha engines. Officers were told that the owner had secured the vessel on Thursday evening and had discovered it missing the following day.

Inquiries were conducted, and based on information received, Marine Branch Officers and Response and Operation Unit Officers searched a mangrove just off Five Cays today (July 20th) and recovered the vessel.

Two suspects were seen, one of whom was a 23-year-old from the Bight, Providenciales, who was caught and arrested for suspicion of stealing the vessel. The other suspect managed to escape.

The RTCIPF is asking anyone with information on illegal activities that may assist the police with enquiries to contact 911, the closest police station, the Serious Crime Unit at 231-1842, or call Crime Stoppers at 1-800-8477 and anonymously give any information.

Additionally, persons are being asked to download the CrimeStoppers P3 app.

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Crime

Firearm and Drug Charges

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Media Release

 

July 15th, 2024.

 

SHAIWANZO MISSICK of South Back Salina, Grand Turk, has been charged with six counts of firearm-related offences.

Missick, 30, was charged on July 13 after police officers consulted with the Office of the Director of Public Prosecutions.

The offences against Missick are:

  • One Count – Discharging Firearm
  • One Count- Discharging Ammunition
  • One Count-Possession of Firearm with intent to commit a serious offence
  • Two Counts-Possession of Ammunition
  • One Count –Possession of Firearm
  • One Count-Possession of Controlled Drugs
  • One Count- Possession of Controlled Drugs with intent to supply.

The charges against Missick came following a report made on Saturday, 29 June 2024,  following a shooting incident in Breezy Brae.

Officers obtained a warrant and searched the accused’s residence based on the information received.

The RT&CIPF is asking the public to notify the closest police station, contact 911, the Serious Crime Unit at 231-1842, Crime Stoppers at 1-800-8477, and anonymously give any information on illegal activity.

Additionally, persons are encouraged to download the Crime Stoppers P3 app from the Google Play Store or Apple Apps and share information anonymously.

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Crime

Five Cays Shooting Update

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#TurksandCaicos, July 19, 2024 – Shortly after noon on July 12th, the Control Room of the Royal Turks and Caicos Islands Police Force received reports of a shooting in Five Cays, Providenciales. A team of offices was dispatched to Granny Hill.

Upon arrival, several interviews were conducted, and evidential items were retrieved.  Thankfully, no one was injured.

Given the investigation’s sensitivity and lines of inquiry, the RT&CIPF cannot comment further.

We are aware of audio videos and photographs purporting to be the location of where the incident allegedly occurred and ask that persons circulating such be mindful of exposing victims.

The RT&CIPF is again reaching out to the public, emphasising their crucial role in this investigation.

We urge you to notify the closest police station, contact 911, the Serious Crime Unit at 231- 1842, Crime Stoppers at 1-800-8477, and anonymously provide any information on this shooting or any illegal activity.

Your cooperation is vital in ensuring justice is served. Additionally, persons are encouraged to download the Crime Stoppers P3 app from the Google Play Store or Apple Apps and share information anonymously.

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