EC Global Insurance CEO Addresses Chamber of Commerce AGM

Chief Executive Officer of EC Global Insurance, Mr. Leathon Khan, was the feature speaker at the 126th AGM of the Saint Lucia Chamber of Commerce, Industry and Agriculture. The event was held last Tuesday at The Royal Saint Lucian Hotel in Rodney Bay and attracted a wide cross-section of the Chamber’s membership. The date of the AGM (November 30) coincided with the official end of the Atlantic hurricane season and approximately one month after the passage of Hurricane Tomas. Mr. Khan’s presentation focused on the effect and implications of the hurricane for the local insurance industry.

According to the EC Global CEO, the insurance sector “remains strong and resilient” in the aftermath of Tomas and insurance companies have been honouring claims so that people can rebuild their lives. He pointed out however, that Tomas revealed certain issues that insurance firms have been cautioning persons about for some time such as not purchasing enough insurance coverage for their property and its contents. Khan also emphasized that people should ensure that they read and understand the terms and conditions of their policy fully so that they know the extent of their coverage. Therefore, they will be aware of what and how much they can claim from their insurer in the event of a disaster.

The implementation of building codes, proper development of residential settlements and appropriate land use were some of the recommendations made by EC Global’s CEO which he felt that government needed to undertake. These measures would mitigate the devastating physical, social and economic impact of disasters such as Tomas on small islands such as Saint Lucia and its OECS neighbours. He said that the insurance sector could also play its part by encouraging more public awareness on the importance of insurance and its critical role in safeguarding against risk and being prepared for the unexpected such as Hurricane Tomas.

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