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-White Paper

Consumers Guarantee Insurance

Embracing the future with INNOVATION and GROWTH.

ABSTRACT
The serene island of Barbados, inhabited by an approximate 284,000 people is the most developed country in the Eastern Caribbean. While the people enjoy a moderately high standard of living in a well-developed mixed economy and have foreign direct investments flowing in, they are prone to great risks which can cost them dearly if preventive measures are not taken. The island is known to be among countries with the "densest" and "most crowded road networks," with 62.6 vehicles per kilometre of roads, states the Economist Intelligence Unit, which compiles and publishes data on a range of economic and social issues every year. With increasing number of vehicles and laws that permit drinking while driving, motor accidents are steeply on the rise. Besides automobiles, properties, both private and commercial are susceptible to unforeseen accidents that can ruin them. Accidents can be due to natural calamities like fire, storms, flood, lightning, earthquake to name a few. There are other forms of threat are burglary, malicious damage, collision or impact damage and the list goes on. While statistics reveal an alarming increase in incidents that threaten life, home, automobiles and affect business operations, protection is offered by a coat of arms of insurance. The purpose of this whitepaper is to study the different types of insurances that are available in Barbados today with special reference to the policies offered by Consumers Guarantee Insurance (CGI).

Content
1. Introduction 2. The Big Picture -Scenario of Barbados 3. Major Player in Insurance Market : Consumers Guarantee Insurance (CGI) 4. Different Types of Insurances
a) Motor Insurance b) Home Insurance c) Contents Insurance d) Commercial Insurance

5. Conclusion
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1. Introduction
Since 2004, the economy of Barbados has witnessed tremendous growth with multimillion dollar commercial projects coming alive and foreign direct investments streaming in among many factors. However, being amongst the most densely populated countries it has also experienced the escalating risks that threaten home, automobiles and business operations. Accordingly, over the years, the insurance industry has taken leaps and bounds to provide safety, security and peace of mind to the people. Furthermore, this has been achieved through innovative solutions like those of Consumers Guarantee Insurance (CGI) which have revolutionized this industry.

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2. The Big Picture - Scenario of Barbados


Though Barbados has been lucky in dodging the devastating storms that have ripped people and places apart, it is still prone to infrequent hurricanes, periodic landslides and other natural calamities.

In recent times, Barbados has ranked among the top 10 nations in the world with high road accident victims according to the size of their population as determined by the Economist Intelligence Unit. Reportedly, Barbadians are getting injured in road accidents at an annual rate of 763 victims for every 100, 000 people on the island, putting Barbados in the eighth spot globally. (Source: Barbados Road Safety Association & BarbadosRoads.net website).

In the competitive arena of business, losing ground is not an option. Ensuring that the show goes on efficiently is critical if one has to stay ahead. However, obstacles arise unexpectedly in the form of machinery/ equipment damage, dishonesty committed by employees, burglary, theft and many more. Protection against all these is needed to ensure that business does not suffer.

Besides, there are the dangers associated with accidents at home or business places that lead to fire and other perils.

Prevention is better than cure. However in many situations prevention is the only cure. This preventive measure or cure is called Insurance. The insurance industry in Barbados aims to provide coverage in all the aforesaid matters.

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3. Major Player in Insurance Market: Consumers Guarantee Insurance (CGI) Among the major players in the market, Consumers Guarantee Insurance (CGI) emerges as one of the most prominent names . Since its foundation on November 1, 1993, the company has built its reputation through innovation and value addition to the insurance industry. Its deep understanding of consumers needs and concern for the greater good have led it to come up with novel solutions that have revolutionized the domestic insurance market. The company has introduced many new innovations to the local insurance industry. Products like Agreed Value motor insurance and "Automate and Homemate" among others have catapulted CGI to the forefront of the industry over the last two decades. The company offers competitive pricing with a customer oriented focus in delivering products and services. CGI insures over $4 Billion in property assets. It is the second largest auto insurer with premium income of over $55 million annually. Approximately $25 million worth of claim payments are made annually. Today in response to the increased risks that endanger people, property and business, CGI counteracts it by bridging the gap between a challenging economic climate and the needy consumers pockets. State of the art online services and the introduction of Monthly Insurance Plans enable customers to pay their instalments in a way that is most convenient to them.

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4. Different Types of Insurances

CGI offers a vast range of solutions to people regarding the safety and security of their properties, automobiles, businesses, homes and their contents. The solutions aim at fulfilling the various requirements of the people and effectively meeting the need of the different circumstances.

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4. a) Motor Insurance

According to Barbados Roads Motor Vehicle Accident Statistics the total number of motor related accidents has increased from 6400 in 1998 to 8750 in 2008. (Source: http://www.barbadosroads.net/documents/statistics.html )

The graph shows the trend of average auto insurance expenditure over the past few years.

How does CGI Motor Insurance provide protection?


CGI provides affordable motor insurance designed to suit every pocket.

Free valuation service is provided to all customers so that they only purchase the coverage they actually need. This results in savings through lower cost insurance. In order to cater to the different situations and various needs of customers, CGI has come up with novel solutions. Products like Agreed Value motor insurance, Automate roadside assistance and free car valuations have revolutionized the domestic insurance market. Unmatched level of service is offered to customers. CGI has introduced a range of online services that replace tedious paperwork and make the whole process quicker, easier to understand and available to the customers anytime at their convenience. Free motor insurance quotes and instalment calculators enable customers to compute premiums that suit their budget perfectly.

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4. b) Home Insurance
There are dangers associated with accidents and other unforeseen circumstances in which a person faces the risk of losing ones house. Regardless of where the property is located on the island, in Barbados, any property located inland is quite as much at risk as compared to a property which is located on the coast where it could be a victim of the high seas or tsunami, or be prone to land slippage or flooding or lie unprotected and exposed to windstorm. Availing home insurance thus becomes imperative for a stable and secured future.

How does CGI Home Insurance provide protection? CGI Home Insurance covers the home and contents of the insured by offering protection against damage and peril. The perils covered vary depending on the level of coverage that one purchases. There are three levels of cover available: Residential Fire Only Residential Fire and Limited Perils Residential Comprehensive CGI offers low cost home insurances that are very easily affordable. Free home valuation service is provided to all customers so that they only purchase the coverage they actually need. Unparalleled level of service is provided to customers at any point of time. CGI has introduced a range of online services that replace tedious paperwork and make the whole process quicker, easier to understand and available to the customers anytime at their convenience. Free home insurance quotes and instalment calculators enable customers to compute premiums that suit their budget perfectly. A free service called Home Mate available to CGI Comprehensive Homeowner Policyholders. Home Mate is a 24-hour emergency response team trained in resolving household problems like plumbing, electrical, security, cleaning and property claims service.

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4. c) Contents Insurance

Household goods, clothing, personal possessions, fixtures and fittings, in short, anything that is not permanently attached to the structure of the building generally constitutes the Contents of a House. Besides, there are valuables like jewellery items of gold, silver or other precious metals, watches, various equipments and instruments that can be insured.

What coverage does CGI Contents Insurance provide? CGI Contents Insurance covers the contents of the insured by offering protection against damage and peril. The perils covered vary depending on the level of coverage that one purchases. There are three levels of cover available: Fire Only Fire and Limited Perils Comprehensive CGI offers low cost insurances that are very easily affordable. Unparalleled level of service is provided to customers at any point of time. CGI has introduced a range of online services that replace tedious paperwork and make the whole process quicker, easier to understand and available to the customers anytime at their convenience. Free insurance quotes and instalment calculators enable customers to compute premiums that suit their budget perfectly.

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4. d) Commercial Insurance
Coverage of businesses means protection against potential losses due to unforeseen circumstances like property damage, theft, liability, and also provides coverage in the event of an interruption in business or injured employees is what makes up Commercial Insurance.

By understanding ones business needs thoroughly, one is guided how to shelter and protect ones business properly.

Not having the correct insurance to completely cover ones business layout can lead to ones ruin.

How does CGI Commercial Insurance provide protection?

CGI Commercial Insurance covers the commercial property of the insured by offering financial security against losses suffered due to a number of natural and man-made perils. There are three levels of cover available:
Commercial Fire Only Commercial Fire & Limited Perils Commercial Fire & Perils

CGI offers low cost insurances that are very easily affordable. Unparalleled level of service is provided to customers at any point of time. CGI has introduced a range of online services that replace tedious paperwork and make the whole process quicker, easier to understand and available to the customers anytime at their convenience. Free insurance quotes and instalment calculators enable customers to compute premiums that suit their budget perfectly.
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- Conclusion Given the dramatic increase in risks concerning accidents and unforeseen incidents that affect homes, automobiles and business in Barbados today, the need for insurance cannot be diluted. The insurance industry is on the rise. CGI offers policies that conveniently meet the different budgets of different pockets and provide maximum coverage. The company has a sound track record of smooth operations concerning reimbursement and claim recovery. Besides, its prompt customer service s facilitate instant resolution of queries and offer unconditional support. Features like live chat enable customers to directly communicate in real time with the customer service representatives in total confidentiality. At the core, it is the deep respect for every customers need which drives CGI to provide for the very best. It is with this motto of adding value to every customers life that it relentlessly innovates; and today it solely stands on this foundation with a reputation built over the past 20 years. Essentially, what CGI provides to every customer is an unfaltering protection or a coat of arms. Thus in a nutshell, the very spirit of the Barbadian National Symbol lives through the actions of Consumers Guarantee Insurance (CGI).

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