Durrant Pate/Contributor

Scotiabank Jamaica is entering the general insurance business through a new subsidiary that is being created for this purpose. 

Audrey Tugwell Henry, Scotiabank Jamaica Group president and CEO, who made the announcement at the banking group’s quarterly news briefing earlier yesterday (September 9) said work is far advanced in getting the agency up and running. She explained that the formation of the general insurance agency is being executed to expand the financial services offering at Scotiabank Jamaica Group.

Such a move, Tugwell Henry argued will make Scotiabank Jamaica Group, a truly one-stop financial services provider across the broad spectrum of financial services.

“We are now going through the regulatory process and one aspect of the regulatory process has already been met,” Tugwell Henry told the virtual briefing.

However, she did not spell out the regulatory requirements that have already been met. The Scotiabank Jamaica Group president disclosed that the agency should be up and running by the end of this calendar year.

When questioned about the clientele of this new to-be general insurance agency, Tugwell Henry remarked that it will be mainly catering to Scotiabank clientele but will also be offering its services to the general public.

Turning to Scotia Jamaica Life Insurance company, the senior Scotia executive advised that this subsidiary continues to make a strong contribution to the group with an increased gross premium income of J$437 million or eight per cent over prior year.

Tugwell Henry cited the recently launched Scotia Elevate Universal Life policy, which she declared “has been performing well and we will continue to offer innovative products that focus on protection.”