CGM Gallagher Why INSURANCE is of utmost importance in todays - - PowerPoint PPT Presentation

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CGM Gallagher Why INSURANCE is of utmost importance in todays - - PowerPoint PPT Presentation

Aug 25, 2023 382 likes •482 views

CGM Gallagher Why INSURANCE is of utmost importance in todays society? WHAT IS RISK? On the face of it, the word RISK has a very straightforward meaning. It

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CGM Gallagher

  • Why INSURANCE is of utmost

importance in today’s society?

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WHAT IS RISK?

  • On the face of it, the word ‘RISK’ has a very

straightforward meaning. It basically means the chance of something happening. The word 'chance' tends to be used for pleasant

  • word 'chance' tends to be used for pleasant
  • utcomes whereas 'risk' is used when the
  • utcome may be unpleasant. So we talk

about the 'chance' of a pay-rise, but the 'risk' of losing your job.

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Tanzanians wait near the beach in Zanzibar for the victims of the ferry that sank.

EXAMPLES OF RISK

Russian plane carrying top hockey team crashes, 43 reported dead

  • reported dead
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What is INSURANCE?

Insurance is considered as a form of risk transfer mechanism whereby an individual can transfer

  • the risk of a possible large loss to the insurer by

payment of a premium and so convert the uncertainty of a possible large loss into the certainty of a fixed annual cost.

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Why INSURANCE?

  • Insurance is important to protect yourself, your loved
  • nes and others. It can be expensive and may seem

like a waste of money when you don't make a claim.

  • like a waste of money when you don't make a claim.

However, the one time you really need it, you will realize how important insurance is to you.

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Types of Policies

AUTO LIFE HEALTH TRAVEL

  • LIABILITY

MARINE PROPERTY

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Who we are

  • The English-speaking Caribbean’s largest broker.
  • The first insurance broker in the region to offer reinsurance

services through IIBRe in Jamaica, a division of CGM Gallagher Insurance Brokers Jamaica Limited and IIBRe in Barbados, a division

  • Insurance Brokers Jamaica Limited and IIBRe in Barbados, a division
  • f CGM Gallagher Insurance Brokers (Barbados) Limited.
  • Our risk management company, CaribRM is the Facility Supervisor
  • f the World Bank-backed Caribbean Catastrophe Risk Insurance

Facility (CCRIF), the world’s first and only regional parametric insurance solution for governments.

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Q & A

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  • THANK YOU!