GUARDIAN LIFE Limited (GLL) consolidated its position as leaders in Jamaica's Life Insurance Industry, setting some $351.7 million in new individual life business, and in the process capturing 40.4 per cent of the traditional life insurance market as at the end of December 2001.
This was announced by the President of Guardian Life Limited, Mr. Earl Moore as he addressed the Company's second Annual Awards Presentation earlier this week (January 28) at Le Meridien Pegasus Hotel. Mr. Moore said the $351.7 million in new settled individuals life business exceeded the company's production target of $265-million by 32 per cent.
Reviewing the Company's performance in Jamaica after its second year, the GLL President noted that Guardian Life has assumed industry leadership early in 2001, and maintained that position each quarter while increasing both its market share and the percentage of the industry business it captured. He said the 40.4% held the end of 2001 represented 50 per cent change over the same period 2000.
The Guardian Life president said the company's number one industry position after only two years in Jamaica was historical in that it broke the record held for 13 years by another major industry player. Moore attributed the year's success to the "extraordinary performance" of GLL's sales and administrative staff.
Noting some of Guardian Life's success, Mr. Moore said these included the launch of two new products the Guardian Accumulator and the Guardian Angel both of which accounted for some 18.9 per cent of total new business. He said GLL had also established a new branch during the year. In terms of new Group Life/Personal Accident business, Mr. Moore said Guardian had acquired seventy (70) new schemes.
The GLL President emphasised that despite Guardian's positive performance, he was nevertheless concerned about the high levels of crime and violence which impacted negatively on Jamaica's ability to attract vitally-needed investments. He called on Government to re-double its efforts to reduce crime.
Guest speaker, Professor Errol Miller Chairman of the Electoral Advisory Committee (EAC) urged all Jamaicans to become involved in the electoral process to ensure free and fair elections when they are called. He said the EAC was in the process of cleaning up the Voters' List to ensure that the names of people who have died are removed.
