St. George’s, November 7, 2011 – Grenada has joined other Caribbean countries, such as St. Lucia, Trinidad & Tobago, Jamaica and Barbados,  in setting up a training and teaching facility for workers in the insurance sector.

The Insurance Institute of Grenada (IIG) was formally launched by Hon. Peter David, Minister of Tourism, Civil Aviation and Culture, at an event at the Grenada Trade Centre in St. George’s.

The IIG, which is an initiative of the Association of Grenada Insurance Companies (AGIC), will include ensuring the professional standards of the insurance industry are “improved and maintained,’’ said Pearlie Charles, who has been named president of the Insurance Institute of Grenada.

In addition, said Charles, the IIG will provide continued educational opportunities for people in the insurance business, and will encourage “greater cohesion and interaction’’ among industry members.

AGIC President, Molly Roberts, described the launch of the institute as “groundbreaking’’ for the nation’s insurance industry.

The local body already has received the backing of the Association of the Insurance Institute of the Caribbean.

Randy Graham, the association’s president, has pledged “full support’’ for the IIG, announcing that the regional organization plans on bringing some 60 members to Grenada for a conference next year.

Graham, who is also President of the Insurance Institute of Barbados, made the announcement will delivering a lecture on “The Role of Reinsurance in the Caribbean’’ at the AGIC event at the Trade Centre.

In his  presentation, Graham made the case for the establishment of a Caribbean Reinsurance Company, saying CARICOM countries will save millions of dollars by embarking on such an enterprise.

“We make money as a region. The problem is we’ve been sending the money to the reinsurers,’’ said Graham, who explained that all the reinsurers serving the Caribbean are based in North America and Europe.

According to Graham, about EC$812 million leaves the region annually as contributions to the reinsurers.

He expressed confidence that the region can have “an effective Caribbean Reinsurance Company,’’ but it would require raising capital of about $10 billion to begin.

“Reinsurance plays a huge role in the Caribbean,’’ Graham stressed. “It provides additional sources of capital to pay claims.’’

David described Graham’s lecture as “insightful’’ and “enlightening,’’ and also congratulated AGIC on establishing the Insurance Institute of Grenada.

The Tourism Minister said he looks forward to the conference of the Association of the Insurance Institute of the Caribbean in Grenada next year.