At a young age I was fascinated by what occurs when you put a set of numbers together using just the right formula and format. Accounting allows you to tell the story of a company at any given point in time and I am enthralled by it; it no longer shows just the past but gives you a look into the future of the company.
In high school, one of the characters in a book I enjoyed worked in the world of finance and made corporations profitable again. I found it exciting and I wanted to be in that world. I knew then that my career would be in accounting.
Early in my career I spent three years in auditing, and that created the foundation for me to enter the corporate sector. I had an interest in the financial sector and wanted to increase my knowledge and experience. In 1990, I was offered an opportunity to do this and began my journey in the insurance sector.
Jamaica and the wider Caribbean is at risk of hurricanes, and now every season seems more active than in previous years. This is more risky for the general insurance sector, where the loss of life is covered, hence impacting life insurance companies such as CUNA Caribbean.
Generally, Caribbean nationals are under-insured, particularly in the low-income or underserved market
As these disasters continue, most general insurers and reinsurers are likely to see volatility in their earnings. Their loss ratio will be volatile due to claims, following each unique hurricane event. Business interruption is often the biggest cause of claims, along with personal items such as homes and contents.
These regular hurricanes will stress insurance operations, and will result in increased claims and reinsurance premiums, which will translate into increased costs for the consumers. Generally, Caribbean nationals, including Jamaicans, are under-insured, particularly in the low-income or underserved market. This is a potential area of growth for insurers with the right products.
The focus of the industry recently has been the introduction of inclusive insurance, which makes it easier for individuals to obtain coverage with simple, low-cost policies. There is also scope for more regional insurance companies within the Caribbean, particularly in the life insurance sector.
If I had law-making powers, I would ensure that every country in the Caribbean has legislation that allows for inclusive insurance for all, as currently most do not allow these policies. I also feel that there is a need for an IFRS standard that governs non-profit organisations.
I enjoy the changing environment in the financial sector, which allows me to always be learning something new. Working throughout the Caribbean enables me to interact with diverse teams in and out of the company, and being able to use my knowledge to contribute to the growth of the organisation.
I feel my biggest achievement was qualifying as a chartered accountant early in my career. This was not without its challenges but it formed the basis of all my other achievements. If I weren’t an accountant, I would have chosen law; like accounting, the field keeps developing, which makes for interesting work.
In my spare time I enjoy reading, travelling and doing service work for Kiwanis Club, a charity for children and adolescents.
