1. Marlene Murray, CFA June 29, 2006 Caribbean Connect: A High Level Symposium on the CSME Cross Border Investments in Insurance

2. Marlene Murray, CFA June 29, 2006 Caribbean Connect: A High Level Symposium on the CSME Cross Border Investments in Insurance Cross Border Activity In 2004: Approximately 43% of GHL’s assets were held within the Region, but outside Trinidad and Tobago and approximately 33% of the revenue was generated in this area. CARICOM countries outside of Barbados held approximately 50% of the total assets of Sagicor and generated approximately 54% of its revenue.

3. Marlene Murray, CFA June 29, 2006 Caribbean Connect: A High Level Symposium on the CSME Cross Border Investments in Insurance Major push/pull factors included:  Competitive pressures in the financial sector  Acquisition opportunities that were available within the Region

4. Marlene Murray, CFA June 29, 2006 Caribbean Connect: A High Level Symposium on the CSME Cross Border Investments in Insurance Some effects of cross border insurance investments :  Regional risk diversification  Regional insurance companies with the critical mass to realise the benefits from technological developments  Product and service improvements  Improved competitive ability at an international level

5. Marlene Murray, CFA June 29, 2006 Caribbean Connect: A High Level Symposium on the CSME Cross Border Investments in Insurance Major Challenge The diverse insurance regulatory requirements that now obtains within the Region has been identified as a major challenge in cross border operations Regulators need to upgrade their processes to include supervision of cross border trade and group operations as well as advance initiatives for cooperation and harmonization. :

6. Marlene Murray, CFA June 29, 2006 Caribbean Connect: A High Level Symposium on the CSME Cross Border Investments in Insurance The CSME can: 1.Provide a platform for regulatory cooperation and harmonisation 2.Facilitate mutual recognition 3.Promote the development of Regional capital market structures

7. Marlene Murray, CFA June 29, 2006 Caribbean Connect: A High Level Symposium on the CSME Cross Border Investments in Insurance Concluding Propositions Financial conglomerates domiciled in the Region, with significant cross border operations, have vested interests in the success of Regional economies. Strong Regional financial institutions are good for the development and stability of the Regional economy and financial system

8. Marlene Murray, CFA June 29, 2006 Caribbean Connect: A High Level Symposium on the CSME Cross Border Investments in Insurance Thank You