The Insurance Association of the Caribbean (IAC) was the "brainchild" of a small group of visionaries (industry leaders from Jamaica, Trinidad & Tobago, Guyana and Barbados) who wanted to prepare the indigenous insurance industry for the future challenges of the remaining century. This was catalysed in part by:
The signing of the Chaguaramas Treaty in July 1973
Rapid growth of the insurance industry in the Caribbean
The perceived need for harmonisation of insurance laws, regulatory reform, and improved training of regulatory and industry personnel.
Much of the preparatory work was done between 1972 and 1973, as the forefathers travelled to various Caribbean territories to convince industry leaders of the need for such a pioneer association. The proposal was discussed in Barbados on June 7th and 8th 1974, at what was touted to be the "most important meeting". In Trinidad, four short months later, representatives of the Caribbean insurance industry decided to proceed with its establishment.
THE VISIONARIES
Dennis Lalor
Roger Gonsalves
Peter Thomas
Aubrey McLeod
Douglas Bennett
Richard Fontaine
Cyril Monsanto
Peter Salvary
Geoffrey Inglefield
Bertrand Doyle
Louis Rostant
Cecil deCaires
Arthur Belgrave
The Inaugural Meeting of the IAC was held on October 30th, 1974 in Kingston, Jamaica in the presence of over 302 delegates from the Caribbean, Europe, and South America. The Association ultimately approved the membership of some 44 insurance companies from Bahamas, Barbados, Bermuda, Guyana, Jamaica, and Trinidad & Tobago.
