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‘Good results’
2001 was a good year for Ennia Caribe.
Despite the persistently unfavourable
economic conditions on the Netherlands
Antilles and Aruba, revenue developed
to a satisfactory level and the result
increased as well. There was a remarkable
improvement of the underwriting result
for general insurance and agreement
was reached about the take-over of De
Amersfoortse Antillen nv. Life results
were also favourable. The foundation
stone of a new office at Aruba was laid.
Economic developments The economic
condition of the Netherlands Antilles
and Aruba have been in a slump for years
and this situation did not improve in
2001. As a result, a brain drain has taken
place, an outflow of people with good
training levels. Not only is it difficult to
recruit qualified staff, but policies can be
sold to increasingly fewer people too.
This development impels us to pursue a
very cost conscious policy and we will
have to look for an expansion of the
operating area outside the traditional
region. The administrative infrastructure
and the automation of Ennia Caribe are
in proper order and capable of processing
more business.
Life and Care Premium income for Life
business for the first time exceeded the
general insurance revenue in 2000. This
development continued in 2001. Life
business is the first priority. General
insurance has a complementary function.
Revenue is generated not only via intermediaries,
but also via direct writing, via
direct selling to the end consumer and
via the website of Ennia Caribe. The
Unit-linked Money Plan and the Pension
Investment Plan was again successful.
Preparations for a direct market approach
through Employee Benefits have been
completed virtually.
A significant increase of revenue in Care
will be achieved by the take-over of
De Amersfoortse Antillen nv. This is a
subsidiary of the Dutch combination of
De Amersfoortse-asr. The take-over was
effected on 1 January 2002. This will
create cost benefits due to an increase in
scale, and this is really necessary because
the costs in this business on the Antilles
and Aruba are alarming.
A major pension contract was concluded
with a large banking institution in
Surinam.
General Insurance The underwriting
result of General Insurance business
improved sharply, revenue is only
generated through intermediaries only.
This was caused mainly by a radical
reorganisation of the motor portfolio,
where a large, unprofitable Motor Third
Party Liability policy was cancelled.
Fire results were favourable in 2001.
The market position improved by a better
application of available knowledge and
skills. On the Windward Islands we are
selling life assurance only, because the
risk of storm damage is much larger here
than on the Leeward Islands. The market
approach strategy was accentuated, the
focus is on total clients, customers having
more than one insurance policy with
Ennia Caribe.
Plans for 2002 The focus remains on Life,
financial services and profitable general
insurance products. A major increase in
revenue will be realised by the integration
of De Amersfoortse Antillen nv
into the organisation. At the same time,
more Life business must be generated
by activities outside the traditional
operating area.
A chain integration will be established in
which intermediaries have direct access
to the reorganisation via extended office
functions. This policy does not aim at
getting more customers, but rather at
selling more policies per client. Ennia
Caribe offers a total package of insurances
covering the customer from cradle to
grave.
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ennia caribe