Company looks to cover investors now insured abroad |05 August 2010

The company’s general manager Lambert Woodcock said this yesterday when Vice-President Danny Faure and his team from the Ministry of Finance visited the company’s offices in Victoria.

He said this would help to keep foreign exchange here and also provide employment.

Mr Woodcock said the 26-staff firm is celebrating 15 years since it was launched with only five workers.

He said H. Savy is about to launch insurance cover for employees in any organisation under which the insurer will pay beneficiaries three times the worker’s annual salary if he or she dies or is permanently disabled.

He also said with reduced accident claims by taxi operators, a new package with lower premiums for them is being considered.

Mr Faure congratulated the company on its anniversary and the new offers it is making, adding that health-related insurance would get tax exemption.

He said the visit was in line with government policy for him to see how companies are faring so he can brief President James Michel and work out ways to make it easier for businesses to operate.

With the strong new financial and economic policies the government has put together, it is up to the private sector to take advantage and boost the economy – as the engine of growth – since the government does not create revenue, he added.

Mr Faure said now that the macro-economic environment has stabilised, the government will soon announce new measures to remove barriers affecting business.

He said he is learning a lot from his visits, which also give businesses the chance to let the public know through the media what they have to offer.

Yesterday’s visit, and an earlier one he made to the State Assurance Company of Seychelles, were meant to encourage the insurance companies “to look at innovative ways of protecting businesses and individuals against many forms of risks”.

Mr Faure commended the sharing of risks between the two companies when they thought the amount involved was too big for one of them alone.

“The services provided by insurance companies give a positive stimulus to business activities and allow investors to get on with the operation and development of their businesses with the knowledge that they are financially protected against risks,” he said. 

Mr Faure noted that the insurance companies have also invested in a wide range of projects that help both government and the private sector.

“A classic example is the funding of commercial and residential property projects,” he said. 
H. Savy Insurance’s market share totals 15.85% in life assurance and about 51% in general insurance.
The company offers cover against vehicle, boat and house, and travel accidents.