Business

First Heritage eyes health insurance

KARENA BENNETT Business Reporter bennett.karena@jamaicaobserver.com

Wednesday, July 09, 2014    

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THE First Heritage Co-operative Credit Union is looking to establish the island's first Co-operative Health Insurance Scheme.

Members of a co-operative credit union will be able to benefit from a health insurance scheme at a lower premium than what currently exists in the market.

The initiative, which is currently in formation stage, is seeking other co-operative credit unions to come on board.

"We are exploring the idea and we plan to bring everybody to the table to talk about it," said Basil Naar, chief executive officer of FHCCU.

Currently, there are only two health insurance companies in Jamaica, Guardian Life Limited and Sagicor Life Jamaica Limited.

The initiative is targeting members from financial, agricultural and fisherfolk co-operatives, among others.

"We believe that a health insurance company under the umbrella of co-operative will be able to offer a lower premium for health insurance coverage for members of all co-operative credit unions," said Naar.

FHCCU was formed through the merger of Churches Co-operative Credit Union and GSB Co-Operative Credit Union in August 2012.

The credit union has assets of near $9 billion and an equity base of $1.8 billion. It offers 43 products and services to 170,000 members and 28,000 young savers.

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