Managing director of British Caribbean Insurance Company (BCIC) Peter Levy has been elected president of Insurance Association of Jamaica (IAJ).

Levy, who replaces outgoing President Eric Hosin of Guardian Life, was elected president during IAJ’s annual general meeting last Wednesday.

Outgoing President Hosin served for two years. Under the IAJ’s constitution, the presidency is rotated every two years between the life and general insurance industries.

Levy served as vice-president — general for the IAJ before being elected president. He will be supported by Vernon James, vice-president — life; and Mark Thompson, vice-president — general. The remaining members of the executive will be confirmed next month when the respective executives meet.

“Mr Levy has been a long-time advocate for insurance consumers and brings extensive experience and expertise to the presidency that can only help to strengthen our body,” said IAJ Executive Director Orville Johnson.

As Hosin demitted office, he said, “I want to thank all the members of the association who played a part in this process. We are blessed to have a high level of commitment and willingness of those in our ranks to support the goals and the charge of our association.”

Levy, during his presentation said he will be focusing on insurance vehicle information system (IVIS), road safety, fraud and insurance penetration in his role as president.

He added that the IAJ will be implementing the IVIS, a database of all the insured vehicles in Jamaica, by the end of the second quarter.

“This system is expected to make a major dent on the perpetrators of counterfeit insurance certificates and cover notes, and reduce the number of uninsured vehicles that operate in contravention of the law and that put at risk innocent motorists, cyclists, and pedestrians,” he said.

This programme will be carried out by insurance companies and insurance brokers in partnership with eGov, Tax Administration Jamaica and the police, who will have access to the IVIS database to verify a vehicle’s insurance status.

The IAJ is the umbrella organisation of the insurance industry. Our members comprise six life and nine general insurance companies in Jamaica.

Its mission remains to provide world-class support services to the Jamaican insurance industry through effective lobbying, provision of information for decision-making, avenues for addressing common concerns, and encourage sound industry practices and ethical conduct of members, while promoting the best interests of the insuring public and the long-term economic development of the nation.