CUNA Mutual, which provides life insurance through its network of credit unions in the Caribbean, completed the three-month review for the product under which the lives of as many as six family members can be underwritten and restarted its offering in January 2022.
While not disclosing payments actually made to clients since the novel coronavirus pandemic, CUNA Caribbean Insurance, a member of the CUNA Mutual Group based in Madison, Wisconsin, USA, indicates that in 2020 and 2021, the company has helped more than 80,000 individuals, respectively, “in becoming more financially secure through its products.”
The company, which has operated for more than 80 years in the credit union movement in the Caribbean, now has an asset base of over US$20 billion.
CUNA operates in 12 territories across the Caribbean, including Jamaica, Trinidad & Tobago, St Lucia, St Vincent, St Kitts, Dominica, Montserrat, Curacao, and Antigua.
The company referred the Jamaica Observer to the Insurance Association of Jamaica for recent claims data in the island.
In August 2021, the company launched a COVID-19 relief fund. The fund serves to assist Family Indemnity Plan (FIP) (with or without the Critical Illness Rider coverage) policyholders, or spouse/significant other, who became unemployed after March 31, 2020, by paying six months of their FIP premiums.
The Financial Services Commision (FSC) in Jamaica indicates that as at June 31, 2021, total revenue for companies in the life insurance sector increased by 32.9 per cent to $52.6 billion (June 2020:$39.6 billion).
Meanwhile, total expenses excluding taxes for the life insurers rose by 82 per cent to $43.3 billion (June 2020: $23.8 billion). The hike in expenses was due to a growth in claims and an increase in net actuarial reserves. Net income before tax fell 38.6 per cent to reach $9.3 billion at June 2021, (June 2020: $15.2 billion)
CUNA stated, “We design products that add value and protect the families of those we serve. Our flagship products are the Family Indemnity Plan and the Family Critical Illness Plan.
CUNA indicated that, “As opposed to normal life insurance, CCIJ provides insurance coverage for all people…we help you make it a bit easier for those left behind with the Family Indemnity Plan (FIP).”
The FIP is life insurance that provides a level of cash benefit in the event of the death of an insured person.