“Government’s recent announcement of the introduction of income tax concessions relative to specific areas of insurance, emphasizes the importance of and need for adequate levels of insurance coverage for the people of Dominica.”
This is the view of leading insurance company, Sagicor, which is stating that the decision to introduce these concessions speaks to the immense and critical benefits of being adequately insured, particularly as it relates to property, and health.
On the list of its reduction in duties and taxes, the Government has stipulated that a maximum tax deduction of EC$8,000 on premiums paid to insure homes would be granted from the income year 2022, with a health insurance deduction also being offered to individuals and families, relative to premiums paid for the respective income year. This means that for their tax fillings for income year 2022, individuals will be required to submit fillings of premiums paid in order to benefit from the concessions.
“As a small Caribbean island, Dominica remains susceptible to the threat of natural disasters, particularly during the annual hurricane season. Over the last six years, the island has been significantly impacted by several weather systems, with Hurricane Erika in 2015 and Hurricane Maria in 2017 being two standout examples”, said Renee Whitchurch-Aird, Director of Services at H.H. V Whitchurch, Principal Representative for Sagicor General Insurance Inc.
“The devastation caused by these systems was only matched by the high costs associated with rebuilding and repairing the damage to properties across the island, many of which were either uninsured or inadequately insured”, she added. “Much of the redevelopment therefore fell on the state, while several individuals and families found themselves struggling to get back on their feet and put a roof over their heads.”
“After spending hundreds of thousands of dollars on a home or commercial property, the thought of having to use one’s own financial resources to repair, rebuild or replace is a daunting one. Insurance therefore provides individuals with the peace of mind that if their structure were to indeed suffer the worst, they can have a home or an office to return to, thanks to Sagicor being there for them financially as we have been for our clients across the region for decades”, said Whitchurch-Aird.
As it relates to the area of health, the Government pointed to the fact that over the years they have made significant advancements in healthcare facilities, equipment, services and specialists, but argued that as a people, Dominicans must continue to invest in and prioritize their personal health, which includes eating right, maintaining an exercise regime, and having adequate health insurance.
Cheryl Rolle, Principal Representative of Sagicor Life Inc and General Manager of Agency, Willcher Services Inc, stated that “as a health insurer, we see first-hand the impact that illnesses and medical conditions have on our society and our economy. Having health insurance makes it much easier for individuals and families to manage the treatment of these illnesses and conditions from a financial perspective, by reducing the chances of them having to deplete their savings to afford medical care. This, along with the property insurance concession are an indication of the focus that Government is placing on the value and importance of insurance to the maintenance of a good quality of life for all Dominicans.”
