On the fifth day of the Financial Information Month (FIM) Roadshow, Maico Insurance, Anguilla’s only indigenous insurance company, and the National Commercial Bank of Anguilla (NCBA) each took the stage to highlight their contributions to the island’s financial security and growth. Maico’s representatives, Mr. Jervis Richardson, Senior Sales and Marketing Officer, and Mr. Adrian Smith, General Manager, shared insights on the unique advantages of choosing a local insurer and the comprehensive coverage Maico offers. Meanwhile, NCBA’s representatives, Mr. Joel Denis, Chief Credit Officer, and Ms. Marisa Gumbs, Executive Manager of Banking Services, underscored the importance of financial resilience through updated records, specialized loan options, and savings plans.
As Anguilla’s longest-standing and fully Anguillian insurance provider, Maico Insurance holds a significant local advantage with its in-depth understanding of the island’s needs. Richardson emphasized the importance of local expertise in insurance: “We’re homegrown, Anguillian-made,” he said. “We understand the strength of our building code in Anguilla and the quality of our contractors and materials here. This understanding enables us to offer some of the most competitive rates on the island.”
Smith highlighted that Maico’s claim officers and adjusters are based on the island, providing personalized service and support to the community. “When you purchase insurance, it’s not just about having a document to wave,” he explained. “Our staff know every crevice and corner of this island, and that makes a world of difference.” Maico’s offerings cover a range of insurance needs, ensuring Anguillians are protected against potential risks and financial setbacks.
Richardson and Smith underscored Maico’s dedication to safeguarding its clients in the event of natural disasters. Smith stressed the importance of avoiding underinsurance: “There are tools at my disposal to help get your premium to where you need it to be, without leaving you underinsured,” he said. “We don’t want you to start back from zero if disaster strikes.” By offering flexible coverage options, Maico encourages clients to prioritize adequate insurance to protect their assets fully.
Richardson tackled common misconceptions about insurance, encouraging policyholders to read through their policies to uncover often-overlooked benefits. “Your insurance policy is your insurance bible,” he explained. “Insurance companies can’t do anything for you or to you that’s not outlined in that document.” Smith echoed this sentiment, adding that Maico is committed to educating clients on managing risks, not just selling policies. “A small portion of what you save can transfer your entire risk to someone else,” he said, reinforcing the value of understanding one’s policy thoroughly.
Maico provides a diverse range of insurance options including Property Insurance, Motor Vehicle Insurance, Group Insurance and Contractor’s All-Risk Coverage among more. Although Maico doesn’t currently offer medical and marine insurance options, Richardson and Smith shared that expansion is under consideration, ensuring they remain a vital insurance resource for Anguillians.
Over at the NCBA session, Gumbs and Denis showcased the bank’s range of financial products tailored to enhance the financial well-being of Anguilla’s residents and businesses. Gumbs emphasized the importance of customers updating their records for compliance, which can be done at local branches or through NCBA’s eKYC app. Required documents include a valid passport, second ID, proof of income, and proof of address, with additional assistance available at the St. Mary’s branch and West End customer service areas.
Denis highlighted NCBA’s credit options aimed at supporting both personal and business finance needs. He detailed NCBA’s offerings, which include personal and business loans, overdrafts, credit cards, and special financing options for mortgages. For homeowners, NCBA is particularly focused on promoting green, energy-efficient homes, with 100% financing available, competitive interest rates, and up to $2,000 USD to cover insurance costs for first-time buyers. This initiative aligns with their environmental commitment, further seen in their financing for electric and hybrid vehicles. NCBA also caters to small businesses, offering loans for business expansion, with up to $50,000 in unsecured loans for eligible companies. Mr. Denis emphasizes the importance of separating personal and business finances, advising business owners to maintain detailed records and cash reserves. These practices, he says, are essential for financial health and for NCBA to accurately assess business performance when considering loans.
Gumbs also highlighted NCBA’s various savings products, such as the Christmas Club, the Young Investors Club, and the Goal Savings Account, which supports customers in reaching financial goals. The Wealth Retirement Advantage Plan (WRAP) requires a modest deposit of EC$100 or US$100 and aims to provide supplementary income upon retirement, emphasizing NCBA’s commitment to long-term financial security for Anguillians.
Both Maico Insurance and NCBA exemplified their roles as financial leaders in Anguilla, each reinforcing the importance of preparedness, education, and personalized support in building a resilient community. From the local expertise of Maico Insurance to the expansive offerings of NCBA, the FIM Roadshow’s fifth day highlighted two trusted institutions dedicated to Anguilla’s financial security and growth.
