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And while the banking sector is one issue, the insurance industry – as they say – “that’s a whole other story” – and you can ask any business owner that’s juggling between the banks and the insurance companies, and he or she will tell you that it’s like navigating between the devil and the deep blue sea. But our next story isn’t about bashing the insurance industry – not yet at least – this week, they’re observing their importance.

For next five days insurance companies across the country will be raising awareness about their industry as insurance week is observed. Recent statistics reveal that out of a population of three hundred thousand only forty four thousand people are privately insured. Judy McCutcheon, the President of the Belize Association of Insurance Companies believes that everyone should be able to afford some type of insurance whether it is life, general or health.

Judy McCutcheon, President – Assoc. of Insurance Companies
“The last survey that was conducted was you had around 44,000 persons in the economy that could afford insurance. Because of the makeup of our economy, it is not a low number because you have a wide part of that, you have people in school; a greater part of our population are people in schools so they obviously won’t be able to afford insurance but as they come out and that section of the economy starts to grow then you will see more and more people being able to afford the insurance.

When it comes to be able to providing healthcare for all, really and truly I see that as a regulatory issue from the government side of it, not from the private insurers’ side.”

Jacqueline Godwin,
“But do you think it is something that is workable?”

Judy McCutcheon,
“I think it is something that should be looked at very closely because healthcare really should be afforded to all.

Because of the rising cost of healthcare, the cost of health insurance is going to go up. That is one of the things and with regards to the general side of it, it depends on a number of factors. One of the things is what you are looking for coverage for.”

Insurance awareness week continues with a number of activities including a food drive where stations will be established at various supermarkets for people to donate food items and other supplies collected for the children’s home in Ladyville. There will be a public forum on obesity and its effects on lifestyle diseases and a mini radiothon in aid of the Belize Kidney Association.