New firm enters insurance market |03 July 2015

A new insurance company has been officially launched in Seychelles, with the promise of providing new types of insurance products that other firms here do not provide on the local market.
Falcon Insurance, whose head office is based at Eden Plaza, was opened on Tuesday by Finance, Trade and the Blue Economy Minister Jean-Paul Adam.

The ceremony was attended by staff of Falcon Insurance, representatives of other local insurance companies as well as potential clients and other distinguished guests.
Falcon Insurance is the fourth insurance company which is offering its services on the Seychelles market.

The director of the company, Arnold Chetty, said to start off the company will offer only motor insurance and after each month it will introduce new products after consulting the needs of its clients.

Next month will probably be home insurance.
“We have studied the statistics and have noticed that the premium market has doubled during the past two years,” pointed Mr Chetty.
“The economy is growing, infrastructure are developing everywhere so all of these assets need to be insured,” he noted.

Mr Chetty also said that there is a possibility for the growing market and economy in Seychelles to accommodate another or two more insurance companies.

Addressing everyone present Minister Adam said there is no bigger indicator that the economy is moving in the right direction with this increased competition and increased choice that becomes available to the Seychellois people.

To mark this day the new company also launched a loyalty programme whereby all the invited guests at the opening could sign up for insurance with the company and automatically receiving 10% discount on their premium for a lifetime.

Mr Chetty said that to be able to enter this programme one needs to be recommended by one of the clients who is already enrolled on the programme.