SNYC and Sacos collaborate to make commercial insurance more accessible to entrepreneurs |29 August 2020

The signing of the MoU (Photo: Thomas Meriton)

The 175 plus young entrepreneurs who are affiliated with the Seychelles National Youth Council (SNYC) now have the option to insure their business ventures with insurance provider Sacos Group Limited, at a special 15 percent discounted rate, following the signing of a memorandum of understanding (MoU) between the Sacos Group Limited and SNYC on Thursday afternoon.

The agreement, which was made official with the signing, provides entrepreneurs with the options to insure their ventures and equipment against fire, theft and accidents, under Sacos’ general insurance packages.

Signatory and chairman of the Youth Entrepreneurship Board Sonny Barra noted that since the revamping of the Youth Entrepreneurship Board in 2017, a significant proportion of youths have developed an interest in entrepreneurship.

“Given the increasing rate of youth embracing entrepreneurship nowadays, this milestone partnership with Sacos will not only help them to progress further, but will also empower them. It has been a long winding journey for our entrepreneurs, and many of them have suffered business losses such as fire, theft and so forth. The signing of this milestone agreement means that in moving forward, young entrepreneurs can insure their businesses and equipment,” Mr Barra said.

“As the Board, we thought to approach insurance companies to help them insure their businesses so that not all is lost in the event that something unfortunate happens. It’s a win win situation, both for our entrepreneurs and Sacos Group Limited as well,” Mr Barra stated.

Despite SNYC approaching other insurance providers, only Sacos Group Limited responded to the call, to further encourage the development of entrepreneurs in Seychelles.

“As you all know, this year Sacos is celebrating 40 years in general insurance and we thought it was important to come together with all those who have helped us reach this far, our staff, our shareholders and our clients. It is for this reason we decided to collaborate with SNYC to see how best we can assist youth entrepreneurs and together with the Youth Entrepreneurship board, we were able to come up with a good insurance package which are happy to encourage young entrepreneurs, as also new potential clients, by providing this discounted package to benefit them and help them move forward in whatever endeavour they undertake. We look forward to a really successful collaboration with SNYC,” said chief executive of Sacos Group Limited Jennifer Morel.

Chief executive of SNYC, Penny Belmont, was also a signatory to the agreement, signed in the presence of Designated Minister Macsuzy Mondon and principal secretary for Youth and Sports Fabian Palmyre.

Laura Pillay