Lieutenant Governor Gregory R. Francis recently traveled to London, England where he met with the Chairman of Lloyd’s of London and brokers representing insurance agents in the territory. The meeting continued the Lt. Governor’s continuing efforts to strengthen ties with the insurance industry.

Underwriters at the meeting expressed great interest in the Virgin Islands, particularly in the mitigative efforts the territory has undertaken over the past twelve years. These efforts include establishing building codes that are regarded as among the strongest in the region and the nation. This mitigation provides an opportunity for insurers to enter a market that is safe and secure.

Lt. Governor Francis is optimistic that the meetings will eventually lead to better rates for Virgin Islands consumers. “The meetings afforded us the best opportunity to make our case for fair rates, with hopes of eventually creating a model for the territory that is based on our history of storms and storm damage,” he says. Underwriters generally classify the U.S. Virgin Islands with Florida and other Caribbean islands, a strategy that does not correctly represent the territory’s actual level of risk.

Francis plans to create a more favorable regulatory climate include improving the knowledge base of staffers, re-establishing a presence with the National Association of Insurance Commissioners and shortening turnaround time on regulatory issues.