Company celebrates its first birthday
The Samoa-based Federal Pacific Insurance (F.P.I) celebrated its one year anniversary since its doors were opened in the Cook Islands.
F.P.I was officially opened last October by Prime Minister, Tuilaepa Sa’ilele Malielegaoi, with Mark Brown, Minister of Finance for Cook Islands.
The celebration was held at the Le Rendez-vous Restaurant and was well attended by its clients and friends including representative of government and private sector businesses.
F.P.I General Manager, Namulauulu Sami Leota, acknowledged the support of all the customers who believed in their products and made some big decisions to switch over.
“Rest assured that we will endeavour to make sure that you will not be disappointed with that decision,” he said.
Like in any new operations, Namulauulu said there are always challenges and expectations, the good and the bad times.
“But we have managed to get through them one by one and I totally believe there are better things yet to come for Federal Pacific Insurance.
“We have learned many things in the past 12 months, and we can say that we have make good inroads, not only in understanding the Cook Islands community insurance needs but most importantly, we have hooked up various types of risks both in Government and Private sector business.”
Namulauulu said he is happy that their claims ability was tested within this period, including businesses greatly affected by fire.
“These claims were put through our usual process and were settled quickly.
“F.P.I prides itself in the Pacific as a company who would honour and pay out genuine claims promptly, and their set-up in the Cooks Island will be no exception.
“One of the biggest challenge F.P.I faces as a company is to be able to secure good re-insurance treaties. Re-insurance underwriters see the Pacific as a loss zone, so many of them who had been writing businesses in our region had been pulled as they see the Pacific as a region prone to natural disasters especially cyclones.
“We have been able to maintain the support of those reinsurance underwriters (eg: Lloyds of London, PWS East Asia) that we dealt with from the start up to this date and that is a comfortable thought for our clients.”
Namulauulu acknowledged the government of Cook Islands for allowing them to operate in their beautiful country.
“We say in our proposal given to Government that we are here to stay and that we will be offering alternative competitive products to the insured public and that is exactly what we are doing,” he said.
Namulauulu also acknowledged the hard work by the Cook Is. local directors and in particular the local staff members.
A toast was proposed at the end sending well wishes and best regards for a speedy recovery by the crowd to Mousie Skews (or Mamamousie). A Samoan lady who assisted F.P.I at its initial set up last year, and currently recovering well after going through a medical operation in New Zealand.