Insurers To Offer BTUC Members 10% Discount

December 10, 2014

The five largest local insurers of motorcycles, motorcars and home insurance have agreed to offer a 10% discount to all BTUC members relating to their motorcar, motorcycle and home insurance for a two year period commencing January 1st 2015; Home Affairs Minister Michael Fahy said today [Dec 10]

Minister Fahy said, “For agreeing to do offer the abovementioned discount, I would personally like to thank Mr. John White, CEO of the BF&M Group of Companies; Mr. Alan Peacok, the CEO of Colonial Insurance Group of Companies; Ms. Alison Hill, the CEO of the Argus Group of Companies; Mr. Scott Kitson, the Chairman of the Kitson Group of Companies; and, Mr. William Madeiros, the Executive Vice President and General Manager of Freisenbruch-Meyer Inurance Services Ltd.”

President of Kitson Group of Companies Richard Krupp; Argus CEO Alison Hill; Minister Fahy; Vice President, Commercial Lines, Freisenbruch-Meyer Group [FMG] Heidi Grant; President and CEO of BF&M John Wight; President and CEO of Colonial Group Alan Peacock.

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The Minister’s full statement follows below:

Madam President, as 2014 comes to a close, I would like to take this opportunity to provide my Senate Colleagues with an overview of what the Economic Tripartite Committee, for which I serve as Chairman, has been able to accomplish this year.

You may recall the Economic Tripartite Committee comprises of members from the Bermuda Trade Union Congress [the BTUC], the Chamber of Commerce, the Bermuda Hotel Association, the Bermuda Employers Council, along with certain Government Departments.

Madam President, the Committee has held many meetings in 2014 and over the course of this period the members of the Committee have been extremely passionate about working with the Government to get the Island financially back on track.

In addition to the Committee’s frank dialogue, the Committee has had presentations from many groups that include:

  1. The Grocers in relation to the 10% Discount Initiative;
  2. The Ascendant Group [Belco] regarding their tiered utility charges;
  3. The Department of Energy relating to fuel and energy charges and how these rates are derived;
  4. The Atlantic Energy Solutions Group Limited and their propoal to offer an alternative energy solution to the tradional fossil fuels; to,
  5. Consumer Affairs relating to speculation of price gouging by the grocers when this seemed to take center stage earlier this year. And on that point, I am happy to report that the two Reports provided by Consumer Affairs after their investigations proved this was not the case.

I also challenged the members of the Committee to provide me with recommendations for cost savings as well as revenue generation – which I subsequently forwarded on to the Ministry of Finance for its review.

President of Kitson Group of Companies Richard Krupp; Argus CEO Alison Hill; Minister Fahy; Vice President, Commercial Lines, Freisenbruch-Meyer Group [FMG] Heidi Grant; President and CEO of BF&M John Wight; President and CEO of Colonial Group Alan Peacock.

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Madam President, some of the recommendations coming out of the Economic Tripartite meetings were for the shared sacrifice to extend beyond what the Grocers and Belco were offering.

To that end, I committed to following up with the local insurance companies to determine if there was anything they could do to assist the BTUC members in light of the Grocers’ 10% discount initiative which is coming to an end in the first quarter of 2015 as announced in the most recent Speech from the Throne.

As the Chair of the Committee, I met with the five largest local insurers of motorcycles, motorcars and home insurance over the past few months to determine what they could offer by way of financial relief for Government employees in the first instance.

To that end, I am happy to report that after much discussion all five companies have agreed to the following:

  1. To offer a 10% discount to all BTUC members relating to their motorcar, motorcycle and home insurance;
  2. To offer this discount for a two [2] year period commencing January 1st 2015; and,
  3. That the BTUC members would have to produce some form of identification to take advantage of this offer.

Madam President, for agreeing to do offer the abovementioned discount, I would personally like to thank:

  1. Mr. John White, CEO of the BF&M Group of Companies;
  2. Mr. Alan Peacok, the CEO of Colonial Insurance Group of Companies;
  3. Ms. Alison Hill, the CEO of the Argus Group of Companies;
  4. Mr. Scott Kitson, the Chairman of the Kitson Group of Companies; and,
  5. Mr. William Madeiros, the Executive Vice President and General Manager of Freisenbruch-Meyer Inurance Services Ltd.

Madam President, it is this type of commitment of shared sacrifice shown by the Grocers, and in particular, the Lindo’s Grocery Stores, the MarketPlace Group of Stores, the Supermart on Front Street, as well as Belco and now the local insurers, that has convinced me that all of these companies are all taking Bermuda’s financial recovery extremely seriously. For that I am extremely grateful!

To that end, I would challenge any other organization out there to contact me if they wish to take part in any initiative that will not only help the BTUC members in these challenging economic times, but assisting residents generally as we are all in this together.

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Comments (39)

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  1. Kangoocar says:

    Congrats OBA for once again proving you are working for the people, I am sure the BTUC members will appreciate it??? Anyway, funny how the plp never did these types of things??? One can only assume they never even gave it a thought while they were enjoying the good life??? Hopefully these types of things will be remembered down the road when those reflect back and analyze who actually looked out for them??? It sure wasn’t the plp was it????

    • Coffee says:

      Makes one wonder why this generosity wasn’t proffered at the onset of the global rescission ?

      • Politricks says:

        Why don’t you ask the previous Government why they didn’t pursue such initiatives when our economy began it’s free fall under their reign?

      • Kangoocar says:

        Simple answer coffee, the plp were telling us everything is just FINE and DANDY??? Remember that??? It wasn’t until they just could not lie about their incompetence anymore, because the lines were getting very long at the unemployment and social welfare departments!!!! Our recession was home grown!!! And the plp are totally responsible for it, plain and simple!!!!! The OBA are working hard to repair the damage your party caused, and this is just one of the many good things they have accomplished!!! Even to those that are to UNGREATFULL to acknowledge it, example being, the plp and its sore supporters!!!!

        • Coffee says:

          You absolutely couldn’t think of a more absurd reply could you ?

          • Creamy says:

            Makes you wonder why the BIU put up its dues by 15% this year, doesn’t it?

      • inna says:

        Oh so now there was a recession?

    • Hurricane says:

      Earth to Kangoocar, “working fir the people”, I’d say working for certain segments of the community.

  2. Truth is killin' me... says:

    THIS DISCOUNT SHOULD BE FOR ALL ACROSS THE BOARD…NOT JUST THE BTUC MEMBERS. MANY THAT NEED HELP ARE NOT BTUC MEMBERS!! YOU’RE BEING UNFAIR BY CHERRY PICKING!!!

    • enough says:

      would be nice

      • Varied says:

        indeed… although the chances of the insurance companies giving breaks to everybody are slim beyond belief. Like someone suggested below, the companies will make up the difference in other ways

    • Tough Love says:

      Not cherry picking. Have they deducted money from your payroll directly? Not yet anyway. But there’s a reason this was done. Watch and see.

    • Smart Gal says:

      I certainly agree. I just crunched the numbers on my family’s insurance and 10% discount would save us $$$ and this at a time when we could use it also.

  3. Wtfhaha says:

    HOW ABOUT GIVING US BACK OUR *%#%*** FURLOUGH DAY OBA!!!!

    • Embarassed for you says:

      HOW ABOUT GIVING UP SOME OF YOUR WEEKS OF SICK LEAVE AND DEFINED BENEFIT RETIREMENT THAT I HAVE TO PAY FOR BUT DON’T EVEN HAVE MYSELF. A LOTOF US HAVE TAKEN MUCH BIGGER PAY CUTS BUT STILL HAVE TO WORK THE HOURS. CONSIDER YOURSELF EXTREMELY LUCKY AND STOP WHINING.

      • Kunta says:

        Not LUCKY, Blessed, we’re reaping de benefits off what our for Fathers sacrificed and fought HARD for after being shafted for centuries, just like a segment are benefiting from LEGAL theft.

  4. Oh,I see now says:

    This is happening because the BTUC lobbied on behalf of their membership who put these ideas forward in separate individual union meetings.I would be skeptical if premiums were raised next year but until then I applaud the effort.

    We all know getting any form of empathy from insurance companies is like pulling teeth with a fork.

  5. Oh,I see now says:

    And yes I do agree it should be across the board lots of people are suffering.

  6. Truth is killin' me... says:

    I SEE ALL PREMIUMS GO UP EVERY YEAR…HEALTH, MOTOR, THE LOT…NEVER YOUR PAY THOUGH!! INSURANCE NEVER…EVER GOES DOWN!!!

  7. J Starling says:

    It’s certainly welcome – and may even encourage more people to join the unions, which can only be a good thing for all.

    Is it enough to reduce the cost of living in light of furlough days (and subsequent wage cuts), I don’t think so, but every little bit helps.

  8. Hero says:

    Sometimes I walk up to a plant and exhale carbon dioxide all over it. Did I save its life? Maybe. Am I a hero? That’s for history to decide.

  9. Think... says:

    Great work Minister Fahy! You are working for the people!

  10. Robert says:

    They won’t have to offer much of a discount, after march 2015 the oba government will have gotten rid of the mass majority of unionized govt workers.

  11. Would be nice if this discount could be offered to everyone not just gov union members . Lots of people hurting out here ! While your at it lets do something about gas prices . I know we need the tax from fuel but surly the price we pay can come down some . It is every where else .

  12. Paul Revere says:

    Picture reminds me so much of the 40 thieves. If only walls could talk. $50 for the BEST and funniest photo caption.

    • JUNK YARD DOG says:

      The two main reasons for high insurance rates are poor and inconsiderate driving habits and company profits.

  13. you will pay says:

    If you are not in BTUC, you are paying for this. The insurers will make a profit, so they will simply hike rates for everyone else. Once again the working poor suffer while the unions prosper.

  14. Dude says:

    Unions are so last century.

  15. Oh,I see now says:

    you will pay says:
    December 10, 2014
    If you are not in BTUC, you are paying for this. The insurers will make a profit, so they will simply hike rates for everyone else. Once again the working poor suffer while the unions prosper.

    I can guarantee you their are a whole lot of paycheck to paycheck people in the union too let’s get out of that crab in a barrel mentality.

  16. Sportsman says:

    Thankyou OBA for looking out for us working class.

  17. JUNK YARD DOG says:

    My; My; MY; there is no such thing as a DISCOUNT.

    Here we go in to the world of discounts.

    15 % in 15 minutes .Ha !

    There are thousands of items on the books which are over priced, usually double that of the USA. and we are only 600 miles away is it freight, insurance,or big profit , etc.

    Florida does not pay 10 time that of New york ?

    In order for a business to offer a discount they have to increase the cost of the item in the first place this is done in small increments over time.

    Poor marketing and bad buying are a contributing factors.

    The only way you are going to see a real chance in our economy is for the Bermuda Government to reduce import duty totally across the board,and to reduce its unnecessary spending. “SAGE”.