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Business • June 27 2004


Island Insurance Brokers opens new premises

Island Insurance Brokers this month opened their new offices on Psaila Street Birkirkara at a ceremony that saw Finance Ministry Parliamentary Secretary Tonio Fenech inaugurating the premises.
Speaking at the launch Mr Fenech explains, “Great strides have been achieved in the past few years by the Financial Services industry and it is now one of the main contributors to Malta ’s Gross Domestic Product. One of the main factors that has contributed towards the growth in the insurance industry was the level of professionalism reach by those involved.
“Island Insurance Brokers Limited has a history of success. It was set up mainly to give professional and cost effective insurance and risk management solutions to industrial and commercial clients in Malta. What started, fifteen years ago, as a small office employing three people is today a prosperous equal opportunity company, employing 22 professionals qualified and trained persons, one of the leading insurance brokers with a substantial annual turnover.
“Even before the advent of Malta’s entry into the European Union, the insurance sector has been gearing itself for the opportunities arising out of membership, with a number of companies that used to act as agents now becoming fully fledged insurance companies.
“Malta’s accession to the European Union is already demanding more health and safety measures for workers and industry will have to ensure, through professional assistance in managing risk, adequate coverage for workers and to cover other liabilities. While insurance brokers have the resources to help their clients with a host of risk management functions, industry and commercial companies should use this expertise to structure a comprehensive insurance program, using both traditional and emerging coverage products, to minimise gaps and maximise protection.
“Insurance Brokers also need to become more geared to offer the highest level of professional services. The investment that has been made here at Island Insurance Brokers Limited is evidence of the commitment and determination to grow, to move forward and succeed.”
On his part, Island Insurance’s Lawrence Pavia delved into the firm’s history, “When 15 years ago it was decided to set up Island Insurance Brokers, we had a very clear vision, that of being of service to the industrial and commercial community in Malta. This focus has provided the winning formula of this company over the years, and 15 years later, our vision continues to be that of excelling in the expectations of our many commercial and industrial clients.
“But vision and focus on their own would not have been enough.
“Whilst we know that we care and always try to offer the best deal possible for our clients, internally, we are very self-critical. We are never satisfied with our very high level of performance – we feel we can always improve. And perhaps, this is our biggest strength. Although we know we are the best insurance brokers on the Island, we do not take things for granted. What we did yesterday or last week was good enough for then. Today we have to improve on yesterday. And we actually do.
“When we were established in 1989 we acquired a five-roomed office which provided ample space. Three years later another office, just on top came on the market and we acquired that as well, linking both and providing space for 20 persons. But as business was growing, space was becoming restrictive, and a decision was taken three years ago to seek new offices, which would take us at least for the next few years.
“In building these offices we sought to make them functional, modern in appearance and to project the same principle of professionalism. From comments received so far, we feel we have achieved this.
“Although we are now 22 persons working at Island, these offices can accommodate up to 40 persons, and hopefully, we will not go through the problems of building another office before the year 2010.
“We would not have arrived here today, had we not had the support and trust by you, our clients, and by the insurance market. To all of you a very big thank you. We hope we have provided you with the service you expected and even more. We are sure we have served as a catalyst in raising the professional standards in the insurance market and in particular of insurance brokers.
“We hope that in the future we shall continue to develop our business further and at the same time bring added value to our clients and to the insurance industry.”

 

 

 

 





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