We are confident that our investment in infrastructure improvement, digital transformation and human capital will significantly enhance our service delivery, upgrade security and quality controls and improve all stakeholder reporting. We strengthened our actuarial capabilities by acquiring new software and engaging a new Appointed Actuary whose wealth of experience in the Caribbean region is second to none.
We also invested heavily in software, processes and people to address the accounting standards IFRS 9 and 17, allowing us to be able to continue to deliver fully compliant financial statements when these standards become effective on 1 January 2023.
While the war in Ukraine presents unique challenges in relation to commodity shortages and the resulting escalated prices, we are optimistic that NAGICO Life will weather the storm and emerge as an even stronger entity. As we direct out attention to 2022 and beyond, NAGICO Life will focus on longevity; growth and expansion; and continued stability. The Caribbean remains underinsured with a need for higher levels of retirement savings and key-person insurance at both personal and corporate levels, presenting NAGICO Life with significant opportunities for growth. Strategically, NAGICO Life provides the NAGICO Group of Companies with an opportunity to diversify our value-added products and services to the Caribbean. We are confident in our ability to transition from a solid life insurer with its current boutique style and size to a socially responsible, regional powerhouse over the next decade.
2021 was another challenging year and only slightly less so than the prior year, simply because we had the benefit of a year of understanding how to operate within a Covid-19 environment. During 2021, the development and roll out of vaccinations and the continuation of other Covid-19 counter measures showed increasing positive effects, allowing the start of a gradual return to physical interactions and some degree of ‘normalcy’, However, the year was not without its challenges, as the original virus evolved over time bringing new variants of concern and frustrating plans to discontinue the Covid-19 restrictions which had been implemented.
As the Covid-19 restrictions became less onerous during the year, and the effects of infection more manageable, the region’s reopening gained traction. We noted an increase in tourism in the islands and this contributed positively both from a morale and confidence perspective and provided a needed economic boost in the islands, which also had a similar knock-on effect on the NAGICO group’s portfolio retention and annual production.