Deputy General Manager of Sales at Marathon Insurance Brokers Marvin Douglas received an award for Broker of the Year at the Sagicor Corporate Awards recently.
KINGSTON, Jamaica — Deputy General Manager of Sales at Marathon Insurance Brokers, Marvin Douglas, is urging Jamaican and Caribbean businesses to treat insurance as “strategic risk capital” rather than a routine expense, warning that failing to transfer risk properly could leave firms financially exposed in an increasingly volatile environment.
Speaking at the Rotary District 7020 Annual Conference 2026 under the theme, “Recognise needs, transform lives”, Douglas said insurance should no longer be viewed as a “paper in a drawer” but as a critical tool for resilience and continuity.
He argued that insurance represents a structured transfer of risk, allowing businesses to exchange potentially catastrophic and unpredictable losses for manageable, fixed costs. This, he said, enables companies to focus their capital on growth, innovation and service.
Douglas pointed to a rise in professional liability claims across Jamaica and the wider Caribbean, noting that professionals such as doctors, lawyers, engineers, and consultants are increasingly vulnerable in what he described as a more litigious environment. He said professional indemnity insurance is essential not only for covering damages, but also for financing legal defence, which alone can cripple a firm before any ruling is made.
Highlighting regional realities, he said tightening professional standards across the Caribbean makes such coverage even more critical, as it protects reputations and ensures that a single error does not erase years of work.
Douglas also underscored the importance of business interruption insurance, describing it as a “hidden hero” in disaster recovery. While traditional property insurance covers physical damage, he said many businesses overlook the financial strain caused by downtime, including lost income and ongoing expenses such as staff salaries.
In a region vulnerable to hurricanes and supply chain disruptions, he said, business interruption coverage ensures companies can remain operationally viable while recovering from major setbacks.
Looking ahead, Douglas pointed to parametric insurance as an emerging solution for climate-related risks. Unlike traditional models that require damage assessments, parametric policies trigger payouts once predefined conditions are met, such as a hurricane reaching a certain intensity of rainfall exceeding a set level.
He said this approach is particularly relevant for Jamaica’s agriculture and tourism sectors, as it provides immediate liquidity without delays from claims processing.
Douglas maintained that building resilience requires proactive risk management, stressing that while businesses cannot prevent disasters or legal challenges, they can control how those risks are handled.
He added that insurance, when properly structured, provides the stability needed for organisations to continue operating and serving their communities even after major disruptions.
