NIBTT News

Memorandum of Understanding (MoU) between NIBTT & The UWI

Mrs. Niala Persad-Poliah, Executive Director, NIBTT and Professor Brian Copeland – Pro Vice-Chancellor and Campus Principal, THE National Insurance Board of Trinidad and Tobago(NIBTT) has executed a Memorandum of Understanding (MoU) with The University of the West Indies St. Augustine Campus, to undertake an important Mortality Study to aid the local insurance industry. The Study, which will seek to develop a new mortality table for Trinidad and Tobago, will be undertaken in collaboration with The UWI’s Department of Mathematics and Statistics. The NIBTT’s actuarial staff will provide in-house expertise on the Study. This Mortality Study will estimate the life expectancy of salaried workers in Trinidad and Tobago, and, the resulting new mortality table, will assist in improving the accuracy of insurance pricing models used in the local insurance industry.

Typically, a Mortality Study seeks to investigate the probability of death - usually using age as one of the determinants.According to the NIBTT’s Executive Director, Mrs. Niala Persad-Poliah, “I am encouraged by this unique partnership between the NIBTT and The UWI, since I anticipate that the Mortality Study will ultimately yield long-term benefits for workers and their dependents, local insurance providers as well as the wider society of Trinidad and Tobago”. Signing the MoU at the NIBTT’s Corporate Headquarters at Queen’s Park East, Port-of-Spain on September 19th, 2018, were Mrs. Niala Persad-Poliah, Executive Director, NIBTT and Professor Brian Copeland, Pro Vice-Chancellor and Campus Principal, The UWI, St. Augustine Campus. Senior representatives of the NIBTT and The UWI were also on hand to witness the signing of this important MoU.