Apr 20, 2022
Theresa Fabela is the President of Dorchester Insurance Company and is accountable for Underwriting, Claims, Accounting, Budget, and Reinsurance. She leverages the company's expertise in writing island-based property and casualty exposures to profitably grow the business. She is also the President of the Virgin Islands Insurance Guaranty Association and Virgin Islands Association of Admitted Property & Casualty Insurers. In today’s episode, she shares how she solidified the company's presence in the Caribbean, while successfully guiding the Company through two Category 5 hurricanes that devastated the Caribbean in 2017.
Key Takeaways
- A little bit about Theresa and today’s topic.
- Theresa got her first job in insurance in 1999, but it wasn’t always a linear path.
- In 2011, Theresa decided to pursue her CPCU. She shares the connections she made then that caused her to move to Dallas.
- Triple-A offered her a job in the Virgin Islands. What were some of the factors that made her decide to move there?
- What is the difference between the Virgin Islands’ market and the domestic market?
- There are only three property-casualty insurance domiciles in the Virgin Islands. Theresa shares what they are.
- How did Theresa prepare for the two hurricanes in 2017? She shares her experience going through it.
- People were offering her an escape from the island and Theresa explains why she turned their offer down.
- Theresa describes what it was like being in the hurricane and how she first made contact with her boss after the hurricane.
- The aftermath of the hurricane was devastating. Theresa recalls how they got everything together despite the challenges before them.
- While they were trying to get everything cleaned up, they heard about another hurricane coming. Theresa shares how they prepared for a category five hurricane.
- Theresa shares the things she is proud of and grateful for being a local insurer in the Virgin Islands.
- Are there any changes she wants to implement in underwriting following this experience?
- One of the lessons Theresa learned was about frame housing. She continues to share what that is.
- Another lesson she learned was about hollow cinder blocks. She explains why they’re not great.
- What is it like being a female leader in the insurance industry?
- Theresa talks about her many fascinations about insurance and why it could also be an interest for others.
- It’s important to bring new talent but it’s also important not to lose focus of the potential in the talent the insurance industry already has.
- Theresa wishes she’d known earlier that insurance was going to be her career. She explains why.
Keep Getting Better
Quotes
“What really got me excited about insurance at that time was hearing a risk manager of Disney talk about all the work that they do. And it really opened my eyes that there are so many jobs in insurance including running an insurance company at Disney.”
“It’s a different experience than I think that most insurers face where you’re actually in the middle of a catastrophe along with everyone else.”
“Today was a good day and tomorrow is going to be better.”