THE local insurance industry was "sympathetic" to the plight of those adversely affected by the destruction and carnage caused by the 1990 attempted coup, insurance consultant Bernard Aquing said yesterday.

The compensation insurance companies would have been asked to pay was estimated at $300 million and the vast majority were claims of property damage, Aquing said. Nothing was ever paid, and, the insurance executive noted that should there be another insurrection in the future there would still be no obligation to pay.

Aquing, who held the position of general manager of Trinre during the 1990 insurrection, yesterday took the witness stand at the commission of enquiry into the attempted coup to explain the attitude taken by the local insurance agencies to those affected by the death and destruction.

He testified on behalf of the Association of Trinidad and Tobago Insurance Companies (ATTIC) and was represented by attorney Mark Morgan.

Four senior insurance executives travelled to Europe to consult with international agencies to determine the way forward for the affected property owners, Aquing said.

"The general feeling was 'look, we have a difficult problem, we could do two things'; we were duty bound as an industry to consult, lay the case and to get the reaction of the international community because they are the ones with the pocket to pay the money, but the industry itself was sympathetic because that was the nature of the business—you want to help as much as you can, we did not set out there immediately and say 'hear nah, too bad for you'," Aquing said.

Following consultation with the international insurance industry, several legal opinions from senior counsel and two court matters, it was determined the insurance companies were not obliged to pay.

"I expected the same outcome but in my heart I hoped better," Aquing said. He said this was the "harsh world of economics, finance and business".

Commission chairman Sir David Simmons said as has become the norm in recent time "policyholders are hung out to dry". And lead counsel for the commission of enquiry, Avory Sinanan SC, riposted that "their sympathy extended no further than their lips, it did not go as deep as their pockets".

Aquing said instead of putting blame on insurance companies, the country should do what it can to ensure there is not another insurgence. If there is another insurgence the result for the insured would be the same, he noted.

Aquing said if insurance companies were to include a clause which guaranteed payment for losses incurred during an insurgence no one would be willing to pay the exorbitant premium.