BRIDGETOWN, Barbados — BIBA, the Association for Global Business in Barbados, has launched its first virtual Barbados Risk & Insurance Management (BRIM) conference, which will be held March 24 & 25.
Derrick Cummins, BIBA President and CEO of Amicorp Bank & Trust Ltd noted that, as Barbados is one of the top domiciles for captive insurers in the world, such a conference was long overdue.
According to Cummins, reports showed that as businesses and individuals grapple with the fallout from the COVID-19 global pandemic, the insurance industry worldwide is experiencing a high demand for coverage. However, on the flip side, he said, insurers were facing high capital adequacy requirements, creating the type of hard market that leaves clients little room for negotiating on premiums, and insurers little appetite for writing new policies.
Ricardo Knight, BIBA’s Marketing and Communications Committee Chair and Senior Vice-President of Marsh Captive Solutions, highlighted that captive registrations into Barbados continued to increase despite one of the harshest pandemics that the world has ever seen.
A captive insurer is generally defined as an insurance company that is wholly owned and controlled by its insureds, and its primary purpose is to insure the risks of its owners, while its insureds benefit from the captive insurer’s underwriting profits…