The Bahamas Insurance Association (BIA) held its Annual General Meeting (AGM) on May 24, 2017 where Emmanuel Komolafe and Lyrone Burrows were re-elected as chairman and deputy chairman (life & health) respectively, for another two-year term.Other BIA executive officers currently serving the second year of their term include Anton Sealy, senior account executive and director at Insurance Management (Bahamas) Ltd. (deputy chairman property & casualty); Warren Rolle, managing director of NUA Insurance Agents & Brokers (secretary); and Cardinal McCardy, president, Hope Insurance Agents & Brokers Limited (treasurer).
This election comes following a change in government in The Bahamas and at a time when the insurance industry is confronted with a myriad of challenges which are expected to impact the business models of BIA members. While thanking the membership for reposing confidence in the leadership team, Mr. Komolafe expressed that the BIA and the insurance industry as a whole stand ready to work with the new government. "We understand that these are serious times for the insurance industry and the nation. It is our firm belief that there is no challenge that is insurmountable if the private sector works in collaboration with the government and civil society to make The Bahamas the best it can be."
The BIA chair outlined that there are a number of systemic and legislative issues and outstanding policy decisions impacting the industry, some dating back to 2010. These include the need for instruments to enable long-term insurers to better match their assets with their long term liabilities, as well as exchange control concessions to enable insurers to diversify their investment portfolios and reduce their concentration risk. There are also proposed amendments to the Insurance Act, 2005 and accompanying regulations that remain outstanding.
"We also note that the new government had committed to the removal of Value Added Tax (VAT) from insurance products and healthcare. This policy decision is presumably aimed at making healthcare and insurance more accessible and affordable to the Bahamian people. An increase in insurance penetration across our archipelago of islands will ensure that more businesses and individuals have financial protection thereby reducing dependency on the Government in the event of an insured event," the BIA Chairman remarked.
"The BIA looks forward to building a good working relationship with the new Government to ensure that the concerns of the insurance industry are communicated to the relevant authorities while advocating constructive dialogue," Komolafe concluded.
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