NASSAU, BAHAMAS — The National Insurance Board reported a total comprehensive loss of nearly $190 million in 2020 according to a report tabled in Parliament on Wednesday.  

The 2020 annual report, presented by Immigration and National Insurance Minister Alfred Sears, underscored the significant influence of the COVID-19 pandemic on the fund. 

In 2020, unemployment benefit claims totaled $108 million, disbursed to 44,182 individuals within the national insurance scheme. In contrast, 7,117 individuals received $16.3 million, and 5,974 individuals received $11.7 million in 2019.

To aid unemployed individuals affected by COVID-19 and those remaining jobless due to Hurricane Dorian, the government injected a total of $111.8 million. Contribution income declined by $61.1 million, or 21.3 percent, from $287.1 million to $226 million. Following March 2020, contribution income averaged 68 percent of pre-COVID levels for the remainder of the year.

Benefits and assistance expenses surged by $94.3 million, or 30.3 percent, from $311.6 million in 2019 to $405.9 million in 2020, largely due to a $91.4 million increase in unemployment benefit expenditures.

The total comprehensive loss amounted to $188.6 million in 2020, a stark contrast to $4.6 million in 2019. Investment income in 2020 totaled $45.2 million compared to $68.5 million in 2019. NIB reserves decreased from $1.7 billion in 2019 to $1.5 billion in 2020. Administrative expenditure rose in 2020 to $52.8 million from $51.7 million in 2019.

Encouragingly, the NIB's 2021 report, also presented in Parliament, indicated a decline in the pandemic's impact. The report revealed a total net contribution income of $257.7 million in 2021, compared to $226 million in 2020. Investment income increased to $77.4 million.

In 2021, the government-funded program administered by NIB disbursed a total of $120 million. The total comprehensive loss for 2021 was $51 million.

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