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November 11, 2022
Low insurance penetration concerns resurface with Nicole
Concerns regarding the underinsured have resurfaced again with the threat of Tropical Storm Nicole this week, with Grand Bahama Chamber of Commerce President James Carey lamenting the low take up of insurance among small businesses on the island. Nicole strengthened to a Category 1 hurricane while over Grand Bahama on Wednesday, but did not cause any ...
The post Low insurance penetration con...
Insurance firm suffers cyber attack
September 18, 2020
Insurance firm suffers cyber attack
A LOCAL insurance company has had to beef up its cyber security system after falling victim to hackers...
November 07, 2022
IMF laments low insurance penetration in hurricane-prone Caribbean
Deputy Managing Director of the International Monetary Fund (IMF) Bo Li, last week raised concerns about generally low insurance penetration in Caribbean nations that are among the highest at risk for climate disasters; while one industry expert urged the government to partner with the industry to address the longstanding issue. "The financial system's role in ...
The post IMF laments low insuranc...
Gross insurance premiums just short of $1B in 2021
November 07, 2022
Gross insurance premiums just short of $1B in 2021
Gross premiums in the insurance industry in The Bahamas grew to $985.69 million in 2021, a more than $100 million increase over 2020's $844.5 million in gross premiums, the Insurance Commission of The Bahamas (ICB) revealed in its annual report for 2021. Additionally, general insurers underwrote gross premiums of $423.4 million and net premiums of ...
The post Gross insurance premiums just short o...
November 01, 2022
New National Health Insurance Bill, 2022 laid in the House
The Minister of Health and Wellness the Hon. Dr.Michael Darville laid for the first time in the House on Wednesday, October 26, anew National Health Insurance (NHI) Bill, 2022, which aims to repeal and replace the existing 2016 legislation that proved instrumental in the initial launch of quality, affordable primary care coverage and services in 2017.
March 18, 2015
Minister still not sure all BAMSI contracts have insurance
Minister of State for Works and Urban Development Arnold Forbes admitted yesterday that he was still not sure whether all of the Bahamas Agriculture and Marine Science Institute (BAMSI) contractors have the required all risk insurance.
Officials seeking insurance after Met Dept audit
October 24, 2022
Officials seeking insurance after Met Dept audit
AFTER an auditor general's report revealed that expensive weather equipment has gone uninsured, officials are said to be narrowing down vendors to ensure there is sufficient coverage to protect against loss and damage.
UK offers $3.4m for water insurance
October 19, 2022
UK offers $3.4m for water insurance
BRITISH High Commissioner to The Bahamas Thomas Hartley yesterday announced the United Kingdom's contribution of $3.4m to the new Caribbean Water-Utilities Insurance Company.
Entry standard push for insurance agents
February 13, 2011
Entry standard push for insurance agents
By NEIL HARTNELL
Tribune Business Editor
The newly-appointed Insurance Advisory Committee is looking to work with the industry regulator on developing a uniform standard and entry requirements for sales persons/agents, Tribune Business has been told, its chairman expressing hope that their relationship will "be private-public partnership at its best".
Chester Cooper, president of BAF Financial ...
Insurance regulator must be more than 'policeman'
February 14, 2011
Insurance regulator must be more than 'policeman'
By NEIL HARTNELL
Tribune Business Editor
The newly-appointed Insurance Advisory Committee will advise the insurance regulator over the selection of a new Superintendent, its chairman telling Tribune Business that the post had moved beyond merely being "a policeman and traffic director" to also facilitating the sector's growth and development.
Chester Cooper, who is also president of BAF Financi...
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