The insurance industry in The Bahamas is divided into two distinctly separate markets:
Domestic Market – insurance of local risks by locally-owned or foreign-owned insurers
International [Captive] Market – the insurance of foreign risks by foreign-owned insurers working through The Bahamas
The domestic market is surprising large for a country with little more than 300,000 people. There are several local and foreign-owned insurers. Business is written directly, or through a variety of brokers and agents.
Life insurance is dominated by subsidiaries of Canadian and US companies. A growing percentage of the market is controlled by Bahamian-owned companies, with UK companies accounting for the balance.
Property insurance is provided predominantly by British companies. There is only one Bahamian-owned company in this category.
The growth of the insurance industry in the Bahamas was spawned by a 1970 law that allows companies to conduct part, or all, of their business out of the country, while still benefiting from local tax advantages.
The recent resurgence of the Bahamas as an international insurance center is due to the Bahamas Government and private sector working together to create the requisite legal, regulatory and professional infrastructure to facilitate both the rapidly growing offshore life insurance sector, as well as the reestablishment of The Bahamas as a captive insurance centre.
This encouragement has led to the growth of the “captive” insurance market, created to insure or reinsure the risks of offshore companies. Supervisory jurisdiction is provided by the Ministry of Finance, Registrar of Insurance Companies.
Insurance in The Bahamas
Bahamian Insurance Essentials
Bahamian Business Insurance Guide
Find out everything you need to know about insuring your business in the Bahamas.
Disability – The Forgotten Insurance
You probably have life insurance, and hopefully you have health insurance. But what about disability insurance? If you’re sick, you’re covered, and if you die, you’re covered. But what if you become disabled and can’t work? Some financial advisers will usually tell you that disability insurance is the most important insurance you need. Click Here
BahamasB2B Insurance Links
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The National Insurance Board
Administrators of the country’s social security programme to provide assistance for needy citizens and to assist with the social and infrastructural development of the country.
Bahamas General Insurance Association
Trade group representing insurers, agents, brokers and adjusters in the Bahamas.
Insurance Industry in the Bahamas
The insurance industry in The Bahamas is divided into two distinct and separate sectors: The Domestic Market (the insurance of local risks by locally-owned or foreign-owned insurers) and The International [Captive] Market (the insurance of foreign risks by foreign-owned insurers working through The Bahamas).
Insurance Information Institute
Independent source of information on finding an agent, filing a claim, saving money and insuring against a catastrophe.
Information on disasters including hurricanes, floods, fires and other emergencies. Learn about the different types of disasters and hazards. Step-by-step approach to emergency planning, response and recovery for companies of all sizes.
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