Now Bahamas Looks To Bermuda
Strengthening the Bahamas insurance sector is a key ingredient to improving financial services in that country — and the Caribbean nation has been looking at Bermuda’s success in the field as a “case study.”
The Bahamas Financial Services Board [BFSB], the Insurance Commission of the Bahamas [ICB] and Ernst & Young hosted a breakfast briefing in Nassau recently to update key stakeholders on developments in the insurance sector.
BFSB CEO and executive director Aliya Allen told the “Nassau Guardian” today [Jan. 19] that the meeting had a dual purpose. She said: “On the one hand, the meeting was informational and on the other hand it was also meant to spark dialogue on the next steps forward for growing our international insurance sector.
“Bermuda was looked at as a case study and we heard more about the background to their success as an international insurance domicile and about some of their challenges.
“While we look to such jurisdictional case studies for guidance we realise that key to The Bahamas’ future success will be a strong and supported but flexible regulatory regime.
Premier about Cayman not having sufficient human capital for reinsurance companies
“We also talked about trends in the insurance industry and insurance regulation that will help us to develop plans and initiatives that will track what¶s going on in the international insurance market.”
Last month Cayman Premier McKeeva Bush unveiled new immigration incentives and a marketing campaign expressly designed to encourage reinsurers to domicile there.
During the recent Cayman Captive Forum, Mr. Bush used the largest captive insurance conference in the world — with 1,200 delegates attending — as the venue for a new strategy aimed squarely at the reinsurance industry in Bermuda.
Premier and Finance Minister Paula Cox later downplayed any threat from Cayman to the Bermuda industry, saying the Caribbean territory did not have sufficient human capital for reinsurance companies.
make sure your case study doesnt include 2009 and onwards…you’ll find yourself sinking faster than Bermuda
If anyone thinks that mercenaries from all parts of the planet are not coming to Bermuda to take away our business then they have their head up their a$$!!!!
Third World Status in 3 years. You heard it here first!
Giving away the secret sauce,not to bright.
They gave away the Tourism business years ago,during it’s hey day.
Now Bda is D.O.A.
Now it is the Off-shore Biz.They are giving it to the Chinese,Indians and now the Caribbean Islands.Those places are moving up to first world status and we are sliding to the third world position.
Bda is shooting itself in the foot, maybe I should say it has blown it’s foot off!