Barbados Expands Its Presence in the Captive Insurance Market

Per a recent article from Barbados Today, Barbados continues to grow as a hub for captive insurance companies, with nearly $50 billion in assets under management as of September 2024. The article also reports that an additional $123.8 billion in other classes of insurance are managed on the island.

According to Barbados Today, these figures were disclosed during the media launch of the Barbados Risk & Insurance Management Conference (BRIM) 2025, hosted by BIBA, the association for global business. The event took place at Protexxa's offices in Harbour Industrial Park, St. Michael. The article states that BRIM 2025, scheduled for March 27–28 at the Wyndham Grand Hotel, will provide a broader sectoral update.

As reported by Barbados Today, Warrick Ward, CEO of the Financial Services Commission (FSC), noted that Canada remains the largest source market for captives in Barbados, accounting for 51 percent, followed by the United States at 25 percent. The article states that Barbados ranks third in the Caribbean and seventh globally for captive insurance and has seen continued growth, with 19 new captives formed in 2024 compared to 12 in 2023.

Per Barbados Today, Mr. Ward emphasized the importance of BRIM in facilitating discussions between regulators and industry stakeholders. He also stated that the FSC is working on legislative amendments to enhance the regulatory framework while maintaining strong oversight. According to the article, these efforts are aimed at ensuring that Barbados remains competitive as an international insurance jurisdiction.

The article also reports that BIBA's first vice president, Joanna Austin, highlighted BRIM 2025's expected attendance of over 150 delegates, speakers, and sponsors from 10 countries and 88 companies. She noted that the conference provides a platform to showcase Barbados' regulatory environment and expertise in international insurance.

According to Barbados Today, Ms. Austin also outlined key topics to be covered at the conference, including the insurance implications of perfluoroalkyl and polyfluoroalkyl substances, also known as PFAS ("forever chemicals"), the role of insurance-linked securities, emerging captive risks, and cyber-threat mitigation strategies for cryptocurrencies.