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Caribbean IFCs: facing headwinds

Specialist captive insurance centre

Since the early 1980s, when the Exempt Insurance Act was passed, protagonists in Barbados’s financial sector have focused on the development of international (re)insurance and captive insurers. Reports indicate that the number of international insurers that are domiciled in the country rose by 20 to 266 over the course of 2017. The Annual Report of Barbados’ Financial Services Commission (FSC – the regulator responsible for non-banks) of 2016-17 (the latest available) indicates that the international insurers have been growing by most metrics. With the insurers’ total assets exceeding US$60 billion, Barbados ranks among the top 10 captive insurance centres globally.

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