Bahamas Insurance Association

01/09/2023

Acutely aware of climate change and its direct impact on Small Island Developing States like The Bahamas, the Education Committee of the Bahamas Insurance Association will present an information session for insurance professionals and the general public on the role that insurance plays in building resilience. Sustainability Consultant Kendria Ferguson, MA, LEED, GA, will lead our discussion on September 14, 2023, at The Balmoral Club. Call 394-6625 or email [email protected] for tickets.

13/07/2023

The Bahamas Insurance Association (BIA) has announced that Mr. Julian Rolle, Managing Director of BAF Financial & Insurance (Bahamas) Ltd., has been elected Chair of the BIA, effective 17 May 2023.

Mr. Rolle succeeds Immediate past Chair Anton Sealey, a veteran insurance executive and Director at Insurance Management (Bahamas) Limited, who had held the post since January 2020.

Mr. Rolle will lead the BIA executive for a two-year term, supported by:

- Deputy Chair (Property & Casualty): Mr. Stanford Charlton, Managing Director, NUA Insurance Agents & Brokers

- Deputy Chair (Life & Health): Ms. Felicia-Antoinette Knowles, Chief Operating Officer, Lampkin, Knowles & Co.

- Treasurer: Mr. Ramon Curtis, Vice President of Finance & Investments, Famguard Corporation

- Secretary: Ms. Charlyne Sealey, Legal & Compliance Officer, Summit Insurance Company

Dr. Rhonda Chipman-Johnson continues to serve as Coordinator.

07/07/2023

On April 19-20, 2023 , the Bahamas Insurance Association (BIA), led by its Public Education Committee, hosted a two-day Insurance Education Forum for high school students at the St. Joseph’s Parish Centre, Boyd Road.

The event was designed to expose high school students to the insurance industry, including the industry’s role in building a resilient economy, the myriad specialized careers within the industry, and available education and training programs for career development.

“It’s all about succession,” said Felicia Knowles, Chair of the Public Education Committee and Board Secretary. “A short time ago the insurance industry in The Bahamas was run from outside the country. Today, Bahamians own and manage the industry from within. This forum is designed to ensure that when my peers and I are ready to retire, this will still be the case.”

Speakers from across the industry presented areas of interest – from traditional sales and marketing jobs to the essential world of reinsurance and analytics, and senior executive roles.

13/03/2023

02/08/2022

The CCRIF SPC (formerly known as the Caribbean Catastrophic Risk Insurance Facility) has expanded its risk pool by 10% year-on-year, as its member

04/02/2022

What is the role of insurance in building a resilient society? Industry experts weigh in. Join the conversation. See post for details.

04/02/2022

PROCLAMATION

"...whereas, in today's contemporary society, insurance is considered to be the economic instrument of choice in terms of recovery from loss...the month of February 2022 [is proclaimed] 'Insurance Month'." https://www.bahamasinsuranceassociation.org/

21/12/2021

Devastation from tornadoes that slammed parts of the United States this month will push the insurance industry's 2021 bill for weather-related claims well above the predicted $105 billion, industry experts said, and premiums should rise on worries that climate change will drive more severe weather.

21/12/2021

Bahamian insurers yesterday warned businesses and homeowners that premium prices are again coming under “upward pressure”, with one pledging: “We’re trying to hold the line.”

16/08/2021

The Bahamas Insurance Association has noted an erroneous allegation circulating on social media, suggesting that life insurance will not cover an insured person who may pass away as a result of complications of COVID-19 vaccination. Please be advised that this allegation is absolutely FALSE.

In the extremely unlikely event that an insured person dies as a result of receiving a vaccine approved for emergency use by local authorities, subject to the usual requirements, the life insurance policy will respond as intended.

The Association notes the effectiveness of vaccines with regard to preventing serious illness and death and encourages all Bahamians to seriously consider becoming vaccinated with one of the approved vaccines currently available in The Bahamas.

We may be contacted at [email protected] for more information.

30/03/2021

The insurance industry covered $89 billion of the $202 billion of economic costs incurred in 2020 due to disaster events, according to a report Tuesday from Swiss Reinsurance Co. Ltd.