Insurance Trends Caribbean

Part
01
of five
Part
01

Overview - Healthcare and Insurance Issues: The Caribbean

People in the Caribbean are experiencing an increasing prevalence of non-communicable diseases. Additionally, the likelihood of Caribbean nations achieving universal health coverage is shrinking given that many governments in the region are experiencing flat or declining revenues. A complete overview of healthcare and health insurance issues within the region is provided below.

Caribbean Healthcare Issues

  • According to a study published by CARPHA, there has been an increasing prevalence of non-communicable diseases (NCDs) in the Caribbean.
  • In the Caribbean, NCDs accounted for 73% of deaths during the period from 2000 to 2016. Other communicable, maternal, perinatal and nutritional conditions accounted for 13.2% of deaths in the Caribbean during the period from 2000 to 2016.
  • In the Caribbean, cerebrovascular disease, diabetes, and ischemic heart disease were the three leading causes of death from 2000 to 2016.
  • According to a study published by KPMG, the Caribbean face numerous issues such as health system challenges, aging populations, worker shortages, and rising chronic disease.
  • Planning for and predicting the health needs of smaller nations with less population is notoriously difficult.
  • For small islands, a few patients requiring specialist surgeries, high-cost drugs or intensive personal support can substantially skew the entire national health budget.
  • According to the University of Pittsburgh, countries in the Caribbean have an increased vulnerability to negative health effects because of factors such as their geographical situation and environmental surroundings.
  • As a result of climate change, vector-borne and zoonotic diseases are also expected to intensify in the Caribbean.
  • In the last two decades, obesity has increased by almost 400% in the region.
  • In Bermuda, the shift in population demographics is expected to have a dramatic impact on the provision and cost of healthcare.

Caribbean Healthcare Insurance

  • According to a report published by KPMG, most Caribbean nations have populations of fewer than 500,000—many less than 50,000—thereby resulting in a lower number of insured customers in individual countries.
  • With such financial vulnerabilities, healthcare payers may experience significant and unpredictable swings between deficit and surplus.
  • The region's goal of achieving universal health coverage faces a significant financial challenge as many governments are experiencing flat or even declining revenues.
  • In Bermuda, a sizable minority does not have health insurance.
  • According to leaders at BF&M Ltd., a health insurance provider in Bermuda, the government’s proposals to reform healthcare financing was a wrong starting point.
  • In Bermuda, more than 8% of the population is not employed and thereby, without healthcare coverage.
  • Unlike the insurers in Bermuda, the private medical care sector is largely unregulated resulting in higher healthcare costs.
  • In the Turks and Caicos Islands, Governor Dr. John Freeman noted that serious mismanagement of the National Health Insurance Board or other statutory boards would result in serious budgetary issues. Thereby, the national health insurance scheme in Turks and Caicos faces serious issues and significant liabilities.
  • In the Bahamas, the country’s National Health Insurance scheme faces major issues as about one-third of all Bahamians already have some form of private health insurance coverage.

Part
02
of five
Part
02

Overview - Property and Casualty Insurance Issues: The Caribbean

In light of recent catastrophic events, such as Hurricane Dorian, that affect island countries in the Caribbean, a number of issues relating to property and casualty insurance have emerged. These issues include gaps in insured losses, rising reinsurance rates, lagging development in Caribbean insurers, and a lack of Enterprise Risk Management plans for property and casualty insurers.

Protection Gaps in Property and Casualty Insurance

  • The total estimated loss in damages due to hurricane Dorian across all affected areas is estimated to be $5-$10 billion in insured losses.
  • Damage in the Bahamas alone, caused by hurricane Dorian, was estimated to be valued between $500 million to $1 billion.
  • However, the economic losses resulting from damages are largely uninsured and may present a significant gap in property and casualty insurance in Caribbean countries, including the Bahamas.
  • For example, Hurricane Matthew, a Category 5 hurricane in 2016 that accrued about the same amount of damages estimated for Hurrican Dorian, accrued $900 million in economic losses due to the storm, of which only $500 million was covered by insurance.
  • While economic losses typically exceed insured losses, the disparity between the two values is typically higher in developing nations, such as the Bahamas, Bermuda, British Virgin Islands, and Cayman Islands.
  • In 2017, only 16% of the $32 billion in economic losses were insured in the Caribbean.
  • Further, much of the losses that are insured only cover the hospitality industry, leaving residential properties vulnerable to devastating economic losses that are not insurable.
  • An estimated 13,000 homes and 500 families are reportedly directly affected by Dorian's damages thus far.
  • While the Bahamas is expected to receive a government payout for economic losses, this payout is measured by the severity of the storm rather than by the actual amount of economic losses.
  • The largest payout received, on record, is $23 million to Haiti for damages incurred as a result of Hurricane Matthew in 2016.
  • Compared to the $400 million total economic loss from Hurricane Matthew that was not insured, this leaves hundreds of millions of dollars in economic losses that are not covered.

Rising Re-Insurance Rates

  • Reinsurance rates in the Caribbean increased by 60% since 2018 in areas affected by the previous year's hurricane losses.
  • Low insurance penetration rates in the region compound the economic losses associated with catastrophic events, including hurricanes, highlighted the need for countries in the Caribbean to "establish financial buffers and build structural resilience."
  • However, competitive pricing continues to rise with no foreseeable end in sight across the Caribbean insurance market.
  • Many in the region are concerned that underwriting by insurers will result in continued inadequate rates for insurance for businesses.

Development of Caribbean Insurers

  • Many of the Caribbean's insurers, including property and casualty insurers, are in early stages of development and currently lack the ability to leverage technologies for innovation.
  • However, as the technologies available in the region continue to develop, innovation is expected to be a key focus for Caribbean insurers in the years to come.

Lack of Enterprise Risk Management (ERM)

  • Further, property and casualty insurance companies in the Caribbean do not consistently enforce development of formal enterprise risk management (ERM) plans.
  • In the Caribbean, though very close geographically, the various island countries are very diverse in terms of their own unique economic, political, and financial system risks.
  • As such, it is imperative that property and casualty insurers account for these differences and recognize them within their risk management plans.
  • While some Caribbean insurance companies have established programs to identify risks within their own enterprise, this is not consistent across property and casualty insurers in the region.
  • At the moment, the primary mitigation tool against losses caused by catastrophic events for property and casualty insurers is increasing reinsurance rates.
  • As such, the focal point for existing ERM programs in the Caribbean are centered around property-cat management.


Part
03
of five
Part
03

The Caribbean - Positive and Negative Press Coverage: Property and Casualty Insurance Companies

An extensive search through insurance-focused news websites, leading news publications in the Caribbean, as well as social media research tools revealed one negative and two positive press articles that the Caribbean has received surrounding the way property & casualty insurance companies have handled customer needs.

POSITIVE COVERAGE THE CARIBBEAN HAS RECEIVED

ARTICLE #1:

  • A press article published by Insurance Journal states that responsiveness of reinsurers allowed property and casualty insurers to resolve a high volume of claims quickly.

REASON IT IS POSITIVE:

  • The quick resolution of a high volume of claims effectively catered to the customers’ needs.

ARTICLE #2:

  • A press article published by Tribune242 talks about Bahamas First’s Bahamian and Cayman underwriting subsidiaries having high-level creditworthiness and claims-paying ability.

REASON IT IS POSITIVE:

  • The article states that Bahamas First, a property and casualty insurance company, displayed high-level claims-paying ability, thereby, effectively catering to the customers’ needs.

NEGATIVE COVERAGE THE CARIBBEAN HAS RECEIVED

ARTICLE #1:

  • A press article published by Tribune242 mentioned various disputes related to property insurance claims by customers in the Bahamas.

REASON IT IS NEGATIVE:

  • The article mentioned multiple disputes related to property insurance claims wherein customers were taking the cases to the Supreme Court for settlement of reimbursements. Since there are disputes between customers and insurance companies, it is considered as negative coverage.

RESEARCH STRATEGY

We started the research by directly searching for any negative or positive press coverage the Caribbean has received surrounding the way property and casualty insurance companies have handled customer needs through news databases and websites specializing in publishing insurance-related articles. Some sources we referred to included Insurance Journal, Reinsurance News, and Insuresilience. Through this search, we came across a report published by Insurance Journal that provided positive coverage on property and casualty insurance companies in the Caribbean.
Other articles published by leading insurance-focused news databases such as the ones published by Insurance Journal, Reinsurance News, and Insuresilience provided general industry news and did not provide any negative and positive press coverage on the Caribbean surrounding the way property and casualty insurance companies have handled customer needs.
Further, we also searched through news databases such as Millie Northern Lights. However, we only found a list of articles related to the Caribbean insurance industry, none of which included any relevant negative or positive press coverage the Caribbean has received.

Our next approach was to through leading news publications in the Caribbean. Some sources referred to included but were not limited to Tribune242, GlobeNewswire, and The Bahamas Weekly. We came across two articles published by Tribune242 that provided positive and negative coverage on property and casualty insurance companies in the Caribbean. However, other articles found in publications such as GlobeNewswire and The Bahamas Weekly provided general industry news, with no relevant negative or positive press coverage the Caribbean has received.
As a last resort, we started to search through various social media research tools to find any related negative and positive press coverage the Caribbean posted by social media users. The idea here was to find any newsworthy articles shared by social media users containing negative or positive comments around property and casualty insurance companies in the Caribbean. A search through Social Animal and BuzzSumo provided lists of articles shared by social media users related to the Caribbean insurance industry. However, none of the articles included any relevant negative and positive press coverage.
Thereby, after exhausting the above approaches, we concluded that the Caribbean had received limited negative and positive press coverage concerning the way property and casualty insurance companies have handled customer needs.
Part
04
of five
Part
04

Colonial Life Insurance - Press Coverage

While we were able to locate two negative press coverages that the Colonial Insurance, or Colonial Group International, has received in the Caribbean, we did not find any negative press coverages in general of Colonial Insurance or Colonial Group International. According to Royal Gazette reports, Colonial Pension Services — a subsidiary of Colonial Group International was fined a $200,000 by the Bermuda Monetary Authority in 2019.

Colonial Insurance: Overview

  • Colonial Insurance Group, also called Colonial Group International, is a leading insurance provider with operations in Bermuda, the Caribbean, and select international markets.
  • Other independently incorporated insurance subsidiaries of the Colonial Group International are Colonial Medical Insurance Company Limited, Colonial Life Assurance Company Limited, Colonial Re Ltd., Colonial Pension Services, Atlantic Medical Insurance, Security and General Insurance Company Limited, Nassau Insurance, British Caymanian Insurance, and Colonial Insurance (BVI).

Colonial Insurance: Press Coverage

1) Negative Press Coverage — Caribbean-specific Press Coverage

A) Colonial Pension Services fined by $200,000 by The Royal Gazette (Bermuda)

  • This article by The Royal Gazette, which has press coverage in Bermuda, shows the $200,000 worth of civil penalty fine imposed by the Bermuda Monetary Authority to Colonial Pension Services, a subsidiary of Colonial Group International after they breached a condition of their license and they committed multiple breaches of regulations.

B) Former Insurance Agent Charged with Fraud by Eyewitness News (Bahamas)

  • This article by Eyewitness News, which has press coverage in Bahamas, shows how a former insurance agent of Atlantic Medical Insurance Company, an insurance subsidiary company of Colonial Group International, was arraigned in the Magistrate's Court in Nassau, Bahamas, and was charged with 24 counts of fraud, including 6 counts "falsifying medical insurance to policyholders while working as an agent at Atlantic Medical Insurance Company".
  • According to the Houston Chronicle, one of the most basic types of fraud are a misappropriation of company assets by their employee, and it can hurt, or negatively affect, the company's reputation and public trust towards them.
  • Reason Why It's Considered Negative Coverage: The article shows the fraud charges given to a former employee of Atlantic Medical Insurance Company, an insurance subsidiary company of Colonial Group International, which will negatively affect the company's reputation and lose the trust of the public to the company.

C) Article about Bermuda's Healthcare Reform by The Royal Gazette (Bermuda)

  • According to The Royal Gazette, Bermuda's Ministry of Health Minister Zane DeSilva was “a little disappointed” with the response of Colonial Group International regarding the planned healthcare reforms and National Health Plan.
  • Ministry of Health Minister Zane DeSilva also added that they were still in dialogue with Colonial Group International, and commented that “I hope they take a page out of other insurance companies’ books. I don’t feel the love with Colonial at the moment. They need to work with us, to help with the national health plan.”
  • In a published article by the Royal Gazette, an audience member named Amanda Outerbridge of the held 43rd public meeting on the National Health Plan Consultation Paper addressed the panel, which included Health Minister Zane DeSilva, and said that it's very concerning that there were only 400 people that have been exposed to their National Health Plan presentation and that there's one insurance group that has been meeting with other companies regarding the health plan issues.
  • After that statement by Amanda Outerbridge, Health Minister Zane DeSilva responded with there has been one particular insurance company that has met with several. We understand the fear and we are going to rebut that. We’re very displeased to find out that one insurance company has been putting out major miss-truths about this; when people are being told that it’s going to cost them 35 to 40 percent of their income I’d be afraid as well. It’s very disingenuous to report that.
  • According to The Royal Gazette, although the company was not named, they understood that the Health Plan’s ramifications have recently been a topic of dispute between the Ministry of Health and Colonial Insurance.
  • Reason Why It's Considered Negative Coverage: Due to this articles showing disputes and misunderstandings between Health Minister Zane DeSilva of Bermuda's Ministry of Health and the Colonial Group International regarding the National Health Plan and healthcare reforms, we considered them as negative press coverage.

Research Strategy:

To locate information, insight, and data surrounding Colonial Insurance press generally, we started by combing the company websites, newsletter, and press coverage for information regarding press coverage in the Caribbean market. We found out that Colonial Insurance Group is also called Colonial Group International, with independently incorporated insurance subsidiaries like Colonial Insurance Company, Colonial Medical Insurance Company Limited, Colonial Life Assurance Company Limited, Colonial Re Ltd., Colonial Pension Services, Atlantic Medical Insurance, Security and General Insurance Company Limited, Nassau Insurance, British Caymanian Insurance, and Colonial Insurance (BVI). We went further to leverage information on the company website for any press release or news articles about their company. However, this strategy was unsuccessful as their company website doesn't have any press release or news webpage.

Next, we scoured press releases and credible websites like Forbes, CNN, Inc., Google News, BBC News, The New York Times, RT International, CNBC, and Reuters for information regarding general press coverage of Colonial Insurance, Colonial Group International, and it's subsidiaries. However, this strategy failed to locate the required information as information found was referencing news articles about the Caribbean and insurance on their countries.

Our research team change gear by sourcing for specific press coverages of the Colonial Group International in the Caribbean, and countries of Bermuda, Bahamas, and the Cayman Islands, with a focus on any negative press coverage and criticisms. We only chose to cover these 3 countries because of scope limitations. We utilize local media sources like the CANA News Online, Caribbean News Now, Loop, and Caribbean Life for the Caribbean; Bermuda Sun, Royal Gazette, Bermuda Today, Bermuda Real, Bernews, and Bermuda Insurance Magazine, for the Bermuda; Freeport News, Bahama Journal, Nassau Guardian, Eyewitness News, and ZNS Bahamas, for the Bahamas; and Cayman Compass and Caymanian Times, for the Cayman Islands. We found a negative coverage article from The Royal Gazette regarding the fine for the civil penalty they were imposed with due to multiple breaches of regulations by the Bermuda Monetary Authority in Bermuda (s6). Our research team also found an article by Eyewitness News about a former insurance agent of Atlantic Medical Insurance Company, a life insurance subsidiary of Colonial Group International, that was charged with multiple counts of fraud in the Magistrate's Court of Nassau, Bahamas (s7). By using the Houston Chronicle as a source, we determined that employee fraud charges negatively affects a company/organization's reputation and public trust towards them, which made us conclude that the article by the Eyewitness News is negative press coverage. Aside from these two negative press coverages that are specific to the Caribbean, like Bermuda and Bahamas, there were no other negative press coverages found from local media sources. Other press coverages and articles we found were positive coverages about the Colonial Group International or Colonial Insurance.

Lastly, our research team broadened the scope of the research by using social media research and analysis tools like BuzzSumo, Social Animal, Social Searcher, and Social Mention, among others, with the goal of finding any "general" negative press coverage and news articles of Colonial Group International, or Colonial Insurance, and any additional negative press coverages that are specific to the Caribbean, Bahamas, Bermuda and Cayman Islands, if available, that were shared by social media users. However, there were no relevant news articles that were shared or mentioned by social media users regarding negative coverage of Colonial Group International, or Colonial Insurance, generally or any negative coverages that are specific in the Caribbean. We only found positive coverage news articles that were mostly redundant with the ones we found above.

Conclusion:

After extensive research, we, therefore, concluded that there is limited press coverage publicly available regarding negative press coverages about Colonial Insurance, or Colonial Group International, in general, and we only found limited negative press coverages about Colonial Insurance or Colonial Group International specifically in the Caribbean.
Part
05
of five
Part
05

Colonial Life Insurance - Cricket West Indies

Colonial Group International is responsible for sponsoring the West Indies’ one-day international home series, the Super50 Tournament, as well as being the title sponsor and official partner of Cricket West Indies. More information regarding this sponsorship is provided below.

THE EXTENT OF COLONIAL INSURANCE GROUP’S SPONSORSHIP OF CRICKET WEST INDIES

  • On 2019, Colonial Group International (CGI) signed a global partnership (with a length not disclosed) with Cricket West Indies (CWI) that names it as "the title sponsor and official partner of the West Indies’ one-day international home series". The company will also be "the body’s Official Insurance Partner".
  • The agreement includes the sponsorship of the CWI Super50 tournament, which had been without sponsorship for the last three editions since the Nagico Insurances agreement ended.
  • This sponsorship will benefit cricket, from families and communities to professional cricketers as well as Super50 and Windies fans.

HOW IMPORTANT IS CRICKET TO COLONIAL'S MARKET

  • According to Naz Farrow, CGI's CEO, "The West Indies had a fantastic test series victory over England and we hope that leads to even greater things for cricket in the Caribbean. We believe that our partnership will help develop the sport at the grassroots level and build a great future for cricket."
  • CIG is fully committed to the local communities and, as the CWI, believes in "building happy, healthy active lifestyles for millions of people, whilst inspiring and uniting communities worldwide."
  • According to Marlon Graham, VP of Brokerage & Broker Relationships of CGI, as their company provides Health Insurance in Barbados, it "is keen to support and encourage healthy active lifestyles, cricket as a sport can help achieve this". The sponsorship will encourage people to play more cricket and find the cricket stars of the future.

RESEARCH STRATEGY

Despite our efforts, we were unable to provide more information regarding the responsibilities of Colonial Group International, as well as the importance of cricket for this company. In order to find the requested information, we used the following strategies.

First, we searched through CGI's website, hoping this would provide the company's news or press releases that could contain the information related to the CWI sponsorship. However, the site did not provide any news, press releases or articles. Next, we searched through CWI's website in search of press releases, and we found the one that talked about CGI's sponsorship. Then, to support this information and add additional insights and data, we tried searching through various sources of news or articles. We could to find other news from sources such as SportBusiness and Jamaica Gleaner. However, these articles were based on the CWI's press release we had previously found. Finally, we tried consulting the CWI and the CGI social media sites, like Facebook and Twitter, in search for any other information or link to another source that could help us add more information to our findings. This search, however, lead us again to the same information based on the original CWI's press release or to the press release itself.

We concluded that the only information that both companies have provided until recently, is the CWI's press release, and any other information regarding the CGI's responsibilities for this sponsorship or their full interests on cricket, is not publicly available.
Sources
Sources

From Part 01
Quotes
  • "Health related factors affecting the Caribbean population include (but are not limited to): ageing, import dependency, sedentary lifestyles, climate, and natural disasters."
  • "Increased prevalence of non-communicable diseases (NCDs) and increased life expectancy are probable confounding factors to the adjustments in the overall age profile."
  • "The effects of global warming are the inferred cause of the proliferation of infectious diseases and mosquito vectors, and increased the frequency of storms and hurricanes in the Caribbean region."
  • "NCDs accounted 73% of deaths in the 2000 to 2016 period. Communicable, Maternal, Perinatal and Nutritional Conditions accounted for 13.2%, Injuries for 9.7%, and Symptoms, Signs, and Ill-defined Conditions for 4.1%."
  • "The three leading causes of death from 2000 to 2016 are cerebrovascular disease, diabetes, and ischemic heart disease, which, collectively, accounted for 29.6% of all deaths over the period. "
  • "HIV started the 21st century as the fourth leading cause of death, but its rank has declined, and hypertensive diseases are now the fourth leading cause."
Quotes
  • "Barriers include those common to all UHC-aspiring nations – health system challenges, worker shortages, aging populations, rising chronic disease. "
  • "But they also include unique problems that arise because of the nature of island health systems and factors particular to island economies and societies."
  • "Planning for and predicting the health needs of small populations is notoriously difficult. For small islands, a few patients requiring high cost drugs, specialist surgeries or intensive personal support can substantially skew the entire national health budget."
  • "Healthcare is one of many demands on governments in the Caribbean region, and must compete against education, security, infrastructure and the environment to name but a few."
  • "For island states in particular the provision of highly specialized services is a thorny problem."
  • "Clearly, however, the public sector capacity of a small island state ay be considerably smaller, meaning that a single civil servant can find themselves managing vast and complex areas of reforms, when the same program might fully employ several people in a larger health system."
Quotes
  • "Countries in the Caribbean have an increased vulnerability to negative health effects because of factors like their geographical situation and environmental surroundings. Specifically, these have become risk factors due to the fact that global warming models portray more extreme and uncertain weather events. "
  • "In addition, these two risk factors influence diseases to be transferred more frequently. For instance, as more extreme weather conditions occur, a simultaneous rise in pollen, mold, and dust will occur. This leads to higher levels of respiratory diseases than Caribbean nations are used to combatting"
  • "Vector-borne and zoonotic diseases are also expected to intensify as a result of climate change. These diseases have been frequenting the Caribbean more. "
  • "Specifically, one of the main mosquito carriers of dengue fever has seen a 9.5% increase in its range since 1950. This means that dengue fever has been steadily increasing and affecting a higher number of people over the years."
Quotes
  • "In the Caribbean, for example, obesity has increased by almost 400 percent in the last two decades, affecting also the infant population."
  • "Prevalence of HIV/AIDS, malaria, dengue, tobacco and substance abuse, chronic non-communicable diseases (NCDs), and physical and mental disabilities continue to exact a heavy toll in most countries"
Quotes
  • "A shift in population demographics over the next seven years is expected to have a dramatic impact on the provision and cost of healthcare in Bermuda."
  • "The rising cost of healthcare is a serious burden for businesses, which are legally bound to provide healthcare coverage for their employees, while also being a drain on household income."
Quotes
  • "Without effective regulation of medical-services providers and moves to cover the sizeable minority who have no health insurance, healthcare costs are likely to keep spiralling."
  • "John Wight, the insurer’s chief executive officer, and Michelle Jackson, senior vice-president, group lines, health and life, said in an interview the Bermuda Government’s proposals to reform healthcare financing was “the wrong starting point” for the changes needed."
  • "Ms Jackson said one such driver was the growing number of uninsured people. “More than 8 per cent of the population is not employed and without healthcare coverage,” Ms Jackson said."
  • "We insurers are regulated and the medical-services providers should be regulated as well,” Mr Wight said. “Without regulation, it’s difficult to see how we are going to be able to contain costs."
  • "It states: “The private medical care sector in Bermuda is largely unregulated, raising concerns about both the cost and quality of the care provided, of diagnostic testing and of pharmaceutical products."
Quotes
  • "Turks and Caicos Islands (TCI) Governor Dr John Freeman noted that serious mismanagement of the NHIB or of other statutory boards could cause a serious run upon the budgetary resources of the British overseas territory."
Quotes
  • "Sanigest Internacional, in its October 2014 report to the Christie administration, said the fact that some 114,517 Bahamians - or more than one-third of the population - were already covered by private health insurance had “important implications” for the planned National Health Insurance (NHI) scheme."
  • "Then, in heavily coded language, the Sanigest report warned the Government to be careful about consequences for private health insurance industry employment if it moves to a fully-fledged NHI scheme."
From Part 03
Quotes
  • "An analysis of A.M. Best-rated property/casualty insurers based in the Caribbean reveals that hurricanes Irma and Maria were mainly earnings events, and that the responsiveness of reinsurers allowed these insurers to quickly resolve a high volume of claims."
  • "Consequently, despite the magnitude of the 2017 catastrophe losses, rated P/C insurers were well-capitalized and able to withstand the record-setting impact of the hurricanes, A.M. Best analysts found."
Quotes
  • "Speaking after AM Best, the international insurance rating agency, reaffirmed the high-level creditworthiness and claims-paying ability of Bahamas First’s Bahamian and Cayman underwriting subsidiaries, he added that the group was drawing significant encouragement from “the early signs of economic turnaround” in this nation."
Quotes
  • "Disputes over Hurricane Matthew-related claims are hitting the Supreme Court, with one Lyford Cay property owner alleging his insurer and broker are "stalling" to avoid a $1.6 million payout."
  • "The corporate owner of Jacaranda, understood to be controlled by a wealthy Kentucky resident, is battling Summit Insurance Company and Insurance Management (Bahamas) over both the value of construction repairs and issues related to the insurance policy contract."
  • "Bolingbroke Ltd, in its June 22, 2017, statement of claim is alleging that Summit and Insurance Management - respectively the policy's underwriter and agent/broker - are disputing the repair costs and raising concerns of under-insurance as "an excuse not to pay out on a justified claim"
  • "The Bahamian insurance industry has evolved as an agent/broker driven market, with many of the local property and casualty underwriters created as vehicles for them to place business with."
  • "It is claiming that Neil Cadman, an Insurance Management director, did not disclose these issues when advising Jacaranda to place its property insurance business with Summit."
Quotes
  • "Sompo International Holdings Ltd. (“SIH”), a Bermuda-based specialty provider of property and casualty insurance and reinsurance, announced today that effective immediately, Mr. Michael Chang, Mr. Graham Evans and Mr. Christopher Sparro will co-lead Sompo International’s Commercial Property and Casualty (“SI Commercial P&C”) Insurance business. "
Quotes
  • "Aspen Insurance Holdings confirmed on Friday, Feb. 16 that it has ceased underwriting property insurance on its Bermuda platform, effective immediately, as a result of the company’s 2017 catastrophe losses."
Quotes
  • "This month he was in The Bahamas for a second time, this occasion to help Insurance Management Ltd. and Summit Insurance Company launch their cyber security insurance coverage."