BRIDGETOWN, Barbados--(BUSINESS WIRE)--BIBA, the Association for Global Business in Barbados, has launched its first virtual Barbados Risk & Insurance Management (BRIM) conference, which will be held March 24 & 25.
Derrick Cummins, BIBA President and CEO of Amicorp Bank & Trust Ltd noted that, as Barbados is one of the top domiciles for captive insurers in the world, such a conference was long overdue.
According to Cummins, reports showed that as businesses and individuals grapple with the fallout from the COVID-19 global pandemic, the insurance industry worldwide is experiencing a high demand for coverage. However, on the flip side, he said, insurers were facing high capital adequacy requirements, creating the type of hard market that leaves clients little room for negotiating on premiums, and insurers little appetite for writing new policies.
Ricardo Knight, BIBA’s Marketing and Communications Committee Chair and Senior Vice-President of Marsh Captive Solutions, highlighted that captive registrations into Barbados continued to increase despite one of the harshest pandemics that the world has ever seen.
A captive insurer is generally defined as an insurance company that is wholly owned and controlled by its insureds, and its primary purpose is to insure the risks of its owners, while its insureds benefit from the captive insurer's underwriting profits.
Barbados is a global business centre with over 30 years’ experience in providing international insurance solutions. 2020 statistics from the Barbados Financial Services Commission (FSC) showed Barbados had 279 captives, the bulk of which are Canadian and American entities.
Topics for discussion at BRIM 2021 include:
- Risk Management Post-Pandemic
- Emerging Markets – New Opportunities
- Investment opportunities in a low yield environment
- New Initiatives in Captives - Covering Cyber Risk and Pandemic Risk
- Managing Investment Portfolios for Captives
- Regulation in a Post-COVID World
- Disaster Risk Financing and Sustainable Development - A Look at Parametric Insurance at the Sovereign and Micro Levels
- IFRS 17 - It's time for a Straight Line to the Finish
- Michael Serricchio, Managing Director of Marsh Captive Solutions in the Americas
- Daryl Senick, Partner and National Insurance Leader with BDO Canada
- Elizabeth Emanuel, Technical Assistance Manager for the CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility)
- Professor Avinash Persaud, Chairman of the Barbados FSC
- Ben Arrindell, special advisor to the Prime Minister on international business matters and Deputy Chairman of Cidel Bank & Trust
Conference Sponsors are: RBC Dominion Securities Global; the USA Risk Group; London & Capital; Strategic Risk Solutions; Invest Barbados; Sagicor Life Inc; and Summit Asset Management.
To register visit www.brim.biba.bb
BIBA is a non-profit private sector organization comprising companies engaged in global business from, within and through Barbados, and companies which are otherwise strategically associated with this sector. It provides a network for meetings and exchange. BIBA serves as a voice for global business in Barbados and has over 140 member firms at this time.