Insurance - Domestic Insurance Sector

Domestic Insurance Sector

 

Regulation and supervision of the domestic insurance sector in Barbados began in 1972, with the enactment of the first Insurance Act. A second Insurance Act was passed in 1996, to strengthen the protection provided to policyholders, and to generally expand the existing regulatory framework.

The domestic insurance sector has grown steadily over the years, and is currently a well-established component of the financial system. The main categories of insurance are general insurance and long-term insurance. Of the general insurance category, motor and property constitute the main classes of business written, while the main class of business in the long-term insurance category is ordinary life insurance. A significant portion of insurance business is also written through brokers.

The Insurance Statistics section of this website, provides additional data and statistical information on the domestic insurance sector. For further information regarding the establishment of a domestic insurance company, broker or any other intermediary, see Licensing/Registration