The inaugural Barbados Risk & Insurance Management Conference, which will be held virtually from March 24-25, 2021 was launched via Zoom recently.
The two-day conference is designed to showcase Barbados as a competitive, mature insurance domicile that falls within the top ten domiciles for captive insurance globally. The event is expected to attract over 200 participants from the local, regional and international insurance sector including risk, finance, legal and investment, among other professions in the captive industry.
According to the President of the Barbados International Business Association (BIBA) and CEO, Amicorp Bank & Trust Ltd, Mr. Derek Cummins, who delivered remarks at the launch, " As businesses and individuals grapple with the fallout of the global novel coronavirus pandemic, the insurance industry worldwide is seeing a high demand for coverage, but on the flip side insurers are 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." He also added, "Along with the impact of COVID-19, Barbados and the rest of the region face catastrophic risk from hurricanes and other natural disasters. Last year saw one of the most active hurricane seasons on record and early indicators are for 2021 to be similarly active."
Conference speakers will include: Professor Avinash Persaud, Chairman, Financial Services Commission; Ben Arrindell, special advisor to the Prime Minister on international business matters and Deputy Chairman of Cidel Bank & Trust; Michael Serricchio, Managing Director, Marsh Captive Solutions in the Americas; Daryl Senick, Partner and National Insurance Leader with BDO Canada; and Elizabeth Emanuel, Technical Assistance Manager, Caribbean Catastrophe Risk Insurance Facility; among others.
Topics to be discussed at the conference will include 'Risk Management Post-Pandemic', 'Emerging Markets - New Opportunities', 'New Initiatives in Captives, including covering cyber risk and pandemic risk', 'Risk Management & Climate Change' and 'Credit 101 for Captives' among others.
Cummins thanked the sponsors for making the conference possible. These include Diamond Sponsors – RBC Dominion Securities Global and the USA Risk Group; Platinum Sponsor – London & Capital; Gold Sponsor – Strategic Risk Solutions and Bronze Sponsors – Invest Barbados, Sagicor Life Inc and Summit Asset Management.
For further information on the upcoming Barbados Risk & Insurance Management Conference, you may contact the BIBA Secretariat at www.biba.bb/.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.