BRIM AND BEYOND: BARBADOS SETS STANDARD FOR RISK AND INSURANCE SERVICES

Barbados’s three-decade long history of primacy in the global captive insurance market has been built on the strategic actions of the island’s policy makers and the dogged pursuit of new business by a class of dedicated insurance, banking, legal and corporate service professionals on the island. Together they have capitalised on the island’s advantages of top-quality human resources, robust infrastructure, a well-established international banking network, substantial depth in insurance services and a facilitative, yet robust, regulatory regime.

In the context of a trillion-dollar global financial system, it might seem surprising and almost exotic that a 166-square-mile Caribbean island with a population of just over 280,000 ranks seventh in the world for captive insurance. Yet the data is clear.

What do the numbers look like? According to the Barbados Financial Services Commission (FSC), the regulator of Barbados’s non-bank financial institutions, more than BBD $147 billion (US$73.5 billion) in captive insurance assets were under management in Barbados at the end of 2024. To put this into perspective, the island’s gross domestic product (GDP) is only BBD $7.55 billion. Such data underscores the crucial role of the captive insurance industry to the Barbados economy.

At the heart of Barbados’s international insurance ecosystem are the professionals who represent the member companies of the Barbados International Business Association, trading as “BIBA, the Association for Global Business”. This private sector organisation represents approximately 140 companies operating in and through Barbados. BIBA’s influence extends beyond advocacy – it is also a catalyst for industry development.

One of BIBA’s flagship initiatives is its annual Barbados Risk and Insurance Management (BRIM) Conference. Now entering its sixth year, BRIM has become a must-attend event for global risk and insurance professionals. The next edition is slated for March 26-27, 2026 at the impressive Wyndham Grand Barbados all-inclusive resort, with a pre-conference golf tournament on March 25, 2026, on the Ron Kirby-designed course of the Barbados Golf Club.

Ms. Carmel Haynes, BIBA’s executive director, says BRIM serves as a platform for mutual learning and policy shaping. “This conference gives global captives and risk managers the opportunity to understand Barbados’s legislative and policy pursuits and offer feedback that can shape future directions.”

Ms. Haynes added that what sets BRIM apart is its inclusive focus. It is not solely a captive insurance event. Instead, it brings together professionals from property and casualty insurance, reinsurance, banking, financial services, legal sectors and cyber risk management. This multidisciplinary approach allows for dynamic discussions on intersecting issues – from investment strategies and emerging risks to the latest in digital finance and AI.

This conference also allows international participants to hear first hand from the regulators what are the plans for the sector as the island seeks to further establish its primacy as a jurisdiction of choice for the global captive industry. The FSC is a strategic partner and premium sponsor of the BRIM Conference. 

As the global business landscape becomes increasingly complex – marked by economic uncertainty, digital transformation and geopolitical instability – Barbados has sent the signal that it is not standing still. The island continues to refine its business facilitation environment and regulatory practices, while actively expanding its treaty network to remain competitive and forward-looking.

In June 2025 the FSC launched a global consultation on the Barbados captive landscape designed to bolster Barbados’ ongoing effort to enhance its attractiveness as a leading captive insurance domicile. The consultation was promoted as part of a wider initiative to improve service delivery, streamline procedures and align with international best practices, while supporting sustainable economic growth through financial sector development.

Mr. Warrick Ward, the FSC’s chief executive officer set the context for the consultation by stating: “To position the international and captive insurance sector [in Barbados] for sustainable future growth, the Financial Services Commission is enhancing its risk-based supervisory framework to remain nimble and responsive to rapidly evolving economic conditions, increasing digitisation and the rise of AI.” 

Mr. Ward added that a core element of this strategy involves the issuance of targeted guidelines to supplement existing legislation, ensuring more tailored and adaptive oversight. Additionally, the FSC plans to revisit capital and solvency requirements, reinsurance adequacy, and risk transfer mechanisms to maintain high regulatory standards.

Conversations around these initiatives, and other developments in the global risk and insurance management space, sit at the core of BIBA’s efforts to advance the international insurance and reinsurance industry in Barbados through the staging of the BRIM conference. 

Attendees of BRIM – whether attending in person or virtually – can expect insights from international thought leaders on the use of captives to manage emerging and non-traditional risks. Discussions will also explore innovative solutions to mitigate the cyber vulnerabilities of cryptocurrencies – one of the sector’s fastest-growing concerns.

Beyond the weighty discussions, BRIM’s purpose is to also expose the world to the enormous breadth of talent, professional expertise, mind and management that exist in Barbados. From legal, accounting and finance to corporate services, and highly trained and experienced insurance industry experts. 

As Ms. Haynes explains: “By bringing together local, regional, and international thought leaders, the BRIM Conference highlights Barbados’s expertise in risk management and insurance.”

This, she points out, helps position the country as a hub for innovative insurance solutions. “Beyond the knowledge-sharing helping delegates to stay competitive and be aware of the latest industry trends, we also hope delegates will foster relationships that can lead to new business opportunities and partnerships long after the conference
is over.”

Canada remains the main source market for Barbados’s captive portfolio. Statistics from the FSC indicate that about 51 per cent of captive registrants in Barbados are from Canada with the US accounting for 25 per cent. The remainder is drawn from Latin America, the Caribbean, Europe and Africa, reflecting the island’s growing global appeal. However, Barbados is acutely aware of its need to further diversify the markets of origin from which it draws business. 

Ms. Haynes outlined BIBA’s important role in supporting the efforts of Invest Barbados, the government’s inward investment promotion agency, to attract more captive business through encouraging its members to join Invest Barbados at its exhibitor booths during the Canadian and US-hosted Risk Insurance Management Association’s conferences, the World Captive Forum. 

She also pointed out that BRIM is playing an increasing role in this diversification effort with last year’s conference drawing close to 300 delegates from Antigua, Bahamas, Bermuda, Canada, Cayman, Grenada, St. Kitts and Nevis, Panama, Mauritius, Trinidad & Tobago, the UK and the US. Ms. Haynes added that all indicators are that the 2026 BRIM Conference will exceed this performance and the conference committee was once again looking forward to highlighting Barbados as a hub for innovative insurance solutions.  

Carmel L. Haynes is the executive director of the Association for Global Business. She can be contacted at: execdirector@biba.bb