Barbados is charting an ambitious new course to solidify its status as a global insurance hub, with the Financial Services Commission (FSC) unveiling a series of strategic initiatives to boost efficiency, innovation, and regulatory agility in the $174 billion insurance sector.
FSC Chairman Oliver Jordan, speaking at the recent Barbados Risk and Insurance Management (BRIM) conference hosted by BIBA – The Association for Global Business – announced key plans aimed at strengthening Barbados’ position in the ever-evolving world of risk and insurance management.
“Barbados ranks seventh globally in the captive insurance space, but if we want to stay competitive and move ahead, we must evolve with the times,” Jordan told a packed audience at the Wyndham Grand Sam Lord’s Castle, St. Philip.
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With a legacy in insurance that dates back to the 1840s, Barbados is now home to a mix of local and international firms managing over $174 billion in assets. But Jordan acknowledged that despite the country’s strengths, regulatory delays have frustrated industry players and potentially cost the island critical opportunities.
“We’re listening,” he said. “Speed matters in today’s global market. We must be more than a regulator — we must become a strategic partner, an innovation driver, and a foundation of Barbados’ financial resilience.”
To meet that vision, the FSC will launch a comprehensive training programme over the next year, tapping into the expertise of global insurance specialists to enhance the skills of its regulatory personnel. The goal: to improve the handling of complex applications and apply more effective risk-based decision-making — especially in fast-moving areas like captive insurance, enterprise risk, and emerging threats such as cryptocurrency.
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Technology will also play a crucial role. The FSC plans to streamline its internal processes using digital tools that will reduce delays, boost transparency, and automate time-consuming tasks, making it easier for businesses to operate efficiently within Barbados.
Jordan stressed that these upgrades aren’t just about speed — they’re part of a wider transformation aimed at embedding climate resilience, digital readiness, and global best practices into the island’s financial oversight.
“As a Caribbean nation on the frontlines of climate change, we understand resilience,” he said. “We are integrating climate risk and digital transformation into our regulatory approach so that Barbados continues to offer innovative, sustainable financial services to the world.”
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The effort comes amid growing international interest in Barbados’ captive insurance market. In 2024, the island recorded 19 new captive insurance formations, up from 12 in 2023 — a positive signal of the sector’s momentum.
Canada remains the dominant source market for Barbados’ captive insurance business, accounting for 51% of registrants, followed by the United States with 25%.
As the FSC moves ahead with its bold agenda, Jordan made one thing clear: Barbados is not content to follow the curve — it’s ready to lead.
“The future of risk and insurance management will belong to those who embrace change, think boldly, and act decisively,” he said. “And that’s exactly what we’re prepared to do.”
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