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Barbados

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Barbados

Insurance Intelligence

Providing expert analysis, independent market insight and company data on the insurance industry.

Insurance market reports are produced following a country visit with interviews with professionals working in the sector with systematic updates to information throughout the cycle. Covering market developments, macroeconomic factors and comprehensive details of the regulatory environment including relevant taxation as well as market indicators and company statistics.

Axco’s Barbados Non-Life Insurance Market Report (P&C) also comprises a detailed analysis of lines of business and sub-classes such as natural hazards, property, construction and machinery breakdown, motor, workers compensation & employers’ liability and liability.

The Life & Benefits Report for Barbados includes detail on social security, healthcare, individual life assurance and pensions information as well as market statistics and life company statistics

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Information for Barbados can be seen in:

Insurance Market Reports (Non-Life) Insurance Market Reports (Life & Benefits) Insight Compliance Market Profiles Global Statistics Regulatory Alerts Compliance Point Clinical Trials

Country Information

Time-zone
Capital city
Currency
Population
Real GDP growth (%)
Inflation (%)
latest GWP (USD)
Insurance Penetration (%)
GMT-4
Bridgetown
BBD
0.29 mn
9.52%
3.25%
390.95
7.52

Barbados is the most easterly of the Eastern Caribbean islands with a population estimated in 2020 at around 290,000. The country was administered by the British from 1627 until independence in 1966.

From being a market largely of general agencies and few insurance companies, the Barbados non-life market now effectively comprises local companies and ones from other CARICOM and associated CARICOM countries. 

Changes in taxation implemented progressively from the beginning of 2019 mean a single tax regime was applied to both domestic and international (including captives) insurance businesses, rather than the preferential scheme which the latter previously enjoyed. For domestic companies, not limited to the insurance sector, the changes meant a significant reduction in corporation tax levels.

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