The Bahamian general insurance market had its origin in the early 1970s in a few isolated insurance agents formed mainly as a by-product of local merchants who through agency agreements wrote business for composite general insurers mainly domiciled in the U.K. Slowly, as the economy expanded and the demand for general insurance products grew, merchants spun off their insurance business into stand-alone agencies. The Road Traffic Act 1958 spurred this demand amongst the general population by the imposition of compulsory third party liability insurance for motorists. The agency market grew steadily and in early 1972, just after the first Insurance Act was introduced (in 1970), the Bahamas General Insurance Agents’ Association (BGIAA) was formed. Originally the association consisted only of general insurance agents but in 1975, with the addition of underwriters and adjusters as members, the name was changed to the Bahamas General Insurance Association (BGIA). In February of 1993 the BGIA was incorporated under the Companies Act 1992, as a Company Limited by Guarantee.
  The early 1980’s saw the emergence of the first Bahamian general insurance company, voluntarily formed and supported through its associated agency portfolio. In the late 1980’s the mainly UK-domiciled composite insurers that wrote business in the Caribbean and The Bahamas had a rude awakening to the reality of their property portfolios’ exposure to hurricanes, after experiencing losses from Hurricane Hugo. The resultant retraction of capacity in the region by insurers and their reinsurers saw some of the composite insurers withdraw from The Bahamas, thereby creating the opportunity for the establishment of other insurers in the local market. The local companies wrote business primarily for their associated agents. However, in the 1990’s there began a divergence by a few local insurers to offer their products to other non-associated agents/brokers in the market. In the late 1990’s the industry experienced the dilution of the foreign ownership of local insurers, and subsequent years saw the acquisition and mergers of agency portfolios of business by industry players to increase their market shares.
  As may be gathered from the above, the pattern of distribution of general insurance products throughout The Bahamas is predominantly through agents or brokers. The general insurance market today is not the languid industry it once was. It is now saturated by a number of insurers, agents and brokers all competing for market share with price, particularly in the property or fire class, being driven by reinsurers.

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Near the end of the first decade of the 21st century, the BGIA entered into negotiations with a number of Life and Health insurance companies that had indicated a wish to join with the BGIA and form a single Bahamas Insurance Association (BIA) This development followed on the dissolution of the Bahamas Association of Life and Health Insurers (BALHI) and the realization of the surviving members that an alliance with the BGIA was their best option for having a significant voice in the new regulatory environment in The Bahamas. As a consequence, at an Extra-Ordinary AGM on the 17th November, 2010, the members of the BGIA voted to 1) amend the Association’s Memorandum and Articles of Association to accommodate the membership of Life and Health Insurers and 2) change the name of the Bahamas General Insurance (BGIA ) to the Bahamas Insurance Association (BIA). This combined association now represents the major players in the local insurance industry and allows the industry to speak with a strong unified voice in negotiations with the government and other bodies.

The objectives of the BIA are as follows: (a) to develop, promote and protect the interests of its members and the Insurance business in the Commonwealth of The Bahamas, and to increase public awareness and education with respect to the benefits of Insurance; (b) to foster the education of persons working in the Insurance industry The Bahamas; (c) to participate in civic affairs; (d) to consider all matters pertaining to the Insurance industry in particular, and to trade and commerce in general in The Bahamas; (e) to represent the opinion of the Association to responsible persons and bodies; (t) to promote or oppose legislative and other measures affecting the Insurance industry, trade and commerce in The Bahamas; (g) to collect, examine and distribute among its members statistical and other information in relation to the Insurance industry and trade and commerce in The Bahamas; (h) to print and publish newspapers, periodicals and books or leaflets which the Association may think desirable for the promotion of its objects, and from time to time engage in public relations activities in whatsoever form the Association shall deem fit; (i) to become affiliated with any active, commercial, civic, or professional organization or association in any part of the world whose objects, purposes and work shall be similar in part or in whole to those of the Association; (j) to promote and maintain high ethical standards amongst the members of the Association; and (k) to do all other lawful things as are incidental or conducive to the attainment of the above objects.

For Insurers, Agencies and Brokerages Membership is restricted to companies, persons or bodies of persons Registered/licensed by the Insurance Commission of the Bahamas to establish an insurance company, agency or brokerage to transact Insurance business in the Commonwealth of The Bahamas. Plus One or more of the executive directors, principal officers, or senior managers of the company must have professional insurance qualifications to the level of the ACII (or equivalent), and at least three (3) years relevant work experience in General or Life & Health Insurance business immediately prior to the application for membership in the Association. Or One or more of the executive directors, or principal officers, or senior managers of the company must have at least ten (10) years of relevant work experience in general or life and health insurance, with at least three (3) of the years being in a senior managerial position. For Loss Adjusters Membership is restricted to companies, persons or bodies of persons registered/licensed by the appropriate supervisory authority to establish a loss adjusting company to do business in the Commonwealth of The Bahamas. Plus One or more of the executive directors, or principal officers, or senior managers of the company must have professional loss adjusters' qualifications to the level of the ACILA (or equivalent), and at least three (3) years relevant work experience in loss adjusting immediately prior to the application for membership in the Association. Or One or more of the executive directors, or principal officers, or senior managers of the company must have at least ten (l0) years of relevant work experience in loss adjusting, with at least three (3) of the years being in a senior manageria1 position.