Bahamas Insurance Association Calls on Minister of Health
Pledging to be ‘partners in health’ the Minister of Health, the Hon. Duane Sands recently welcomed the Bahamas Insurance Association (BIA) for a courtesy call. Minister Sands described the meeting as positive and productive noting, “Organizations such as the BIA will be key partners for the Ministry of Health as it works to transform and enhance healthcare in The Bahamas.”
The Minister also underscored the need for meaningful input from the insurance industry and suggested there were opportunities for the BIA to participate in a significant way and to provide new products. “I look forward to a mutually respectful relationship with the BIA and suggest regular meetings to maintain the dialogue,” said Sands.
Executives of the BIA, led by chairman, Emmanuel O. Komolafe, sought to meet the new Minister and introduce the BIA and its objectives. Thanking the Minister for the meeting, Komolafe emphasized the stability of the insurance industry and noted that gross written premiums amounted to about 9% of the nation’s GDP. He remarked that industry has significant interest in the financial health of the country while highlighting the correlation between The Bahamas’ sovereign rating and the credit rating of BIA. The Minister was also advised of a number of outstanding issues including exchange control restrictions which limited insurers’ ability to invest outside The Bahamas and the challenge with asset liability matching for long term insurers.
Komolafe expressed, “Overall the BIA is optimistic about working with the Ministry of Health and the NHI Authority once formally constituted and looks forward to collaborating on the refinement of the NHI model and advancement of both the health and insurance industries.”
ABOUT THE BAHAMAS INSURANCE ASSOCIATION: The Bahamas Insurance Association (BIA), formerly known as the Bahamas General Insurance Association (BGIA), is a trade association of insurance companies, brokerages, and agencies licensed by the Insurance Commission of The Bahamas, dealing in all lines of General (property and casualty) and Long Term (life and health) insurance business. Its main purpose is the representation of the interests of the Insurance industry to the Bahamian Government and People, and to other local and international bodies.