NASSAU, The Bahamas – The Government of The Bahamas has pledged continued support for the advancement of the insurance industry and the work of the Insurance Commission of The Bahamas. The commitment was reiterated by the Minister of Economic Affairs, Senator the Hon. Michael Halkitis, during the grand opening of the Commission’s new headquarters, Silk Cotton House, located on Prospect Ridge on Thursday, September 4.
Also attending the gala ceremony was Governor General, Her Excellency the Most Hon. Dame Cynthia A. Pratt; Chairman of the Insurance Commission, Dr. Keith Major; Superintendent of Insurance, Dana Munnings-Gray; Commissioners, industry leaders, and stakeholders.
Delivering remarks on behalf of the Prime Minister and Minister of Finance the Hon. Philip Davis, Minister Halkitis congratulated the Commission on its achievements and praised its role in national development.
“This occasion is more than the unveiling of a building—it is a powerful symbol of institutional growth, national progress, and our collective commitment to excellence in financial regulation,” he said. “On behalf of the Prime Minister, I extend warm greetings to all distinguished guests, industry leaders, and registrants who have joined us for this milestone. I especially commend the visionary leadership of Chairman Dr. Keith Major and Superintendent Dana Munnings-Gray, who have guided the Commission through a period of transformation and innovation.”
Mr. Halkitis noted that the insurance sector remains a pillar of the Bahamian economy, generating over $563 million in general insurance revenue and $412 million in long-term insurance revenue in 2024, reflecting strong performance and public confidence.
He emphasized insurance as both a financial product and a mechanism of protection: “Whether in the face of natural disasters, economic shocks, or climate change, our insurance industry helps families rebuild and enables businesses and institutions to recover and thrive.”
Achievements in the Insurance Sector
The Minister highlighted several milestones, including:
Recognition as Most Trusted Insurance Regulatory Enabler – The Bahamas 2025 by the BFSI Insider Awards.
Membership in the UNDP Sustainable Insurance Forum (SIF) and the International Association of Insurance Supervisors (IAIS).
A working agreement with the Bermuda Monetary Authority (BMA), including staff secondment.
A secondment to the U.S. National Association of Insurance Commissioners (NAIC).
A new working agreement with the Organisation for Economic Co-operation and Development (OECD).
He further commended the Commission’s leadership in advancing IFRS 17 implementation, noting that while several Caribbean nations deferred adoption, The Bahamas moved ahead decisively. The sector now reports capital adequacy ratios ranging from 134 per cent to over 3,500 per cent, underscoring resilience and solvency.
Embracing Innovation
Minister Halkitis also pointed to the pivotal role of Artificial Intelligence (AI) and emerging technologies in the future of insurance. He noted the Commission’s proactive approach through:
Climate risk guidance and corporate governance standards.
Cybersecurity protocols and AI ethics assessments.
Integration of ESG (Environmental, Social, and Governance) and DEI (Diversity, Equity, and Inclusion) principles.
He praised the launch of the InsurTech Compliance, Innovation, and Regulatory Practices (ICIRP) Course, developed with the University of Cambridge’s Centre for Alternative Finance and supported by the Bahamas Institute of Financial Services (BIFS). The programme’s first cohort enrolled more than 60 participants, including regional professionals.
The Minister also lauded initiatives to strengthen the workforce, including updated licensing requirements, enhanced professional certification, modernization of the Salesperson Examination, and sponsorship of students pursuing actuarial science degrees.
“These efforts ensure not only a well-regulated sector but also a competitive, inclusive, and future-ready one. The Commission’s work builds trust, attracts investment, and reinforces The Bahamas as a sophisticated insurance jurisdiction,” he said.
