Caribbean Faces Rising Climate and Insurance Risks

Barbados and other Caribbean nations are confronting escalating financial and insurance risks linked to climate change, which, if left unaddressed, could threaten regional stability. This warning was issued by Marlon Yarde, President of the Barbados International Business Association (BIBA), during the launch of the 2026 Barbados Risk and Insurance Management (BRIM) Conference.

Speaking at a press conference on Tuesday at Pelican House, Harbour Road, Yarde emphasised that these emerging risks are now among the most significant factors influencing the region’s economic health. “Current risks are the principal determinants of our regional economy. Constraints in the reinsurance market, stringent regulations, and rapid technological change have heightened vulnerability to unprecedented levels. The greatest risk is inaction,” he said.

Yarde further highlighted the speed at which the global risk landscape is evolving. “Climate volatility, economic uncertainty, geopolitical pressures, and technological innovation are the main drivers of change. Insurance and risk management are no longer purely back-office functions—they are fundamental pillars for national stability, business competitiveness, and investor confidence.”

BRIM 2026: Strategic Objectives

According to Yarde, BRIM 2026 serves as a strategic platform to prepare Caribbean countries for shifts in the global reinsurance market, heightened competition, and changes in insurance premiums and capacity. The conference will address critical questions:

• Under what circumstances could the region become financially ‘uninsurable’?

• How can risk transfer remain cost-effective and sustainable?

The discussions are intended to guide long-term regional planning and strengthen economic resilience.

Regulation and Investor Confidence

“Trust in the market is built through robust regulation, transparency, and accountability,” Yarde noted. “In an environment where capital is selective and risk is rapidly evaluated, investor confidence is indispensable.”

Barbados Insurance Sector: Position and Competitiveness

Yarde observed that Barbados’ captive insurance sector is already stable, but competition is not guaranteed. Key topics at BRIM 2026 will include:

• Barbados as a potential hub for Managing General Agents (MGAs).

• How digital assets, cryptocurrencies, and emerging financial infrastructure increase regional risk and cyber-security challenges.

Impact and Collaboration

“Decisions in insurance and risk management have direct consequences for regional economies and communities,” he added. BRIM 2026 will bring together regulators, insurers, reinsurers, risk managers, analysts, and innovators to foster coordinated solutions.

BRIM 2026 Summary

Through BRIM 2026, Barbados and its Caribbean neighbours aim to chart a clear path toward strengthened risk management, insurance readiness, and long-term regional economic resilience.