Quick, responsive and flexible
The Insurance Commission of The Bahamas is amongst the best in the region: market perception is that they are quick, responsive and flexible.
The External Insurance Act of The Bahamas was revamped resulting in the 2010 External Insurance Act. It introduced an independent insurance regulator along with new regulatory structures and features to make the international products here amongst the top world wide.
The Bahamas domicile has also gained a lot of experience in several different industries and captive structures (e.g. resulting in a significant growth in captive cell structures over the years). In addition, The Bahamas government remains committed to carefully building the external insurance market.
Knowledge and experience
The Bahamas has seen a significant growth in insurance professionals and managers over the years. The consolidation of the domestic market resulting in Bahamian ownership of several former US or Canadian firms has seen a commitment to developing resources on the island (leading to growth in the numbers of actuaries, claims managers, risk managers etc): The international insurance market benefits from such developments.
Location, location, location
The Bahamas is one of the top holiday destinations in world. It boasts some of the best resort developments in the region resulting from several multibillion-dollar investments from investors spanning the globe (North America to China).
Meeting and room facilities located here are amongst the best, with good accommodations being available at reasonable costs. Airlift to the city of Nassau is also reasonable. Nassau is just a stone throw from Florida (Southern USA) with direct flights from most of the top markets.