Insurance Firm Sees Barbados As Good Place To Do Business

by Amanda Banks, Tax-News.com, London

06 April 2004

Barbados has been rated as a “good place to do business” by the chief executive officer of a regional insurance firm which has recently expanded into the jurisdiction.

“Barbados has many attractions for us,” said Brian Murphy, CEO of Island Heritage, at the official launch of the firm’s Barbados office last month. “It is a growing and important financial centre; the insurance business is good and enjoys a tremendous reputation and it is a good place to do business because you have a very sound and practical regulatory environment.”

“We have always been impressed with the quality and standard and professionalism of the people in the industry and the ability of the industry to attract well educated and ambitious young Barbadians into the world of insurance, something which is sadly lacking in some other islands Heritage,” stated Mr Murphy.

He observed that local insurance firms have picked up the baton “magnificently” in the wake of many larger insurance carriers departing the Caribbean region in recent years. He also noted that challenges presented by trade liberalisation with the coming of the CSME would ultimately benefit the region.

“I believe that the opportunities far outweigh any short-term difficulties,” he argued.

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