Barbados Warned of Climate, Insurance, Financial Risks

Barbados and its Caribbean neighbours face mounting exposure to climate-driven, financial, and insurance-related risks that could threaten regional stability unless decisive action is taken, a leading international business figure has warned.

Marlon Yarde, President of the Barbados International Business Association (BIBA), emphasised that these risks are now among the region’s most pressing economic challenges. Rapid technological change, evolving reinsurance markets, and regulatory pressures are reshaping vulnerabilities, he cautioned, and failing to prepare for these shifts could prove the greatest risk of all.

Yarde made the warning during the media launch of the 2026 Barbados Risk and Insurance Management Conference (BRIM), held on Tuesday at Pelican House, Harbour Road. The two-day event is scheduled for 26–27 March at the Wyndham Grand Barbados Sam Lord’s Castle Resort.

“You meet at a moment when the global risk landscape is shifting in real time, shaped by climate volatility, economic uncertainty, geopolitical tension, and technological transformation,” Yarde told reporters. “Insurance and risk management are no longer back-office functions. They are central to national resilience, business competitiveness, and investor confidence.”

Barbados is positioning itself not just as a responder but as a leader in shaping how small, forward-looking jurisdictions tackle these complex risks. BRIM 2026 aims to provide a strategic platform to confront challenges ranging from the evolution of global reinsurance markets to intensifying competition and shifting pricing and capacity.

Key Risk Areas for Barbados and the Caribbean

Yarde stressed that regulatory strength, solvency frameworks, and governance standards are now central to sustaining market credibility. “In a world where capital is selective and risk repriced rapidly, confidence matters. Confidence is built through strong frameworks, transparency, and regulatory foresight,” he said.

Highlighting Barbados’ established position in captive insurance, Yarde noted that the island’s global standing rests on decades of regulatory credibility and professional expertise. He warned, however, that maintaining competitiveness demands constant evolution. The conference will also explore whether Barbados could become a domicile for Managing General Agents (MGAs) and address emerging issues in crypto markets, digital assets, and financial infrastructure.

By convening regulators, insurers, reinsurers, risk managers, and innovators, BRIM 2026 aims to strengthen the Caribbean’s capacity to respond effectively to an era of heightened climate threats and economic uncertainty.