Carmel L. Haynes, executive director at Barbados International Business Association, highlights the significance of the upcoming Barbados Risk & Insurance Management 2025 Conference in fostering innovative solutions and global collaboration in the industry
BIBA rebranded in 2020 as 'the Association for Global Business'. Can you tell our readers about this evolution and how it reflects Barbados' growing role in the international insurance market?
Our board wanted to send the signal that we are not an association for offshore companies but that our membership is open to any company that does global business through or from Barbados. For example, one of our members is Sagicor Life, a multinational insurer with operations throughout the Caribbean, the US, and Canada, but whose origins are Barbadian.
With over 140 member companies across various sectors, how does BIBA support the specific needs of captive insurance and risk management professionals?
Barbados International Business Association (BIBA) counts the Barbados Financial Services Commission (FSC), the regulator of domestic and international insurance business on the island, among its strategic partners, and through the efforts of our board sub-committee on insurance, we provide a conduit through which our members can have direct input into legislative or policy changes proposed by the FSC.
Our executives and members actively support Invest Barbados, the government’s inward investment promotion agency, in its efforts to attract more captive business to the island.
This is achieved through their participation in exhibitor booths at key events, such as the Canadian and US-hosted Risk Insurance Management Association conferences and the World Captive Forum, among others.
Additionally, the establishment of the Barbados Risk & Insurance Management (BRIM) Conference in 2021 has created a valuable platform for thought leadership and dialogue between industry experts and regulators, aimed at advancing the enabling environment for captive insurance and risk professionals.
What factors led to the creation of the BRIM Conference, and how has it evolved to become a significant event in the region's insurance calendar?
Barbados is a well-established international insurance jurisdiction with over 30 years of experience and has consistently ranked among the top 10 domiciles for captive insurance during this time. However, unlike some of our competitors, we had been somewhat slow to host an in-country event that highlights our expertise, regulatory framework, and exceptional quality of life as a comprehensive package.
That said, this event stands out because it is not solely a captive conference. Instead, it fills a niche by bringing together professionals from property and casualty (P&C), reinsurance, risk management, and related fields in banking, finance, and legal services. It provides a platform for cross-cutting discussions on emerging issues in (re)insurance, risk, investments and financing, cyber-risk, and cybersecurity.
The BRIM Conference is now in its fifth year. What can attendees expect from the 2025 event, and how does it differ from previous years?
The BRIM Conference continues to grow each year, and in 2025, we are excited to move to a new venue: the luxurious all-inclusive Wyndham Grand Barbados. Situated along the coast and adjacent to the historic ruins of Sam Lord’s Castle, this stunning location enables us to welcome even more delegates and sponsors to this year’s event.
We are also thrilled to introduce a new addition to the programme — the BRIM Golf Tournament — which will take place on 26 March at the Barbados Golf Club, just before the conference begins. This boutique 18-hole course, a favourite among many of our members, provides yet another fantastic opportunity for our international and regional delegates to maximise their networking experiences during BRIM 2025.
Looking at this year's conference programme, what key industry challenges and opportunities will be addressed during the sessions?
We are excited about some of the leading-edge discussions that we will have taking place at this year’s conference. Our speakers will delve into topics such as the environmental and health impact of PFAs, known as ‘forever chemicals’, and how insurers and captive managers can prepare for anticipated losses; the pivotal role of insurance-linked securities (ILS) as the most significant development in the insurance sector over the past two decades; emerging risks being placed in captives and the associated analytical challenges; and innovative strategies to mitigate the cyberthreat risks faced by cryptocurrencies, among other key subjects.
The event attracts a diverse group of professionals from risk management to P&C underwriting. How does BRIM 2025 ensure valuable content for all attendees, particularly those in the captive insurance sector?
Our conference committee comprises international captive insurance managers, global wealth managers, multinational general insurance, private life placement, and cross-border legal executives, who all draw on their professional experiences to suggest speakers and topics that are top of mind within their respective industries.
Can you highlight some of the networking opportunities available during the conference, including the golf tournament, and how these facilitate meaningful connections among industry professionals?
In addition to the thought leadership sessions offered during the conference, we recognise the importance of providing delegates with opportunities to network and socialise. Alongside the scheduled breaks and the closing party, we have introduced a pre-conference golf tournament this year.
This tournament offers delegates, speakers, and sponsors a chance to connect with other BIBA members and the wider business community, including those not attending the conference. In recent years, we have also embraced sponsors hosting private dinner engagements and other social events for their clients and invited delegates, further enhancing networking opportunities.
What role do you see technology and innovation playing in the captive insurance sector, and how will these topics be explored during BRIM 2025?
Overall, technology and innovation are enhancing the captive insurance sector, making it more agile, efficient, and responsive to the evolving risk landscape. Automation and digital platforms have already streamlined administrative processes, reduced costs, and improved efficiency.
Additionally, big data is being harnessed to address specific risks that traditional insurance might not cover. To delve into these advancements, one of our panels at BRIM will explore the analytical challenges associated with emerging risks being placed in captives. With Barbados rapidly establishing itself as a FinTech hub in the region, another session will examine insuring risks associated with cryptocurrencies.
Looking ahead, what do you hope attendees will take away from BRIM 2025, and how do you see the event contributing to Barbados' position in the global insurance market?
The BRIM Conference brings together local, regional, and international thought leaders to showcase Barbados' expertise in risk management and insurance, positioning the country as a hub for innovative insurance solutions. In addition to sharing knowledge that helps delegates stay competitive and informed about the latest industry trends, the conference aims to foster relationships that can lead to new business opportunities and partnerships well beyond the event itself.
