As part of a series of interviews and coverage in this publication, we spoke to one of the top figures in the The Bahamas' insurance sector about the opportunities in the jurisdiction, including from wealth management.

There is potential for growth in the wealth and risk management toolkit, especially in insurance, a senior figure in The Bahamas says.

According to Dana Munnings-Gray (pictured), Superintendent of Insurance at the Insurance Commission of The Bahamas, penetration levels of insurance in fields such as wealth management are "acceptable."

However, there is still significant potential for growth, focusing on education and correcting misconceptions about insurance. 

Munnings-Gray spoke to WealthBriefing in London during a conference organised by The Bahamas Financial Services Board. "The insurance sector is experiencing significant growth due to innovations in InsurTech. This trend is particularly evident in the Caribbean, where jurisdictions like The Bahamas strive to remain competitive," she continued. Traditionally, insurance is viewed as  a conservative industry, but this perception is evolving. Economic instability, the Covid-19 pandemic, and other factors have heightened awareness of the importance of insurance. In addition, the intergenerational wealth transfer is fuelling interest in areas such as life insurance.

A lawyer by training, Munnings-Gray was appointed Deputy Superintendent of Insurance in March 2022 before assuming the role of Superintendent of Insurance in January 2024. Before joining the Insurance Commission, she worked at the Securities Commission of The Bahamas. 

One unique aspect of The Bahamas’ insurance landscape, Munnings-Gray noted, is its intermediary market. Unlike other jurisdictions, the Commission oversees agents, brokers, and salespersons. This structure reflects the industry’s evolution over the past half-century.

The insurance industry splits into two sectors, with lines of business including property, casualty, life, medical, and annuities. Additionally, there is a market for tailored products such as private placement life insurance.

The Bahamas aims to modernise its regulatory framework to enhance its business appeal. The jurisdiction also seeks to proactively address international compliance standards and assume a leadership role within the region in shaping industry discussions.

Insurers face capacity constraints exacerbated by the damages caused by hurricanes and other storms. As Munnings-Gray noted, "We cannot expand as rapidly as desired due to capacity limitations."

Munnings-Gray suggested that banks may expand their role in the insurance sector by developing captive insurance offerings or modifying mortgage terms.

To see other articles about The Bahamas and its development, click here and here.