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Wednesday, November 12, 2025
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‘We’ll bring it home’: Insurer says no rate increase in 2026 By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net A BAHAMIAN insurer yesterday voiced optimism that businesses and homeowners will suffer “no increase in premium prices” for all-perils catastrophe coverage in 2026 despite the multi-billion damages inflicted by Hurricane Melissa. Anton Saunders, RoyalStar Assurance’s managing director, told Tribune Business that he and other Bahamian property and
casualty underwriters will tell reinsurers that any fall-out from Jamaican insurance claims payouts should be confined solely to the southern Caribbean nation and not shared by others in the region. Foreign reinsurers largely dictate Bahamian insurance premium costs due to the domestic industry’s heavy dependence on them to help fully underwrite risks domiciled in this nation. Melissa, a Category Five storm when it devastated Jamaica, emerged just as local carriers had
begun negotiating their reinsurance treaties for 2026. However, Mr Saunders told this newspaper that the “record profits” enjoyed by reinsurers over the past two years will provide a cushion against any major exposures to Jamaica’s losses and damage. And he suggested that the outcome for The Bahamas will be influenced by the winner of what he described as “a tale of two cities”. Noting that, prior to Melissa’s development, new reinsurers had been considering whether to enter
the Caribbean market, the RoyalStar chief explained that much will now depend on whether they proceed with these plans or take a more conservative view to not provide extra capacity. Should the former view prevail, Mr Saunders said the influx of new reinsurers - and extra coverage capacity - will inevitably “soften” rates and premium prices due to the extra supply. Suggesting that 80 percent of those considering entering the Caribbean will still do so, Melissa notwithstanding, he added that his “crystal ball”
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• RoyalStar chief optimistic no catastrophe cover hike • Industry will tell reinsurers: Keep Melissa to Jamaica • Says ‘tale of two cities’ with winner to decide outcome predicts there will be no premium price increases in 2025 for Bahamian companies and mortgage holders. Mr Saunders, revealing that the outcome of 2026 reinsurance negotiations will be known “in three weeks”, told Tribune
PROTECTION - See Page B4
GB’s ‘Walt Disney’ answer giving shortterm headache
Banks told: End ‘check box’ approach to new accounts
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net
Carnival, he nevertheless described Grand Bahama’s longer-term prospects as “very optimistic” and even asserted that Celebration Key’s impact will be akin to “what Walt Disney did for Orlando”. Mr Wallace told this newspaper that a November “saviour” for hard-pressed Grand Bahama tourism operators has emerged through Freeport Harbour attracting 15-17 other cruise line calls from the likes of Royal Caribbean and Norwegian Cruise Line to “help patch up” their businesses. He spoke out after Carnival, in a press statement highlighting its contribution to the recent 31st annual Florida-Caribbean Cruise Association (FCCA) conference, said that Celebration Key will in December breach the one million visitor mark just months after its July 2025 opening.
GRAND Bahama tourism operators are proposing that one of Carnival’s “smaller ships” call on Freeport Harbour twice a week to ease the up to 90 percent plunge in business since its $600m Celebration Key port opened. David Wallace, one of the principals behind the Pirate's Cove Zipline and Water Park, yesterday told Tribune Business that tour and excursion providers have also suggested the cruise giant permit 400600 passengers to spend at least half-a-day outside its recently-opened destination to ease their immediate financial pain. Describing the nearterm predicament of Bahamian-owned providers as something “we have to work through” with the Government and
CELEBRATION KEY
• Carnival president: Guests can leave Celebration Key • Tour operators urge Freeport calls after 90% plunge • Propose 400-600 passengers off-property for half-day And the release also quoted Christine Duffy, Carnival Cruise Line’s president, as stating that “people can still leave and take a shore excursion to see” the rest of Grand Bahama outside Celebration Key - an assertion that contrasts with the experience to-date for Mr Wallace and other businesses that rely on the cruise industry for their
livelihoods especially in the absence of stopover tourism. “What we’ve actually opened is a very exclusive port of call,” Ms Duffy said. “People can still leave and take a shore excursion to see the area, but we’re providing over 40 different meal options and a
CRUISE - See Page B4
Minister pledges no Minister denies spending binge before accountants turned general election into ‘tax collectors’ By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net
A CABINET minister yesterday pledged that the Government will maintain fiscal discipline and not engage in runaway public spending in a bid to help it retain office at the upcoming 2026 general election. Michael Halkitis, minister of economic affairs, told the Bahamas Institute of Chartered Accountants (BICA) Accountant’s Week conference that The Bahamas is experiencing renewed economic momentum that has been boosted by the International Monetary Fund’s (IMF) upward revision to its growth prospects. He reassured that, despite the upcoming election, the Government will maintain fiscal prudence and manage public spending carefully, signalling that it will not take on unnecessary debt or overspend to gain political advantage. “We have new momentum. We are very, very encouraged by the revision upwards of our growth prospects by the IMF in its
PRUDENCE - See Page B4
By FAY SIMMONS Tribune Business Reporter jsimmons@tribunemedia.net A CABINET Minister yesterday pushed back at concerns that recent Business Licence reforms have imposed unfair pressure on accountants and turned them into “tax collectors” Responding to complaints voiced at the Bahamas Institute of Chartered Accountants (BICA) Accountant’s Week seminar, Michael Halkitis, minister of economic affairs, argued that changes to the Business Licence regime should be viewed as an opportunity for the profession to expand its services and help educate the business community on compliance. During the question-and-answer segment of his presentation, an accountant argued that while the profession accepts its role in
MICHAEL HALKITIS supporting government revenue collection, the legislation has effectively turned accountants into tax collectors and subjects them to heavy penalties if clients fail to comply. The accountant questioned the extent to which the new system has improved the collection of Business Licence fees, and the extent to which the Government has seen a significant increase as a result. “The Business Licence legislation that was recently passed placed severe burdens on the accounting profession, and we accept it because we play a role in the collection of government funds. However, it made us tax collectors and placed a burden on
REFORMS - See Page B5
BAHAMIAN commercial banks were yesterday urged to move away from a “check the box” approach to account opening as the time taken to establish new local currency facilities for businesses fell by 28.6 percent in the 2024 second half. Gowon Bowe, Fidelity Bank (Bahamas) chief executive, speaking after the Central Bank’s semi-annual account opening survey revealed the time required to set-up new Bahamian dollar business facilities was cut by a whole day in the 2024 second half, said the industry still needs to adopt a “relationship” oriented approach that makes it easier for customers to meet their Know Your Customer (KYC) provisions. Suggesting that the just-released Central Bank survey, which compared the 2024 second and first halves, is helping to identify
GOWON BOWE “the root causes” of impediments to bank account opening, he told Tribune Business that its publication is also holding banks more “accountable”, helping to improve consumer “trust”, and setting goals for the industry to meet. However, the Fidelity chief also argued that the loudest critics when it comes to bank account opening delays, red tape and bureaucracy, are likely those who have had to
OPENING - See Page B5