The insurance sector in The Bahamas contributes strongly to the nation’s economic expansion, and is ranked as the third largest industry here. The Bahamas Association of Life & Health Insurers (BALHI) points out that Bahamian insurance policies account for “millions of dollars”, while the Bahamas General Insurance Association (BGIA) estimates that insurance on buildings alone (corporate, govrnment and private homes) is somewhere around $8 million.
According to industry sources, the insurance sector has been bolstered recently by an influx of professionals from other sectors — including banking and accountancy.