The 2024 Financial Stability Report highlights both the progress and the challenges faced by Barbados’ general insurance sector. While the industry remains resilient, it continues to navigate a shifting landscape shaped by global and regional developments.
The Financial Services Commission (the “Commission”) was established in April 2011 as regulator of the island’s non-bank financial sector under the Financial Services Commission Act (FCSA), 2010-21.
We’re excited to share a thematic article from this year’s FSR on the Climate Risk Assessment for Insurance Companies by the Research Department of the Financial Services Commission. It highlights growing climate risks for Barbados’ insurance sector, focusing on the property insurance protection gap, and recommends stronger stress-testing frameworks to improve resilience.
Captive insurance plays an increasingly important role in global risk management strategies. In Barbados, the Financial Services Commission licenses a wide range of captive insurance structures, including captives that are part of large international insurance groups. These entities are formed by businesses to provide insurance coverage for their own risks.
In learning to become financially literate, learning to budget is one of the first steps. This means developing a plan for your money to manage your spending based on your income. Broadly speaking, budgeting helps you keep track of how you’re spending your money, set priorities, and avoid overspending.
Not all debt is bad but understanding the difference between good and bad debt is an important aspect of financial literacy. Debt can be an excellent tool to help you achieve big goals, like buying a home or paying for education, but if not managed properly, it can lead to financial problems.
We’re pleased to share the latest edition of Invest Barbados’ International Finance and Business magazine, a publication that highlights Barbados’ thriving international business and financial services sector.
When you hear the term “being financially literate” we are talking about the ability of a person to understand and manage their personal finances. This means knowing how to make smart choices with your money, from budgeting to saving, and even investing.
Financial planning is making sure that you're on track to achieving your financial goals. Regardless of the goal, whether saving for retirement, buying a house, or paying for your children’s education, having a clear financial plan is crucial to staying on course.
Building savings is one of the most important financial habits that you can develop. Unfortunately, this is something that many people tend not to do.
Financial arrangements can be a powerful tool for wealth-building and community support when done correctly. However, not all financial systems are created equal. Pyramid schemes and traditional Sou-Sous are often compared, but their structures, goals, and risks could not be more different. This blog explores the key differences to help you make informed decisions and avoid financial pitfalls.
Have you read the 2023 Financial Stability Report? It is a document published by the Central Bank of Barbados and the Financial Services Commission (FSC) that analyses the health of the financial system and seeks to provide an understanding of the soundness of the various sectors within the financial system.
The world of investing is an exciting playground. However, before diving in, it is crucial to assess your personal financial situation. Here are some key factors to consider.
Scammers often prey on people’s desire for quick and easy money. It is crucial to be vigilant when considering investment opportunities. Here are some red flags to watch out for.
Investing can be a powerful tool for building financial security, but it also requires caution and diligence, especially when approached by unfamiliar opportunities.
Let’s talk about money – something we all deal with, wish we had more of, but quite often, do not fully understand. Financial literacy is akin to having a secret weapon; it’s the power to make smart financial choices, build wealth and avoid those pesky money pitfalls.
In the fast-paced and ever-evolving world of finance, oversight and regulation are paramount to ensuring stability and protecting consumers. At the forefront of this responsibility is the Financial Services Commission (FSC).
Established in 2011 under the Financial Services Commission Act, the Financial Services Commission (FSC) holds a pivotal role in safeguarding Barbados' financial landscape. As the regulatory authority for non-bank financial institutions, the FSC is responsible for supervising and regulating various sectors, ensuring stability, consumer protection, and confidence in the financial industry.
