Insurance firm sees Barbados as good place to do business
Wednesday, April 7, 2004
BRIDGETOWN, Barbados: Barbados has been
rated as a “good place to do business” by the chief executive officer of a
regional insurance firm which has recently expanded into the jurisdiction.
“Barbados has many attractions for us,” said
Brian Murphy, CEO of Island Heritage, at the official launch of the firm’s
Barbados office last month. “It is a growing and important financial centre;
the insurance business is good and enjoys a tremendous reputation and it is a
good place to do business because you have a very sound and practical
regulatory environment.”
“We have always been impressed with the
quality and standard and professionalism of the people in the industry and the
ability of the industry to attract well educated and ambitious young
Barbadians into the world of insurance, something which is sadly lacking in
some other islands Heritage,” stated Mr Murphy.
He observed that local insurance firms have
picked up the baton “magnificently” in the wake of many larger insurance
carriers departing the Caribbean region in recent years. He also noted that
challenges presented by trade liberalisation with the coming of the CSME would
ultimately benefit the region.
“I believe that the opportunities far
outweigh any short-term difficulties,” he argued.
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