By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A Cabinet minister says the Bahamian insurance industry remains critical to the economy’s overall success after generating almost $1bn in total premium revenue during 2024.

Michael Halkitis, minister of economic affairs, told attendees at the opening of the Insurance Commission’s new Silk Cotton House headquarters that the industry generated more than $563m in general insurance revenue and $412m in long-term (life and health) revenue in 2024, reflecting both strong performance and public confidence.

“Whether in the face of natural disasters, economic shocks or climate change, our insurance industry helps families rebuild and enables businesses and institutions to recover and thrive,” he said.

Also attending the opening was Governor General, Dame Cynthia A. Pratt; chairman of the Insurance Commission, Dr Keith Major; superintendent of insurance, Dana Munnings-Gray; commissioners, industry leaders and other stakeholders.

“This occasion is more than the unveiling of a building; it is a powerful symbol of institutional growth, national progress and our collective commitment to excellence in financial regulation,” Mr Halkitis said. “On behalf of the Prime Minister, I extend warm greetings to all distinguished guests, industry leaders and registrants who have joined us for this milestone.

“I especially commend the visionary leadership of chairman Dr Keith Major and superintendent Dana Munnings-Gray, who have guided the Commission through a period of transformation and innovation.”

Dr Major praised Mrs Munnings-Gray for her leadership, noting the Insurance Commission’s expanded mandate to address resilience, financial crime, customer needs and climate change.

“We must ensure that our industry remains resilient, competitive, and secure - much like the silk cotton tree after which this new home is named,” he added.

Mrs Munnings-Gray reflected on the Commission’s journey to its new headquarters, thanking staff and family for their support. Sharing a personal story, she highlighted the value of insurance, recalling how coverage supported her during a recent health crisis.

“I know first-hand the importance of insurance,” she said. “It is not just a financial product; it can be life-saving.”