Serving the needs of the tourism industry

In recent years international reinsurers have imposed substantial rate increases on Caribbean insurers, particularly for property catastrophe treaties, and rates in the USVI are amongst the highest in the Caribbean, although some amelioration has recently been experienced

In 2005 a total of 93 companies were authorised to write non-life business in the territory, although far fewer are active market participants. Lloyd’s, which is licensed as an alien insurer, accounted for 38% of all premiums written in 2005 and is licensed to write direct business, as it also is in the US states of Illinois and Kentucky. The business must be transacted through a Lloyd’s approved local licensed broker.