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Bahamas PM Advocates Innovative Disaster Risk Financing Instruments to Fend Off Adverse Climate Change Impacts

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#Nassau, November 28, 2018 – Bahamas – Intervening on behalf of The Bahamas at an international conference on “Building Resilience to Disasters and Climate change in the Caribbean,” Prime Minister, Dr. the Most Hon. Hubert A. Minnis called on the donor community to play a key role in the development of catastrophe insurance solutions for developing countries.

“Like many other Caribbean countries, disasters in The Bahamas can have a large, direct impact on economic conditions through reduced productivity and increased national debt due to reconstruction costs,” the Prime Minister said as he addressed the Inter-American Development Bank/International Monetary Fund/World Bank Conference at the IMF Headquarters in Washington, D.C on Monday, November 26, 2018.

The Prime Minister led a Bahamian delegation to the high level conference which brought together other leaders of the Caribbean Community (CARICOM), key stakeholders, including senior policymakers, public, private, and multilateral development partners, to explore incentives to shift the focus of policies towards building resilience and innovative disaster risk financing policies and instruments that would help in this regard.

The Prime Minister said as a result of Hurricane Matthew in 2017, The Bahamas Government initially borrowed $150 million and made allocations for capital works, and transfers and subsidies for relief and reconstruction. He further explained that this widened the fiscal deficit from an estimated 1.0 per cent of GDP in 2016/17 before Hurricane Matthew to 1.9 per cent of GDP after Matthew. This represented an $81 million increase in the deficit after the hurricane.

“Subsequently, we recognized that in post-disaster relief and recovery, we should have the resources and means at our disposal to finance our direct contingent liabilities more efficiently, and to be better able to provide additional aid to small businesses and low-income farmers, who are disproportionally impacted by disasters,” he said.

Specifically addressing the topic “Improving Risk Transfer” the Prime Minister noted that as the frequency and severity of disasters increase due to climate change, the intensified shocks could create debt burdens on future generations, and erode development progress.

“We also need to promote insurance solutions for homeowners. The possibilities of introducing natural disaster insurance for homeowners are as varied as the disaster management strategies of different countries,” he said.

According to the Prime Minister, there is no single ideal or universally applicable solution for homeowner’s disaster insurance. In this vein, he said that each country must find and adapt a model that best fits its exposures, existing insurance market infrastructure, institutional set-up and political acceptability.

“However, pooling of risks at the regional level may be the solution to overcome any shortcoming in any particular country.”

The Prime Minister also spoke of the challenge that policymakers often have, which is difficulty obtaining political and economic commitment due to other competing needs and priorities.

“While many agree that reducing disaster risk is important for saving lives and property, few countries such as The Bahamas have appropriate measures in place because other policy issues require greater attention and funding,” he said.

The Prime Minister also observed that policymakers are in need of clear evidence, including cost-benefit analysis, to convince the public and various stakeholders that a commitment to risk transfer is as practical and necessary as any other priority.

And, he called on the donor community to “play key complementary roles in the development of catastrophe insurance solutions for developing countries.”

These roles, he stated, include helping to subsidize insurance premium in the context of a country putting together a sound macro-fiscal framework, and increasing the capitalization of the Caribbean Catastrophe Risk Insurance Facility, so that insurance premium come down automatically.

“In terms of convening power, the World Bank and other IFIs can play a catalytic role in the development of efficient partnerships among countries, donors, and private markets for the financing of catastrophic risks,” the Prime Minister said.

 

By Lindsay Thompson

Release: BIS

Photo Caption: Prime Minister Minnis making intervention at the climate change summit, November 26, 2018, IMF Headquarters, Washington, DC.

 

(BIS Photo/Yontalay Bowe)

 

 

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Bahamas News

Bahama Brass Band Invitation Sparks Heritage Debate Ahead of TCI Constitutional Holiday

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Turks and Caicos, August 20, 2026 – The planned participation of the Bahama Brass Band in the Turks and Caicos Islands’ inaugural Constitutional Holiday celebrations on August 30 has sparked public debate over culture, heritage and the historical contributions of Turks and Caicos Islanders abroad.

Organizers defended the invitation, saying the band’s inclusion is intended to highlight the deep historical ties between the two countries and honor Turks and Caicos men who helped establish and develop the institution in Grand Bahama.

According to the organizers, the Bahama Brass Band began in 1955 in Pine Ridge, Freeport, with Turks and Caicos Islanders, including the late Deacon Reuben Hall Sr. of Middle Caicos and Jenkins Williams and Mervin Hendfield of North Caicos, among those who helped build its foundation. The band eventually grew to more than 50 men.

The organizers also pointed to the participation of Turks and Caicos men in The Bahamas’ Independence celebrations on July 10, 1973, arguing that their contributions became part of Bahamian history while maintaining strong connections to their homeland.

Supporters say bringing the band home represents an opportunity to honor those pioneers, showcase their regional influence and expose younger generations to an important part of Turks and Caicos history.

However, concerns raised publicly described the invitation as potentially disrespectful to local culture and heritage. Organizers acknowledged those concerns, apologizing to anyone who felt overlooked or offended, while maintaining that no disrespect was intended.

The committee said the event should ultimately unite rather than divide, presenting the band’s history as evidence of the reach and resilience of Turks and Caicos heritage.

PHOTO CREDIT: Bahamas Brass Band

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CBC Supports Opportunities for Young Bahamian Basketball Players

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NASSAU, Bahamas — Caribbean Bottling Company (CBC), local producers of Dasani products, proudly sponsored the fifth annual, Caribbean Hoopfest.

The tournament brings together Bahamian high school basketball teams and visiting teams from the United States for a competitive showcase at the Kendal G. L. Isaacs Gymnasium.  Following its inaugural year at the Kendal G. L. Isaacs gym and last year’s event at Loyola Hall, the tournament returned to the Kendal G. L. Isaacs gym this year.

During the weekend tournament, CBC kept athletes well hydrated with in-kind donations of Dasani Water, Powerade and Minute Maid Juices.

During the tournament’s final day, CBC provided additional support by offering Sprite No Sugar samples and inviting attendees to participate in its Spin the Wheel for a chance to win exciting prizes.

CBC was proud to support this incredible event, which provides young Bahamian athletes with valuable exposure to U.S. basketball scouts and coaches. This opportunity gives them the chance to earn scholarships, continue their education, and pursue their basketball careers in the United States.

Event organizer, Donald Francois shared his appreciation for CBC’s support.

“I want to express our sincere appreciation for Caribbean Bottling Company, who has been a tremendous supporter and an important part of the success of our program. Without CBC’s support, Caribbean Hoop Fest would not be able to function at the level it does today. And without Caribbean Hoop Fest, we would not have been able to provide the opportunities that have helped young Bahamian athletes gain exposure and pursue educational opportunities in the United States,” he expressed.

Since the program’s inception, several Bahamian student-athletes have been selected for scholarship opportunities, highlighting the tournament’s growing impact on the development and advancement of young basketball talent in The Bahamas.

They are: Kelvin McDowells – Guard, Wodson Antoine – Power Forward, Justin Lafleur – Guard and Sean John – Guard.

After another successful edition of the tournament, Francois shared what he hopes he and Caribbean Bottling Company can achieve in the future.

“Our vision is bigger than basketball. We want to use the platform of Caribbean Hoop Fest to educate, develop, and create opportunities for young people and their families throughout the Bahamas. With individuals and organizations committed to our mission, we believe we can continue to grow the program and make an even greater impact,” Francois said.

For more details on community support, events and new products visit Caribbean Bottling Company at www.cbcbahamas.com today.

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More Bahamians Accessing HIV, STI Care Through NHI

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NASSAU, Bahamas — More Bahamians are accessing HIV and sexually transmitted infection-related healthcare through National Health Insurance, a trend the NHI Authority says should be viewed positively.

NHIA stressed in an August 6 statement that its 2025 figures measure healthcare utilisation, not newly diagnosed infections. They include beneficiaries screened, treated, monitored or receiving follow-up care, including people diagnosed previously.

“Increased utilisation of these services should be viewed as a positive development,” NHIA said.

The Authority pointed to “greater enrolment and use of NHI, improved access to screening and testing, continued treatment and monitoring of existing conditions, and increased willingness to seek medical care.”

The development comes amid a mixed three-year HIV picture. New diagnoses rose from 130 in 2023 to 156 in 2024, before declining to 142 in 2025.

NHIA said increased utilisation demonstrates that more beneficiaries are accessing needed healthcare and actively managing their health, reinforcing the importance of screening, early diagnosis and continued treatment.

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