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PM Minnis remarks at IDB/IMF/WB Conference re Climate Change — in Washington, D.C.

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#Washington, D.C., November 27, 2018 – U.S.A –

Intervention by

 THE MOST. HON. DR. HUBERT A. MINNIS, O.N., M.P.

Prime Minister

COMMONWEALTH OF THE BAHAMAS

 

Inter-American Development (IDB)/

International Monetary Fund (IMF)/

World Bank (WB)

Conference – Building Resilience to Disasters and Climate Change in the Caribbean

 

“Improving Risk Transfer”

 

IMF Headquarters, Washington, D.C.

November 26th 2018

 

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.

For example, as a result of Hurricane Mathew in 2017, The Bahamas Government initially borrowed $150 million and made allocations for capital works, and transfers and subsidies for relief and reconstruction.

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.

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.

The need for us to understand our fiscal risk and for us to create cushions against adverse economic impacts is more urgent than ever, and this highlights the importance of developing risk financing strategies and transfer mechanisms to avoid reliance on public debt.

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.

There is no single ideal or universally applicable solution for homeowner’s disaster insurance. Each country must find and adapt a model that best fits its exposures, existing insurance market infrastructure, institutional set-up and political acceptability.

The solutions in place in different countries range from comprehensive compulsory natural disaster covers offered by government-sponsored insurance entities  to privately organized voluntary disaster insurance products.

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

We are cognizant that ex ante instruments are the most effective and efficient means of governments practicing self-insurance.

Ex ante instruments require proactive advance planning and includes reserves or contingency funds, budget contingencies, contingent debt facilities, and a range of insurance or other risk-transfer products.

These risk transfer instruments that transfer contingent liabilities to the market or other agencies make it harder to game the system for political reasons.

They will be triggered only in particular circumstances and are more easily directed to the plans they were meant to finance.

Further, they require less discipline by the user because discipline is built into the rules of the contract and is part of the service provided.

Even though we are aware of the many benefits on improving risk transfer there are still a number of challenges in accomplishing this task.

One such challenge is that policymakers often have difficulty in obtaining political and economic commitment due to other competing needs and priorities.

While  many  agree  that  reducing  disaster  risks  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.

This has resulted in the insufficient earmarking of financial resources for risk transfer measures. 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.

Additionally, the liquidity secured through sovereign risk transfer requires a pre-existing targeting and distribution infrastructure, such as a social protection mechanism, which is underdeveloped in the Bahamas.

Therefore substantial investments  in  targeting  and  distribution  infrastructure,  and  in  enabling  markets may  need  to  be made  alongside securing  financing  against  risk.

This suggests the need for a high level of commitment and coordination across investments.

Risk prevention and mitigation strategies must be the first priority in managing natural disasters. But no organization or country can fully insulate itself against extreme events.  To enable and sustain growth, transferring catastrophic risk must therefore be a key element in the financial strategy of every disaster-prone country or region.

We must recognize that “financial resilience is a critical component of disaster management” because the immediate availability of funds to finance the necessary disaster response and recovery is critical to take appropriate action for individuals, businesses and governments.

There is little awareness among decision makers, disaster management authorities and potentially affected households, businesses and governments about the role insurance instruments can play.  The donor community can also play key complementary roles in the development of catastrophe insurance solutions for developing countries.

These roles include: helping to subsidize insurance premium in the context of a country putting together a sound macro-fiscal framework, and increasing the capitalization of CCRIF, 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.

Donors can play a major role in financing public goods that contribute to the creation of a risk market infrastructure, which facilitates the development of market-based risk financing solutions.

Public goods include information collection and management systems, catastrophic risk assessment programs, risk modeling development programs, awareness and education campaigns, and institutional capacity building.

By being the provider of technical assistance for innovative catastrophe insurance solutions, donors can promote the emergence of innovative risk financing solutions, including index-based insurance products, national and regional catastrophe insurance pools (for example, TCIP, CCRIF), and risk transfer vehicles (such as reinsurance, catastrophe bonds, weather derivatives).

IFIs such as the IMF can help to subsidize insurance premium in the context of a country putting together a sound macro-fiscal framework.

For example with the assistance of the IMF and CARTAC, the Bahamas has passed Fiscal Responsibility Legislation which aims to bring discipline to the Government’s fiscal agenda with a view to attaining future fiscal surpluses.

With this in our tool kit, the Government has pledged to set aside two to three percent of these surpluses in a fund that can be used to pay the CCRIF premiums and assist to rebuild after a natural disaster.

Moreover, public intervention in catastrophe insurance markets, supported by the donor community and the World Bank, should be country-specific.

Low income countries, where the domestic non-life insurance market is undeveloped, should focus in the short term on the development of sovereign catastrophe insurance solutions and the promotion of public goods related to risk market infrastructure.

These countries are usually not developed enough for the promotion of catastrophe insurance pools for private homeowners.

Middle-income countries, where the domestic non-life insurance market is more developed, should help the private insurance industry offer market-based catastrophe insurance solutions to homeowners and to small and medium enterprises, including those in agricultural and fisheries industrie

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Federal Investigation into Florida Turnpike Tragedy that Killed Three Children of Bahamian Mother

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NTSB examining roadside assistance driver’s actions, SUV speed and seat belt use after six people perish in fiery collision

ORLANDO, FLORIDA — October 29, 2026 — Federal investigators have joined the investigation into a horrific Florida Turnpike collision that claimed six lives, including all three children of a Bahamian mother, as questions intensify over what caused the deadly crash.

The United States National Transportation Safety Board (NTSB) has confirmed that it is opening an investigation into the October 23 accident, which occurred around 9:31 p.m. near mile marker 252 in Orange County.

The agency’s involvement brings federal scrutiny to a tragedy that has devastated several families and prompted an extraordinary outpouring of sympathy and disbelief.

Among those killed were siblings Charles Milton, Jakara Milton and Dalvena Green, the three adult children of Marshall Clarke-Milton and her husband, Charles Milton Sr.

The siblings were traveling with three others to Universal Orlando’s Halloween Horror Nights, reportedly on their first trip together.

They never arrived.

FEDERAL INVESTIGATORS EXAMINE WHAT WENT WRONG

The NTSB confirmed to FOX 35 Orlando that its investigation will examine the training and performance of the roadside assistance driver, the actions of the SUV driver, including speed, and whether the occupants were wearing seat belts.

The agency investigates serious transportation accidents to identify safety failures and recommend measures that could prevent similar tragedies.

Its involvement does not establish wrongdoing by either driver.

The Florida Highway Patrol is conducting a separate investigation into the collision.

According to the preliminary police account, a Road Ranger roadside assistance truck had been parked in the highway median before its driver received instructions to assist a disabled box truck on the opposite shoulder.

As the Road Ranger moved across the northbound lanes, it collided with a 2023 Chevrolet Traverse carrying six adults.

Both vehicles left the roadway and caught fire.

All six occupants of the SUV died at the scene. The Road Ranger driver survived with minor injuries.

MOTHER CHALLENGES EARLY ACCOUNT

Witnesses reportedly told investigators that the SUV was traveling at high speed without its headlights illuminated.

However, those observations have not been established as the definitive cause of the collision.

Clarke-Milton has challenged suggestions that her children or their companions were responsible, urging investigators to examine the evidence before reaching conclusions.

She wants investigators to establish the SUV’s actual speed and determine whether its headlights were operating.

The family’s concerns underscore the importance of the continuing investigations, particularly given the movement of the roadside assistance vehicle across active highway lanes.

ALL THREE CHILDREN LOST

For Clarke-Milton, the investigation unfolds against an almost incomprehensible personal tragedy.

She lost all three of her children simultaneously.

In an emotional interview with FOX 35 Orlando, the grieving mother described the terrible feeling that overcame her when she could not reach them.

“My heart sank,” she said, recalling the moment she feared her children were involved.

The siblings were among six people whose lives ended during what should have been an enjoyable evening together.

The other victims included Timothy Williams and Shawn Palmer. A sixth person’s identity had not been publicly confirmed in the latest reports reviewed.

The family’s heartbreak has resonated across The Bahamas and beyond, with expressions of sympathy accompanying calls for answers.

SEARCH FOR ANSWERS CONTINUES

The Florida Highway Patrol has indicated that a crash report is expected within approximately ten days of the accident.

The NTSB’s investigation will examine broader transportation safety concerns, including the operation of roadside assistance vehicles and the circumstances surrounding the collision.

For the grieving families, the findings cannot reverse the tragedy.

But they may establish what happened on that stretch of Florida’s Turnpike and whether anything could have prevented six people from losing their lives.

For one Bahamian mother, the loss is especially devastating.

Three children left for an evening of entertainment. Not one came home.

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Bahamas Issues Cybersecurity Alert Over Akira Ransomware Threat

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Nassau, The Bahamas, October 22, 2026 — The National Computer Incident Response Team of The Bahamas (CIRT-BS) has issued a cybersecurity advisory warning businesses, government institutions and other organisations about the growing threat posed by Akira ransomware, a cybercriminal operation capable of stealing sensitive information, disrupting networks and demanding ransom payments.

Active since March 2023, Akira operates through a Ransomware-as-a-Service model, with affiliates exploiting weaknesses in computer networks to gain unauthorised access.

Once inside, attackers can steal confidential data, disable recovery systems and encrypt files, preventing organisations from accessing critical information.

Particularly concerning is Akira’s use of double extortion, threatening to publish stolen information unless victims pay. Some attacks involve data theft without encryption.

The October 22 advisory identifies vulnerabilities involving Cisco and SonicWall firewalls, VPN services, Microsoft Remote Desktop Protocol, Veeam backup systems and outdated Windows and Linux operating systems. VMware ESXi and Nutanix AHV environments are also potential targets.

Attackers may exploit unpatched software, stolen login credentials and inadequately secured remote-access applications, including AnyDesk and RustDesk.

Warning signs include unexpected administrator accounts, unusual remote logins, unauthorised software installations, suspicious backup activity, mass file changes and ransom notes.

CIRT-BS recommends immediate security updates, multifactor authentication, restricted remote access, stronger network monitoring and secure backups maintained separately from operational systems.

Organisations should also remove unnecessary internet exposure of remote desktop services, limit administrative privileges and regularly test backup restoration.

The advisory does not identify any confirmed Akira attack against a Bahamian organisation but highlights vulnerabilities that could expose institutions to serious financial and operational disruption.

Cybersecurity incidents can be reported to CIRT-BS at soc@cirt.bs or through its official website.

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Energy Minister Delivers Electrifying Keynote Opening Address at CAREC 2026  

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NASSAU, The Bahamas – The Bahamas’ Minister of Energy, Utilities and Aviation, The Honourable JoBeth Coleby-Davis, delivered an electrifying address during the opening ceremony of the 2026 CARILEC Resilient/Renewable Energy Community (CAREC) Conference and Exhibition, being held October 18–22, 2026, at the British Colonial Hotel in Nassau, The Bahamas.

Under the theme “Empowering Progress: Strategic Policy and Planning for the Energy Transition,” the event draws more than 200 industry leaders, policymakers, regulators, and energy professionals committed to advancing practical strategies for sustainable and reliable Caribbean power systems through renewable energy and emerging technologies.

During her address, titled “The New Energy Era: Transforming Policy into Progress,” Minister Coleby-Davis reminded attendees that The Bahamas’ national motto, “Forward, Upward, Onward, Together,” aptly describes what the region’s energy transition demands.

“Empowering Progress speaks directly to our national motto. Not waiting for progress, but creating the conditions that allow progress to happen. Meaningful progress, however, does not occur by accident. It requires vision, sound policy, strategic planning, strong institutions, and the determination to turn decisions into results,” said Minister Coleby-Davis.

Participants acknowledged that small island developing states share similar pressures, compounded by geographical challenges, small electricity markets, ageing infrastructure, geopolitical influences, and the growing threat of severe weather.

Tasked with ushering in a new energy era across the islands while addressing the challenges posed by The Bahamas’ unique archipelagic composition, Minister Coleby-Davis said, “Every island needs a different answer, but the same logic. As an archipelagic nation, we must provide electricity across many islands, each with its own demand and infrastructure needs. Our strategy, therefore, must be national in direction, but responsive to individual communities.”

Restating her Ministry’s three core messages—that energy is an economic and security priority, technology must be viewed as a tool to support strong institutional leadership, and natural gas should be considered a bridge, not a destination—Minister Coleby-Davis reiterated that “progress must now be reflected in functioning infrastructure, effective institutions, and better electricity services: from policy commitments to coordinated implementation, and from fragmented investment decisions to long-term planning.”

Organised by CARILEC and co-hosted by Bahamas Power and Light (BPL) and Grand Bahama Power Company (GBPC), the annual Conference and Exhibition brings together the Caribbean energy community to advance practical solutions to the region’s most pressing energy challenges and accelerate progress towards more resilient, reliable, and sustainable power systems.

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