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CARICOM Seeks Global Support to Tackle Soaring Insurance Costs in Tourism Sector
CARICOM Seeks Global Support to Tackle Soaring Insurance Costs in Tourism Sector
The Secretary-General of the Caribbean Community (CARICOM), Dr. Carla Barnett, has urged the international community to work collectively to address the surging cost of insurance in the tourism sector of Small Island Developing States (SIDS), warning that the trend threatens economic stability and investment flow in the region.
Dr. Barnett made the call during a high-level panel session at the 6th Global Services Forum, held as part of the 16th United Nations Conference on Trade and Development (UNCTAD16).
The event, themed “Services: A New Frontier of Economic Transformation for Equitable, Inclusive and Sustainable Development,” explored how the global services sector can drive growth, employment, and trade competitiveness.
According to her, CARICOM’s service-dependent economies remain highly exposed to climate-induced disruptions, with rising insurance premiums compounding the challenges faced by operators in the tourism industry, a key revenue earner for the region.
“The cost of insurance is rising significantly for older properties [in the tourism sector], and accessing insurance for new investments is almost impossible,” Dr. Barnett lamented. “This is something we need to work with the global community to address.”
The CARICOM Secretary-General noted that the services sector contributes a substantial share of the region’s Gross Domestic Product (GDP), accounting for up to 75 percent in countries such as The Bahamas, Saint Lucia, and Barbados. Even in more diversified economies like Trinidad and Tobago and Jamaica, she said, services still make up around 60 percent of total GDP.
Dr. Barnett stressed that the sector’s heavy reliance on tourism makes it particularly vulnerable to natural disasters, adding that frequent and intense weather events are heightening investor anxiety.
“When weather systems like Hurricane Melissa threaten, stakeholders in the tourism industry get really frightened,” she said. “We do the best we can, but we prepare for the worst.”
She emphasised that global cooperation remains vital in helping CARICOM member states close economic gaps and strengthen resilience against external shocks.
She pointed to ongoing collaborations with institutions such as UNCTAD, the World Trade Organization (WTO), and international development banks as pivotal in advancing the region’s capacity to withstand future challenges.
Highlighting one example, Dr. Barnett referenced the Trade in Services project, a partnership between UNCTAD and CARICOM aimed at enhancing data collection and analysis to inform evidence-based policymaking and promote sustainable growth.
She noted that CARICOM’s services industry extends beyond tourism to include financial services, information and communication technology (ICT), professional services, entertainment, culture, and sports, all of which possess immense potential for expansion if adequately supported.
The Secretary-General reiterated that global support, especially through concessional financing, risk mitigation mechanisms, and climate adaptation initiatives is essential to unlock the full value of the region’s service industries and cushion them against climate-related shocks.
“We need to build resilience and create an enabling environment that protects our service sectors from the increasing costs and uncertainties brought by climate change,” Dr. Barnett said.
The Global Services Forum underscored that services now account for nearly two-thirds of global GDP, affirming the sector’s growing role as a driver of equitable and inclusive development.
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40 Dead, 119 Injured in Swiss Ski Resort Bar Fire
40 Dead, 119 Injured in Swiss Ski Resort Bar Fire
No fewer than 40 persons have been confirmed dead following a devastating fire outbreak at a bar in the Swiss ski resort town of Crans-Montana on New Year’s Eve, Swiss police have said.
Authorities on Sunday confirmed that the bodies of all 40 victims have now been identified.
The victims were aged between 14 and 39 years, with 15 of them under the age of 18.
The youngest victims were a 14-year-old Swiss girl and a 14-year-old French boy.
The deceased were drawn from several nationalities, including Swiss, Italian, Romanian, Turkish, Portuguese, French and Belgian citizens, as well as nationals of the United Kingdom, France and Israel, underscoring the international nature of the tragedy at the popular Alpine resort.
In addition to those killed, 119 people sustained varying degrees of injuries, most of them severe burns.
Police disclosed that six of the injured are in such critical condition that they have not yet been identified.
The fire broke out at Le Constellation bar, a venue known to be popular with young people in Crans-Montana, where the legal drinking age is 16.
A preliminary investigation indicated that sparklers attached to bottles and held too close to the ceiling may have ignited the blaze.
Swiss prosecutors have since opened a criminal investigation into the French couple who managed the bar.
The couple, identified by the media as Jacques and Jessica Moretti, are suspected of manslaughter by negligence, bodily harm by negligence and arson by negligence, according to the Valais regional prosecutor’s office.
The lead prosecutor in Valais canton, Ms Beatrice Pilloud, said investigators are examining whether the acoustic foam installed on the bar’s ceiling contributed to the rapid spread of the fire and whether it complied with existing safety regulations.
Police said no further personal details of the identified victims would be released out of respect for their families.
However, some relatives have begun to speak publicly as the scale of the tragedy sinks in.
On Saturday night, the mother of one of the victims, Ms Brodard-Sitre, announced via Facebook that her 16-year-old son, Arthur Brodard, was among those who died.
In an emotional video message, she said the family could now begin mourning, “knowing that he is in peace and in the light,” adding that her son had “left to party in paradise.”
Earlier, while Arthur was still listed as missing, his mother told local newspaper Le Temps that she had been “living a nightmare,” revealing that some of his friends had suffered burns to nearly half of their bodies.
“There are no words – they went through hell,” she said.
Italian media also identified 16-year-old junior golfer, Emanuele Galeppini, as one of the victims.
The Italian Golf Federation paid tribute to the teenager, describing him as a “young athlete who carried passion and authentic values.”
His father reportedly confirmed that the boy was at Le Constellation on the night of the incident, although Italian authorities had initially declined to confirm his death.
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US Denies War With Venezuela as Tensions Rise After Maduro’s Capture
US Denies War With Venezuela as Tensions Rise After Maduro’s Capture
The United States has insisted it is not at war with Venezuela, a day after US forces carried out strikes that led to the capture of Venezuelan President Nicolás Maduro and his wife, Cilia Flores, in an operation that has sharply escalated tensions between the two countries.
US Secretary of State, Marco Rubio, said on Sunday that Washington’s actions should not be interpreted as a declaration of war, stressing that the operation was “limited and targeted.”
His comments came amid international concern over the implications of the US military action and growing uncertainty over Venezuela’s political future.
According to a spokesperson, Maduro and Flores are expected to appear in a US court on Monday, following their arrest.
The charges they will face were not immediately disclosed, but US officials have previously accused Maduro’s government of corruption, drug trafficking and human rights abuses.
Venezuela’s Defence Minister, Vladimir Padrino, confirmed that the US operation resulted in significant casualties, claiming that a large part of Maduro’s security team was killed, alongside what he described as “innocent civilians.”
Padrino condemned the strikes as a violation of Venezuela’s sovereignty and accused Washington of using excessive force.
In Caracas, the Venezuelan government formally denounced what it called “military aggression” by the United States.
In a statement, the Venezuelan armed forces said they remain loyal to interim President Delcy Rodríguez, signaling that Maduro’s allies still retain control of key state institutions despite his capture.
Trump, speaking in an interview with The Atlantic, warned that Rodríguez would “pay a big price” if she “does not do what is right,” a remark that has further inflamed tensions and raised fears of additional US pressure or sanctions.
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How US Captured Venezuela’s President Maduro in Daring Overnight Raid
How US Captured Venezuela’s President Maduro in Daring Overnight Raid
United States forces have captured Venezuelan President Nicolas Maduro and his wife, Cilia Flores, following a highly coordinated overnight military operation in Caracas, marking one of the most dramatic US interventions in Latin America in decades.
The operation, code-named Operation Absolute Resolve, was launched late Friday after months of surveillance by US intelligence agencies, which closely monitored Maduro’s movements, residences and security arrangements.
According to US officials, the mission was finalised in early December after extensive rehearsals, including the construction of a full-scale replica of Maduro’s safe house for training.
President Donald Trump authorised the operation at 22:46 EST on Friday (03:46 GMT Saturday), shortly before midnight in Caracas, allowing US forces to operate under the cover of darkness.
The mission, lasting just over two hours, involved air, land and sea components and deployed more than 150 aircraft, including fighter jets, bombers and reconnaissance planes.
Explosions rocked Caracas around 02:00 local time as US strikes targeted key military installations, including air defence systems, La Carlota air base, Fuerte Tiuna military complex and Port La Guaira.
Large sections of the city were plunged into darkness, with Trump later claiming US forces disabled power supplies ahead of the raid.
As air strikes continued, elite US Delta Force troops moved into the city and stormed Maduro’s heavily fortified compound.
US officials said the troops encountered resistance, with one helicopter reportedly hit, though no US service member was killed.
Maduro was apprehended while attempting to reach a secure room inside the compound.
By about 04:20 local time, helicopters carrying Maduro and his wife had departed Venezuelan airspace. They are now in the custody of the US Department of Justice and are expected to be transferred to New York to face criminal charges related to drug trafficking and narco-terrorism.
The US had previously placed a $50 million reward on information leading to Maduro’s arrest.
President Trump announced the capture shortly after, hailing the operation as a major success. “Maduro and his wife will soon face the full might of American justice,” he said.
The action has drawn sharp international reactions. Brazil’s President Luiz Inácio Lula da Silva condemned the raid, warning it set a “dangerous precedent” for international relations.
In the US, some lawmakers criticised the administration for not seeking congressional authorisation before launching the operation.
Despite the controversy, US officials defended the secrecy and timing of the mission, insisting that prior disclosure could have compromised its success.
The arrest of Maduro, who has ruled Venezuela since 2013, is expected to have far-reaching political and security implications across the region.
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