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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.
CARICOM pushes unified response to global shifts, backs Guyana’s COP35 bid
The Caribbean Community, CARICOM has called for urgent and coordinated action to confront mounting global uncertainties, as it concluded its 50th Regular Meeting of the Conference of Heads of Government in Basseterre, Basseterre, St Kitts and Nevis.
The four-day summit, held from February 24 to 27 under the chairmanship of St Kitts and Nevis Prime Minister, Dr Terrance Drew, brought together regional leaders to deliberate on security, economic integration, external trade, reparations and the situation in Haiti.
In her opening remarks, CARICOM Secretary-General, Dr Carla Barnett, urged member states to take advantage of opportunities presented by the shifting global order.
She said as new markets emerge and strategic alliances are recalibrated, the Region must engage with clarity and cohesion in areas such as energy transition, digital infrastructure, climate resilience and technology to attract investments aligned with its development priorities.
Outgoing Chairman and Jamaica’s Prime Minister, Andrew Holness, said the speed of global change was outpacing regional coordination, warning that climate shocks, criminal networks and technological disruption were evolving faster than existing policy and regulatory frameworks.
“The question before us is not whether CARICOM can endure, but whether it can deliver for our people with urgency and relevance in a rapidly changing world,” he said.
President of Suriname, Jennifer Geerlings-Simons, and Prime Minister of Trinidad and Tobago, Kamla Persad-Bissessar, also stressed the need for regional unity, describing it as a necessity in the face of economic volatility, climate insecurity and geopolitical shifts.
During the meeting, Heads of Government held discussions with the United States Secretary of State, Marco Rubio, and agreed on the need to establish a 21st-century cooperation framework covering migration, security cooperation, trade and investment, disaster recovery and technical assistance.
Leaders noted that the US remains a valued partner and welcomed Washington’s commitment to reinvigorate traditional ties within the Western Hemisphere.
The Conference also engaged Saudi Arabia and the United Arab Emirates on expanded economic collaboration, including structured mechanisms to unlock opportunities in the digital economy, climate resilience, water security and infrastructure development.
In a major financial boost, Afreximbank announced an increase in its global limit for CARICOM initiatives from $3bn to $5bn, as the Region seeks to strengthen economic ties with Africa and expand trade and investment flows.
On Haiti, the Conference reaffirmed its commitment to supporting stability and free and fair elections, and expressed appreciation to Kenya for leading the Multinational Security Support mission, now transitioned to a Gang Suppression Force authorised by the United Nations Security Council.
The Bahamas and Jamaica were also commended for contributing personnel and operational support.
Heads of Government reiterated their steadfast backing for the sovereignty and territorial integrity of Belize and Guyana in border matters before the International Court of Justice, calling on all parties to respect and implement the court’s decisions when delivered.
On regional security, leaders welcomed progress on model legislation for criminal justice reform and the offer by the United Nations Development Programme to support the expansion of a Police Record Management Information System across member states.
On economic integration, the Conference approved the inclusion of additional professions under the free movement of skilled nationals within the CARICOM Single Market and Economy and adopted amendments to the Revised Treaty of Chaguaramas to streamline Rules of Origin adjustments.
Heads of Government also approved a CARICOM Industrial Policy and Strategy Framework aimed at fostering competitive and sustainable industries across the Region.
In a significant climate development, the Conference agreed to support Guyana’s bid to host COP35 in 2030.
The leaders expressed appreciation to the Government and people of St Kitts and Nevis for hosting the landmark 50th meeting and accepted Saint Lucia’s invitation to host the 51st Regular Meeting from July 5 to 8, 2026.
Over 200 Killed in DR Congo Coltan Mine Landslide
More than 200 people, including 70 children, have died following a landslide at a coltan mining site in Rubaya, eastern Democratic Republic of Congo, the government said on Wednesday.
The tragedy struck on Tuesday after heavy rains in the rebel-controlled area, with authorities blaming the M23 rebels for allowing unsafe, illegal mining.
Rescue operations were hampered by dangerous conditions, officials added.
Rubaya, the country’s largest source of coltan, holds about 15% of the world’s supply of the mineral used in electronics. Many injured miners have been evacuated to hospitals in Goma.
The toll could not be independently verified due to restricted access, disrupted communications, and ongoing insecurity in the region.
Ethiopia Launches First ‘Smart’ Police Station in Addis Ababa
Ethiopia has opened its first “smart” or unmanned police station in Bole, a pilot project aimed at modernising law enforcement and expanding access to citizens.
Inside the new station, visitors report crimes, traffic incidents, or general concerns via computer tablets.
A remote officer responds in real time, reducing the need for face-to-face interaction.
Commander Demissie Yilma, head of the police technology expansion department, said the system is still in its early stages, with just three reports logged in its first week. “The future police service should be near the citizens,” he noted.
The station forms part of the government’s broader Digital Ethiopia 2030 strategy, which seeks to digitise public services including identity systems, payments, and court processes.
Experts say while digital reforms could boost efficiency and convenience, challenges remain.
Internet access is still low, and older, rural, and low-income populations risk being excluded.
For now, the Bole station is a controlled pilot, with traditional police stations continuing to serve most of the population. Expansion will depend on citizen adoption and digital literacy levels.
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