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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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Spain battles political fallout as 60,000 migrants overwhelm Ceuta border
Spain battles political fallout as 60,000 migrants overwhelm Ceuta border
Spain is facing mounting political pressure after an estimated 60,000 migrants crossed from Morocco into the Spanish enclave of Ceuta within 24 hours, triggering one of the country’s worst border crises in recent years.
The unprecedented influx overwhelmed local infrastructure, forced businesses to shut down and disrupted daily life in the North African territory.
Spanish Prime Minister Pedro Sánchez condemned the mass crossing, describing it as “a violation of Spain’s territorial integrity,” as security forces reinforced the border.
Residents expressed frustration over the scale of the influx, saying the territory lacked the resources to cope with such a large number of arrivals.
Although thousands of migrants have reportedly returned voluntarily to Morocco, officials said shortages of food and essential supplies continued to affect the enclave.
The crisis has also reignited political debate across Europe over border security and migration policy, with some politicians calling for tougher controls along the European Union’s external frontiers.
The humanitarian toll also continued to rise, with officials confirming that at least 57 people died during the border surge.
Many of those who crossed into Ceuta said they were fleeing unemployment and economic hardship in Morocco in search of better opportunities in Europe.
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Hamas agrees to disarm as Gaza withdrawal deal gains momentum
Hamas agrees to disarm as Gaza withdrawal deal gains momentum
Hamas has agreed to surrender its weapons under a new internationally backed roadmap aimed at ending the war in Gaza, paving the way for a phased withdrawal of Israeli troops and reviving stalled ceasefire negotiations.
The proposed agreement, announced on Friday, marks a major political breakthrough after months of negotiations over Hamas’ future military role and Israel’s insistence on the group’s complete disarmament before any troop withdrawal.
United States President Donald Trump welcomed the development, describing it as a “major milestone” and saying the agreement provides for Hamas’ “complete disarmament.”
According to the roadmap, Hamas will hand over its weapons to the National Committee for Administration of Gaza, a new governing body expected to oversee civil administration and internal security in the territory.
The agreement also provides for a gradual Israeli military withdrawal, with both processes to be implemented simultaneously under international verification.
A member of Hamas’ negotiating team, Ghazi Hamad, said the movement accepted the arrangement “for the sake of our people in the Gaza Strip,” adding that the new governing committee—not Israel—would supervise the disarmament process.
The Board of Peace, which facilitated the negotiations, confirmed that Hamas had accepted a detailed implementation roadmap and said the governing committee would soon begin assuming authority in Gaza.
However, the deal has already exposed political divisions in Israel.
Far-right National Security Minister Itamar Ben Gvir rejected the proposal, describing it as “unacceptable” and warning that it could allow Hamas to regroup.
Although Israeli officials have yet to formally endorse the agreement, political sources maintained that Israel would only proceed with troop withdrawal if Hamas undergoes genuine and verifiable disarmament.
European Union foreign policy chief Kaja Kallas welcomed the agreement but cautioned that significant work remained before lasting peace could be achieved.
United Nations Secretary-General António Guterres also described the announcement as one of the few positive developments in the Middle East conflict in recent weeks.
Egypt is expected to host another round of talks involving the United States, Qatar and Turkey to finalise implementation of the ceasefire roadmap.
Despite the diplomatic breakthrough, violence has continued in Gaza, with local health officials reporting that fresh Israeli airstrikes killed at least four people, including two children, highlighting the fragile security situation.
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CARICOM chair renews reparations demand
CARICOM chair renews reparations demand
Chairman of the Caribbean Community, CARICOM and Prime Minister of Saint Lucia, Philip J. Pierre, has renewed the region’s call for reparatory justice, insisting that emancipation remains incomplete without economic freedom, opportunity and social justice.
In his Emancipation Day 2026 message, Pierre said freedom was won through the courage and sacrifice of enslaved Africans whose struggle laid the foundation for today’s Caribbean societies.
He noted, however, that the abolition of slavery did not end injustice, as formerly enslaved people entered freedom without land, wealth or compensation, while those who benefited from slavery prospered.
Pierre maintained that the Caribbean’s pursuit of reparations was not driven by revenge but by the search for truth and justice, describing it as part of the region’s unfinished journey towards genuine emancipation.
He urged Caribbean governments to create stronger economies by supporting entrepreneurship, agriculture, food security, clean energy and youth development, saying political independence must be matched with economic empowerment.
The CARICOM chairman also called on citizens across the region to honour their ancestors by building more united, prosperous and inclusive societies capable of securing lasting freedom for future generations.
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