Caribbean
Insurance

Motor vehicle third-party liability insurance is mandatory in most Caribbean countries, including Jamaica, Trinidad and Tobago, Barbados, and the Bahamas. This covers damage or injury you cause to other people or their property while driving. Some territories also require employers' liability insurance for businesses. Health insurance is mandatory in the Cayman Islands under the Health Insurance Law and in Bermuda under the Health Insurance Plan (HIP).

While hurricane insurance is not always legally required, it is strongly recommended for all Caribbean property owners. The region sits in the Atlantic hurricane belt, and storms can cause significant damage. Most standard property insurance policies in the Caribbean include hurricane coverage, though deductibles for named storms are often higher than regular deductibles. If you have a mortgage, your lender will almost certainly require property insurance that includes hurricane coverage.

Car insurance costs vary widely across the Caribbean. Third-party only coverage typically ranges from $200 to $500 USD per year, while comprehensive coverage can range from $500 to $2,000+ USD depending on the vehicle value, driver history, and country. Bermuda and the Cayman Islands tend to have higher rates due to higher costs of living, while Jamaica and Trinidad generally offer more affordable premiums. Factors like your age, driving record, vehicle type, and where you park overnight all affect pricing.

The Caribbean Catastrophe Risk Insurance Facility (CCRIF SPC) is a regional risk pooling mechanism established in 2007. It provides quick-disbursing insurance to Caribbean governments after natural disasters such as hurricanes, earthquakes, and excess rainfall events. When a covered event occurs, CCRIF can make payouts within 14 days, giving governments fast access to funds for emergency response and recovery. This is much faster than traditional insurance or international aid, which can take months to arrive.

Generally, insurance companies must be licensed to operate in each specific country. However, several large regional insurers like Sagicor, Guardian Group, and NAGICO operate across multiple Caribbean territories through local subsidiaries. You should purchase insurance from a provider licensed in your country of residence to ensure proper regulatory protection and smooth claims handling. Buying from an unlicensed insurer could leave you without legal recourse if a claim is denied.