The Government of the Virgin Islands is actively seeking solutions to address the territory’s high insurance costs, with recent efforts including discussions with global insurance leaders in the United Kingdom.
Deputy Premier and Minister for Financial Services, Labour and Trade, Hon. Lorna G. Smith, OBE, reported that during the recent official visit to the United Kingdom, the VI delegation met with representatives from Howden Group Holdings, a major international insurance group.
Smith emphasized that the territory is grappling with the financial burden of adapting to climate change, particularly evident in escalating insurance premiums. The government’s approach includes exploring how to leverage the territory’s financial services expertise in this effort.
Smith highlighted the importance of private sector climate finance in building resilience and developing adaptation measures, given the VI’s current inability to access funds from the UN Climate Change Convention and the Paris Agreement.