Find Insurance and Reinsurance expertise in Belize

The insurance industry in Belize is small. There are 14 active domestic insurance companies: seven general insurance, five long-term insurance, and two composites (2011). The major sectors of the general industry include property, motor, accident, and sickness insurance. Partner firms RF&G Insurance – specialising in general insurance (property, fire and liability insurances) – and RF&G Life Insurance – specialising in life and health insurance products – are dominant players in the market. On the basis of premium revenue, RF&G Insurance has at least 50% overall market share in the general insurance market. Motor insurance is essential by law in the country. Belize’s vulnerability to natural disasters and extreme weather makes it reliant on overseas reinsurance. There is an offshore or captive insurance sector. Domestic insurance businesses are regulated by the Office of the Supervisor, whilst the Supervisor of International Insurance – part of the International Financial Services Commission (IFSC) – has responsibility for the offshore insurance industry. The Association of Insurance Institutes of the Caribbean administers the training of insurance professionals in the region.