With a staggering $174 billion in insurance assets under management in Barbados by local and international companies, the Financial Services Commission (FSC) will be focusing increased attention on the sector.Oliver Jordan, chairman of the supra-regulatory body which monitors the operations of all registered financial institutions other than commercial banks, outlined a number of actions the FSC will be taking to strengthen Barbados’ position as a global hub in the insurance sector.Barbados currently ranks seventh in the world in the captive insurance segment and has a rich history in the insurance business since the 1840s.Speaking at the recently concluded Barbados Risk and Insurance Management (BRIM) conference hosted by BIBA, the Association for Global Business, Jordan announced a number of critical actions including sharpening the training of FSC regulatory personnel with global insurance experts.This, he noted, was necessary to enhance the decision-making skills of the officers tasked with overseeing the massive sector.“The global risk landscape is evolving rapidly, driven by climate change, technological disruption, and geopolitical uncertainty. For Barbados to thrive in this environment, we must not only adapt but lead,” he told scores who packed the conference room of the Wyndham Grand Sam Lord’s Castle, St Philip, where the summit was staged.To the professionals assembled, the FSC chairman outlined that the regulatory body was listening to its stakeholders, noting that while Barbados “has many strengths, the speed of regulatory approvals has been an area of frustration”. Moreover, he conceded that “delays in processing applications can cost us opportunities, and in a competitive global market, speed matters.”