What is the general state of the Financial services Industry

Category: Economy

Answer:

There is a mutual commitment by the Government and the private sector to ensure the integrity of the financial services system and keep The Bahamas on the competitive edge.

Considered one of the world's principal international financial centers, The Bahamas is home to many of the world's largest and most prestigious financial institutions which have set up branch or subsidiary operations here.

TThe financial sector contributes over 20% to GDP, with annual expenditures in the local economy of the banking and trust sector alone (over 250 licencees) exceeding around $600 million, assets of $600 billion, and with sizeable assets under management. There are some 40 insurance companies (not including brokers and agents), with assets of the domestic insurance companies alone exceeding $1 billion.

With 1,600 ships on its books and gross registered tonnage exceeding 57 million, The Bahamas currently ranks as the world's fifth largest shipping registry, in the world, and credited with being the number one choice for the world's leading cruise operators.