Antigua and Barbuda’s Prime Minister Gaston Browne has announced his intention to seek bilateral discussions with Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar regarding outstanding compensation commitments for victims of the CLICO and BAICO insurance collapses. The meeting is anticipated to occur during the upcoming CARICOM Heads of Government Meeting scheduled for February in St. Kitts and Nevis.
The insurance crisis originated in 2009 when Colonial Life Insurance Company (CLICO), a Trinidad-based financial conglomerate with diversified interests across energy, beverages, and construction, experienced severe liquidity problems following the global financial crisis. The subsequent collapse affected thousands of policyholders throughout the Eastern Caribbean region, with many investors losing substantial portions of their life savings and investments.
According to Prime Minister Browne, the Trinidad and Tobago government had previously pledged US$100 million toward a regional relief initiative but has only disbursed approximately 40% of this commitment to date. “With the commitment that was made, we still have a significant amount outstanding,” Browne stated, emphasizing the ongoing financial hardship faced by hundreds of affected residents in his nation and thousands more throughout the Eastern Caribbean.
Browne expressed optimism about the prospects for resolution, noting that Persad-Bissessar’s previous administration had demonstrated serious intent to address the matter. “I am very thankful that her administration had shown seriousness about the issue in the past,” he remarked. “From this standpoint, I hope she remains consistent and we can bring further relief to the CLICO-BAICO situation.”
While some regional governments have negotiated partial settlements and implemented restructuring measures over the past decade, many policyholders continue to await full recovery of their funds. Browne has vowed to continue advocating for affected citizens and expects Trinidad and Tobago, as the home jurisdiction of the failed insurance conglomerate, to honor its financial commitments in full.