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Member, Beacon International Group, Ltd.
Property/casualty insurance in the Bahamas have been excluded from value added tax, a move that has helped prevent an estimated 25% fall-off in coverage, Bahamian newspaper The Tribune reported.
RoyalStar Assurance Ltd.'s managing director Anton Saunders said insurance would have become unaffordable for several Bahamians had the exemption not been announced. Mr. Saunders said the industry is "still going to get hit" through VAT on the claims side, but that is better than VAT being levied on consumers' gross written premiums.