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Construction slowdown, competition cut Bahamian insurer's premium nearly 50%

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Summit Insurance Co. Ltd. saw premium from its contractor all-risk business fall nearly 50% over the past four years, Timothy Ingraham, president of the Bahamas-based company, said.

The insurer is expecting "another flat year" for 2014, reported. The insurer recorded a 51% year-over-year growth in comprehensive income in 2013 to $2.5 million Bahamian ($2.5 million). Mr. Ingraham said "the pie gets shared a little bit smaller" in the country's general insurance market because of the increased competition from new players and the weak economy.

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