Discuss the causes of financial failures in the Caribbean

Expert Solution

The causes of financial failures in the Caribbean was because insurance regulation was not up to the requisite standard. Knowledge and manpower gap further worsened the situation. Besides suffering from regulatory issue or malfunction, insurance companies suffered liquidity complications and inclusion of several commercial banks in corporate groups including insurance companies had been tainted. Insurance companies experienced poor portfolio administration, which can be imagined from a clear mismatch of assets and liabilities, which was revealed in too much investment in real estate and soaring operational cost owing to unnecessary commissions to agents. The fragile corporate governance amid deficient effective regulation, the breakdown of Trade Confirmers, a finance company, cotton factory and The Barbados Foundry were other events which further elevated the financial failure.

Rahul Sunny answered 2 years ago

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