Press release 2022-019
Insurance sector proved resilient to the pandemic
Outlook: CBCS concerned about growing vulnerabilities
Willemstad/Philipsburg - The insurance sector of the monetary union delivered a stable performance in 2020, despite the severe Covid-19 shock. The solvency position in both the life and non-life insurance sector remained well above the regulatory minimum imposed by the Centrale Bank van Curaçao and Sint Maarten (CBCS). The overall profitability of the sector also improved in 2020, however, the CBCS remains vigilant about growing vulnerabilities. The Financial Stability Report, published by the CBCS, addresses the market structure, regulations and latest developments but also describes the main vulnerabilities associated with the local insurance sector.