Insurance in Antigua and Barbuda

The insurance market in Antigua and Barbuda is formally established but distributed across several bodies. The Financial Services Regulatory Commission (FSRC) registers and licenses insurers and intermediaries, maintains registers, supervises solvency and the market as well as policyholder protection, and can take action against violations. Before applying, paying, or renewing, the insurer, agent, broker, or claims adjuster should appear in the current FSRC register. Providers listed there include ABI Insurance Company, Antigua Insurance Company (ANICOL), Caribbean Alliance, CG United, Guardian, NAGICO, Sagicor, State Insurance Company, and other local or regional companies; licensing status may change. The Antigua and Barbuda Social Security Board (ABSSB) administers statutory social insurance. The system covers insured employees, employers, and self-employed persons and may provide benefits for sickness, maternity, invalidity, old age, survivors, and a funeral grant. According to the available ABSSB information, since 2025 the contribution rate for public-sector employees is 15 percent in total, divided into 6 percent for employees and 9 percent for employers; in the private sector it is 16 percent in total, with 7 percent for employees and 9 percent for employers, and it is 10 percent for self-employed persons. According to the ABSSB, the contribution ceiling is EC$6,500 per month, EC$3,000 every two weeks, or EC$1,500 per week. Employers generally pay no later than 14 days after the end of the month; late payment incurs a 10 percent surcharge. Any possible contribution change for 2026 should be checked again with the ABSSB before making a binding decision. ABSSB benefits depend on age, contribution periods, employment status, and the application date. Sickness benefit requires, among other things, at least 26 contribution weeks and 8 contribution weeks in the last 3 months; the application should be filed within 21 days, the payment is 60 percent of average insured weekly earnings, and it is generally limited to 26 weeks. Maternity benefits may last up to 13 weeks and require at least 26 contribution weeks within 52 weeks. Invalidity benefits require permanent incapacity for work before pension age and medical evidence. The pension age has been 65 since 2025; early payment from age 60 reduces the benefit by 0.5 percent per month. The minimum pension is EC$350 per month. Survivors' benefits may apply to widows, disabled widowers, and unmarried children; the funeral grant is EC$2,500. Eligibility, amount, and deadlines should always be confirmed directly with the ABSSB. The Medical Benefits Scheme (MBS) is a statutory medical benefits system and not private health insurance. Employers, employees, and self-employed persons may be registered with it; reimbursement typically requires a smartcard, a signed application form, and original receipts. MBS applications generally must be submitted within three months. Private medical insurance may additionally provide its own benefits, deductibles, exclusions, and dental or optical coverage. For vehicles, third-party liability is legally required for use on public roads. The insurance certificate must be presented during a police check and may, where applicable, be submitted within five days. Comprehensive cover typically protects the insured vehicle against damage beyond the minimum cover; Third Party Fire and Theft is another possible intermediate option. Premiums and deductibles depend, among other things, on the vehicle, driver, use, and contract conditions. Other private contracts cover homes and household contents, fire, theft, vandalism, hurricane and other catastrophe damage, mortgages, life, personal accidents, travel, marine and cargo risks, public liability, construction projects, workplace accidents, business interruption, burglary, fidelity losses, and cash in transit. For buildings and household contents, an insurer may settle a claim under an average clause in cases of underinsurance. If the sum insured is at least 85 percent of the actual value, the compensation must not be reduced solely because of that underinsurance clause. Insurers should generally provide the contract documents within 30 days. Policies are generally subject to the laws and courts of Antigua and Barbuda. An unregistered foreign insurer may operate only with special FSRC approval if comparable cover is not available locally. Cancellation, renewal, endorsements, and changes are governed by the relevant policy; there is no single customer deadline for all contracts. Certain long-term life insurance policies have statutory protections in the event of non-payment, which do not automatically apply to general property or health insurance. A claim should be reported to the insurer immediately because the policy often provides deadlines of 14 or 30 days. After a traffic accident, the people involved and witnesses should be recorded, photographs taken, safety secured, and an admission of liability avoided. Processing may require a driver's licence, registration, insurance certificate, policy or claim number, proof of ownership, and estimates. For property damage, damaged items should be preserved and no premature repairs started; medical claims require medical records and original receipts. State Insurance also accepts vehicle damage claims online and allows them to be tracked. A police traffic accident report usually costs EC$200, and a general police report EC$100; both are usually requested within about one week. For a complaint, the insurer should first be contacted with the policy or claim number, chronology, supporting documents, and the requested resolution. The insurer should confirm receipt, identify a responsible complaints contact, investigate the matter, and close it in writing. The FSRC supervises the market but is not documented as a general independent ombudsman for the regulation of private claims. Decisions of the Superintendent of Insurance may be challenged through the statutory route via the Insurance Appeals Board and then, within 21 days, the Insurance Appeals Tribunal; decisions of the Tribunal may be brought before the Court of Appeal.