Insurance in Belize

The insurance system in Belize comprises state social insurance and the private insurance market. The state social insurance system is organized by the state social insurance body (Social Security Board), known as the SSB, through mandatory contributions from employees and employers. Private insurance is offered by licensed insurers, brokers, agents or corporate agents. The insurance and private pensions supervisory office (Office of Supervisor of Insurance & Private Pensions) in the Ministry of Finance licenses and supervises insurers and intermediaries, monitors their financial stability and handles complaints. The 2026 register listed 13 Category 1 insurers, one Category 2 insurer, no Category 3 insurer and one Category 4 insurer. Licences are valid for one year. Unlicensed insurance companies may not conduct insurance business in Belize; intermediaries must show their intermediary card on request. The private market includes, among other products, property insurance against fire, theft, flooding, hurricane damage and other natural events. It also includes motor, liability, transport, marine, aviation, business interruption, credit, life, accident, health and disability insurance. Health insurance belongs to the insurance topic here only insofar as it concerns the insurance product, contract and benefit; medical questions belong to the health topic. Private pensions and annuities belong here only insofar as they are structured as insurance products. The obligation to have motor third-party insurance applies to vehicles on public roads. The insurer issues a policy and an insurance certificate; the insurance disc must be visibly displayed on the vehicle. The statutory maximum amounts for mandatory benefits are BZ$50,000 for bodily injury per person and accident, BZ$200,000 for bodily injury per accident, and BZ$20,000 for property damage per accident. Legally recognized medical expenses are covered up to BZ$5,000. A disability benefit may be BZ$40 per week for an employed injured person or BZ$20 per week for a homemaker, in each case subject to the statutory limits. The insurer generally pays the statutory benefits within 60 days after the required proof has been provided; weekly benefits are provided for no more than four weeks. Upon cancellation, the insurer must notify the Transport Authority within 30 days, and the insurance certificate must be returned within seven days. SSB social insurance contributions generally apply to employees between 14 and 65 years of age who work at least eight hours per week in insurable employment. The total contribution is 10 percent of insurable gross earnings, subject to a maximum of BZ$520 per week. The employer remits the total amount together with the contribution return by the 14th day of the following month. The employer may withhold only the employee’s share from wages and may not transfer its own share to the employee. Payroll records and employment records must be maintained. Persons between 60 and 64 who already receive an old-age benefit, or persons who are at least 65, are subject to special rules; in these cases, the employer’s share may be BZ$2.60 and coverage may be limited to employment injuries. Self-employed persons may voluntarily join the SSB under certain conditions. These include being between 18 and 60 years old and ordinarily residing in Belize. The contribution is 7 percent of a self-declared weekly income between BZ$55 and BZ$320 and is payable by the 14th day of the following month. Certain benefits require 26 contributions immediately before the claim is assessed; for self-employed persons, employment-injury coverage relates to the stated trade. Voluntary continuation insurance after the end of employment is available to persons under 65 who ordinarily reside in Belize, do not receive an old-age or invalidity benefit, and have paid at least 150 previous contributions. The application must be submitted no later than 26 weeks after employment ends. The contribution is 3.2 percent of average insurable weekly earnings, with a minimum of BZ$1.76 and a maximum of BZ$10.24. The SSB provides short-term benefits such as sickness benefit, maternity benefit, a maternity grant and a funeral grant. Coverage for employment injuries and occupational diseases includes, among other things, benefits for injury, death, permanent need for care, medical treatment, and disability pensions or grants. Long-term benefits include old-age, survivors’ and invalidity benefits. An old-age pension is generally available from age 65, or between ages 60 and 64 in cases of unemployment, if 500 paid or credited contributions are recorded. Other benefits have their own contribution requirements. The agreement among Caribbean Community (CARICOM) states may allow contributions from participating states to be aggregated for qualifying long-term benefits and may make entitlements more transferable for migrant workers. Different application deadlines apply to SSB benefits. Sickness and employment-injury benefits must be claimed within 14 days. An application for maternity benefit generally begins eight weeks before the expected date of delivery and includes three weeks after the birth. Applications for survivors’, death, invalidity, disability and old-age benefits have a deadline of 13 weeks. The deadline is three months for the maternity grant and six months for the funeral grant. Incomplete or late evidence may delay payment or result in the loss of the benefit. Applications may be submitted at an SSB office or through a submission point; sickness benefits may also be submitted through the My Social Security online portal (My Social Security Portal). For a private policy, the policy document and contract terms determine the protection, exclusions, insured amounts, deductible, term, premium, beneficiary and required evidence. The premium depends on the insured risk and the product; there is no uniform tariff for all policies. When applying, information about material risks, health, property or the vehicle should be complete and truthful. Before concluding a policy, it is useful to compare a direct insurer, broker and agent. The provider should be licensed and should explain the terms on exclusions, compensation limits and cancellation clearly. A claim should be reported to the insurer or intermediary without delay and in accordance with the policy requirements. Documents normally to be kept ready include the policy, proof of payment, photographs, police reports and medical, death or other evidence of the event. In the event of a rejection, a dispute over payment or unclear handling, a formal complaint may be submitted to the OSIPP. The complaint form requires, among other things, information about the type of policy, contract period, event, premium status, contract terms and disputed issue. The documents may be submitted at the Mountain View Complex in Belmopan or by email to osipp@mof.gov.bz. The OSIPP may request further information and issue a formal determination; the right to bring proceedings before the courts remains. No general statutory deadline for every private insurance claim has been established, so the deadline in the relevant policy is decisive. When renewing or changing insurance coverage, exclusions, insured amounts, price and term should be compared again. Material changes in the risk must be reported to the insurer. No general statutory period for a free cancellation after conclusion has been established for private policies. For life insurance that has been in force for at least three years, statutory rules on cash surrender value, paid-up continuation and other non-forfeiture provisions may apply; the exact calculation depends on the law and contract. For motor third-party insurance, cancellation additionally triggers the duty to notify the Transport Authority and return the insurance certificate. The legal framework is based, among other sources, on the Insurance Act 2023, which has applied since 1 October 2023, the Insurance (Amendment) Act 2024, the Microinsurance Regulations 2025 and the Insurance Fees Regulations 2026 listed by the OSIPP.