Independent Senator Andrew Mallalieu has urged the government to broaden financial services industry reform by liberalising investment rules governing insurance companies, warning that Barbados remains vulnerable if insurers’ investments are concentrated here.

In Wednesday’s debate on the Protection of Depositors Bill, the real estate executive said the legislation highlighted an important principle of risk diversification that should also apply to the insurance industry.

Referencing the start of the Atlantic hurricane season, Senator Mallalieu noted he was encouraged by prayers offered in the Senate for Barbados to be spared from storms, but said the country also needed practical measures to strengthen its financial resilience.