A New York consultant told an audience in Barbados last week that the island has a good chance of wooing offshore business presently domiciled in Bermuda.

The Barbados Advocate reports that on Friday, Geoffrey Bell, a New York consultant and head of the firm Geoffrey Bell and Company, told an audience that while Bermuda is "king" of international insurance, problems with staffing availability and costs suggest that the opportunity to take some of this business to Barbados exists.

Mr. Bell reportedly told the public sector and private sector officials that the key for Barbados is to maintain high standards and avoid any episodes that could negatively impact on its reputation.

He said Barbados has a major advantage in financial services because self-respecting institutions want to do business in an international centre that is recognised world-wide as having the highest standards.

He said: "Of course in the short term, business may be lost as standards are raised, but this is usually good business to lose."

Mr. Bell did not return telephone messages left by The Royal Gazette, but The Barbados Advocate reports that Mr. Bell said: "As I see it, business will migrate to Barbados from other parts of the Caribbean as the need to operate in an internationally recognised centre becomes more obvious."

Mr. Bell told the audience that Barbados would be challenged by intense and global competition in the financial services sector. He cited the captive insurance industry where Vermont and other states are already actively promoting the business at low cost.

Mr. Bell reportedly said value for money would be vital in this environment which "means that raising productivity in financial services is essential, with one aspect being quick response by insurance regulators to questions from insurance companies."

Mr. Bell said that insurance services represent a great opportunity for Barbados where there are already more than 400 captive insurance companies both active and registered in Barbados and 39 qualifying insurance companies.

He also suggested the island tap into other areas where there is impressive growth taking place, such as international asset management and private wealth creation.