CLICO’s unpaid compensation issue, stemming from the collapse of Colonial Life Insurance Company (CLICO) and British American Insurance, has dragged on for 16 years. Former policyholders in the Eastern Caribbean are still waiting for their money. Prime Minister Gaston Browne of Antigua and Barbuda is preparing to meet with Trinidad & Tobago officials to try to settle the matter.

The two countries’ leaders recently discussed the problem on the sidelines of the United Nations General Assembly. They agreed it’s time to find a solution. Browne is putting together a team to travel to Trinidad for talks. The hope is to reach an agreement soon and finally give closure to those affected.

Back in 2022, Browne mentioned that Eastern Caribbean countries might sue Trinidad & Tobago to recover about US$60 million owed from the 2009 collapse of CLICO and British American Insurance. Trinidad & Tobago had promised to pay US$100 million but only paid part of it so far. A lawsuit filed by former policyholders was dismissed by the Caribbean Court of Justice last year.

Prime Minister Browne remains hopeful the meeting will lead to a settlement. Many in the region want this long-standing issue resolved once and for all.