NASSAU, Bahamas – December 5, 2017 – Insurance rates are likely to soar by 15 to 20% in a post hurricane Irma and Maria world and Bahamians are being told to brace for it.
In a Tribune business report re-insurers who provided coverage to The Bahamas are going to be looking for increases in order to provide that necessary catastrophe coverage. Tom Duff, General Manager of the Insurance Company of The Bahamas said while it is still early negotiating season, there are conversations being had and customers need to prepare for the hike.
“I wouldn’t like to put particular figures on it as it’s still early in the negotiation process, but the reality is that as the cost of catastrophe cover is typically increased, we have to pass it on to the customers as that’s a major expense that has to be covered.”
The increase, when it comes will apply to Bahamian businesses and households and Timothy Ingraham, Summit Insurance Company president, also told Tribune Business that in two weeks there would be more specifics.
Globally, it has been catastrophic, insured losses got to $95 billion and now the industry is gauging how those costs will affect new year rates.
Mr. Ingraham even suggested that re-insurers were still determining the severity of their losses and payouts.
