Hurricane premiums soar in the Caribbean: CARICOM BUSINESS

Hurricane insurance premiums across the Caribbean are 50% higher than two years ago — and 100% higher if the insured has recently suffered significant damages.

That’s the word from Ryan Barber, a Managing Director of global insurance giant Marsh.

Deductibles have swelled to 5% of total damages versus 3% two years ago, he said. Between 2016 and 2020, hurricane insurance claims in the Caribbean soared to $44.5 billion — up from just $1 billion during the previous four years, according to data from Risk Management Solutions. (NYP)

Extract from CARICOM BUSINESS - Vol 3 No 27

Caricom Business July 3, 2020-Vol-3No-27