Underinsurance of residential and commercial properties continue to be a concern for insurance companies here.
And Barbadians are being warned that such practices were not good.
Speaking to the DAILY?NATION following a church service yesterday at the Calvary Moravian Church on Roebuck Street, Ingrid Innes, chief executive officer of the Insurance Corporation of Barbados Limited (ICBL), said that some people were citing the economic climate as a major reason for their not fully insuring their properties. She said that while she understood this, the practice should not continue.
“With the economy the way it is right now, not many people are insuring their houses and others are not insuring to the maximum that it should be. It goes not only for residential property insurance but also motor insurance and businesses.
“They want to take a chance – some of them can’t afford it in certain areas and they don’t insure it as well as they should, but that is dangerous,” she said. (MM)
