THIRTY MILLION DOLLARS and counting.
That’s the amount, says the General Insurance Association of Barbados, which one insurance company has paid in claims for accidents involving ZRs and minibuses between March 10, 2009 and June 2 this year, with a further $21.1 million in claims outstanding.
It is these high costs, said an insurance broker, that could influence more motor insurance companies here to opt out of the underwriting public service vehicle (PSV) business. It may also lead to an increase in private car insurance.
News of this comes as a number of PSV operators complained that they faced business closure after Massy United Insurance decided it would only insure owner-driven PSVs.
Please read the full story in today’s Sunday Sun, or in the eNATION edition.