Tuesday, April 16, 2024

Insurance firms could take ‘big hit’

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International rating agencies are warning that the effects of two of the strongest hurricanes to hit the region could put insurance firms in the Caribbean at risk.

Last month, Hurricane Maria followed Hurricane Irma on a path of destruction across the islands, leaving devastation in their wake.

A.M. Best pointed out that Maria would test the financial strength of the insurance industry.

“Being the second major hurricane to pass through the Caribbean in quick succession not only heightens the risk to their financial strength, but could also complicate the claims process for reinsurers, the agency revealed in a widely circulated report just before Maria slammed the Caribbean. (MB)

Please read the full story in today’s Sunday Sun, or in the eNATION edition.

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