Property owners are going to have to dig deeper into their pockets to meet rising insurance costs.
Local insurance companies are being hit with price hikes from their reinsurers and they are passing on some of them to customers.
The General Insurance Association of Barbados (GIAB) announced that come January 1, 2018, insurance companies would have to pay as much as 30 per cent higher reinsurance rates.
GIAB president Michael Holder could not say precisely what the percentage or dollar figures the latest increases would be to the customers.
He told the Sunday Sun yesterday the increased cost of reinsurance rate was mainly due to knock on effects from the monster hurricanes which had affected the Caribbean and southern United States this year, as well as the Mexican earthquake. (AD)
Please read the full story in today’s Sunday Sun, or in the eNATION edition.
