INADEQUATE property insurance by homeowners remains a concern for Guardian Group insurance officials here.
Nigel Adams, executive manager of property and casualty at Guardian General Insurance Limited, said that based on assessments of the market, the level of insurance among homeowners was simply not at a level that was ideal. He, however, did not provide figures.
“One thing I would lament is that household insurance, particularly where there is not a mortgage interest involved, we find the attitude toward household insurance not where it ought to be,” he told BARBADOS BUSINESS AUTHORITY.
“On the part of the customer there is still too much risk taking in that regard. We would like to encourage more home owners to insure their properties. The penetration here can be better,” Adams said.
Michael Austin, vice-president of sales and marketing of Guardian Life of the Caribbean Limited, said that when compared to the Trinidad market Barbadians did not show the same level of interest in acquiring property insurance.
“The number of people here who have their homes insured – the penetration rate is just too low. If I did a comparison to our market in Trinidad it is not adequate. People in Trinidad they don’t make joke in insuring their property because to find that money to rebuild a home is not easy,” added Austin. (MM)
