Challenging time for insurance industry

Slower client payments and a general slowdown in business are some of the effects of the COVID-19 pandemic on the local insurance industry.

President of the Insurance Association of Barbados Randy Graham told the Business Report that it has been a challenging time for the industry as there is also a slowdown in new business.

The IAB President also said that the passage of Hurricane Elsa had an impact on the industry, with claims received so far in the millions and still coming in.