Too many Barbadians are not paying the insurance cover required to restore their homes or businesses if their property is destroyed by a hurricane or other natural disaster.
That’s why there’s fresh concern in the industry about the growing funding gap for replacement of houses and property in general.
The revelation from President of the General Insurance Association of Barbados, Randy Graham came during a virtual seminar on climate change and sustainable development hosted by the Centre for Biosecurity Studies at the UWI Cave Hill.
He wants property owners to revise what they’re now paying for insurance cover, especially with the Atlantic hurricane season on our doorsteps.
According to Mr. Graham, it’s a problem seen in home insurance not only in Barbados, but right across the region.
As a result, governments in many cases are left to foot the bill for the shortfall.
He says this is not sustainable.