Barbadians to pay more for insurance

Many Barbadians can expect to start paying as much as 10 per cent more for mainly property insurance, and to a lesser extent some motor insurance, from next month.

That is according to the president of the General Insurance Association of Barbados (GIAB), Randy Graham.

He says the insurance industry is now truly starting to feel the impact of multiple major natural disasters last year, resulting in local companies’ re-insurers significantly increasing their rates.

As a result, he says unfortunately the net increases to consumers could be some of the highest in almost a decade.

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