Garages, medicals driving up cost

The local insurance industry is revealing new developments that are driving up the cost of doing business.

Providing the information during The People’s Business on Sunday evening on the topic “Insurance and You,” director of the General Insurance Association of Barbados (GIAB), Anton Lovell, says repairs related to car accidents have now risen significantly, in some cases, by at least 275 per cent.

What is happening according to him, is that garages are seemingly not stocking all the required parts on the island, resulting in them having to import.

In defending the recent increase in the cost of premiums, the GIAB director reveals another developing trend regarding injury claims.

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