/Property Insurance Rate Increase Pending

Property Insurance Rate Increase Pending

Property owners should prepare for an increase in insurance rates of 10 to 15 percent this year, states Insurance Association of Jamaica (IAJ) executive director, Orville Johnson.

Mr. Johnson says that this pending rise in property insurance premiums is due to increasingly destructive Atlantic hurricane seasons in recent years. He explains that insurers pool insurance premiums from their customers, which they use to cover the losses which a few customers experience. Insurance companies in turn protect themselves against extraordinary losses by buying reinsurance from large international reinsurance companies.

Property Insurance Rates Rise Pending Jan 24 2020_JAW Revised

By |2020-02-06T22:02:51+00:00February 6th, 2020|news, Press Releases|0 Comments

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