/Brace for increase in insurance premiums says IAJ

Brace for increase in insurance premiums says IAJ

The Insurance Association of Jamaica (IAJ) is advising Jamaicans to brace for an increase in premium come January next based on COVID-19 and other market conditions.

Responding to questions from The Jamaica Observer’s Sunday Finance, IAJ vice-president Mark Thompson explained that a review in premium rates has become necessary because of COVID-19 and its effects added to the demands for higher premiums by reinsurers.

The demand for higher premiums by reinsurers stem from the fact that over the last three years insurance companies have been paying out more, particularly for claims arising from flood and hurricane damage in the Caribbean and the United States.


By |2020-06-28T22:58:40+00:00June 28th, 2020|news|0 Comments

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