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Peter Levy, Director of the Insurance Association of Jamaica and Managing Director of BCIC, and Sharon Donaldson, President of the Insurance Association of Jamaica
Motorist are being told to brace for higher insurance premiums.
Peter Levy, Director of the Insurance Association of Jamaica and Managing Director of BCIC, said with the rising cost for spare parts and auto-repairs, insurers have had to bump up premiums to be able to pay claims.
He said supply chain issues as well as the ongoing computer chip shortage have contributed to increased cost of vehicle repairs.
But he noted that those increases could be temporary, levelling out as supply chains streamline.
Mr. Levy was speaking at a press briefing on Wednesday, where an international insurance expert noted that local premiums have been lagging behind in cost.
Hugh Barbanell, Managing Director responsible for the Caribbean at AON (AYON) Insurance, said the cost of local insurance has to be increased, or the country risks losing support from reinsurers.
President of the Insurance Association of Jamaica, Sharon Donaldson, said the country cannot afford to lose reinsurance support.
"The bottom line is that we are now facing a property insurance market with higher premiums. In addition, persons may not be able to afford insurance they require and, in some cases, they will not be able to get it because there's just absolutely no capacity. The economy cannot operate without insurance. Business cannot operate without insurance because insurance provide suitable, adequate security for loans, for mortgages," she explained.
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