President of the Insurance Association of Jamaica, Peter Levy says rates on property insurance went up after major hurricanes ravaged sections of the Caribbean last year.
The cost of proprety insruance has definately increased since last year due to the storms in the Caribbean. On average we are seein about a 15 per cent increase year on year.”
He also said property owners will be spared from increased insurance rates during the upoming hurricane season.
“There isn’t an increase that comes because the hurricane season is coming. All the policies that we sold in November and October are still going to be exposed to a hurricane risk. Just as much as one that is bought in May or June..”
He says the only customers who may experience changes in their rates are those who received reductions on their risk assessment, but the increases will be marginal.
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