Property insurance rates are expected to go up by as much as 30 to 35 percent.
That’s according to the Insurance Association of Jamaica, IAJ.
In a statement, IAJ Vice President, Peter Levy, says pressure from International reinsurers is forcing a rise in local property insurance rates.
This, as insurance companies try to make up for massive losses during this year’s hurricane season, which devastated many islands in the Caribbean.
According to Levy, General Insurers in the country, whose properties are protected by reinsurance, are passing on the higher costs to their clients.
Levy says while Jamaica was not directly impacted by any of the 2017 hurricanes, the country faces similar risks to Puerto Rico, Dominica and St. Maarten.
The leading international reinsurance provider, Lloyd’s, recently reported that it has so far paid claims of 1-point-7 billion US dollars to cover damage from Hurricanes Harvey, Irma and Maria.