Jamaicans are being advised to brace for greater insurance prices as world re-insurers face elevated losses and as inflation rises.
The new Chief Executive Officer for Guardian Group, Ian Chinapoo, mentioned insurance prices, particularly for property, have already seen will increase this yr.
In some territories, he mentioned charges have risen to as excessive as 15 per cent.
Mr. Chinapoo defined that re-insurers have suffered important losses, together with disaster losses which have amounted to virtually $100 million, so they may haven’t any selection however to extend their charges.
He mentioned this implies insurers should handle and share the burden of will increase with prospects.
With the price of claims additionally rising, Mr. Chinapoo mentioned insurance charges should be adjusted upwards in order that insurers can proceed to pay for future claims.
