Reinsurance companies that operate in the Caribbean have been telling regional insurers to expect higher rates when they look to renew their reinsurance programmes, as a result of recent hurricanes in the region, according to the Association of Trinidad and Tobago Insurance Companies (ATTIC).
Parts of the Caribbean were recently devastated by hurricanes Irma and Maria. The storm resulted in many deaths and injuries, and widespread damage was reported on numerous Caribbean islands.
In light of this, the Trinidad’s Daily Express reports that ATTIC has said that reinsurers that operate in the Caribbean have warned regional insurance industries to expect increased rates when renewing their valuable reinsurance programmes, which provide them with protection against catastrophe events, such as hurricanes.
The overall economic and insured losses from the events is still unknown, and it will likely take some time before the Caribbean and the global re/insurance industry fully understands the impacts.
