Insurance coverage sector warns of huge 2023 price hike

Insurance sector warns of massive 2023 rate hike

(CNS): Homeowners can expect another significant hike in their bills next year as the local insurance industry is warning that property insurance premiums will increase significantly, with some people seeing hikes of as much as 30%. As inflation bites on grocery and utility bills and interest rates push mortgages to their highest for decades, this latest news is likely to ensure that 2023 is going to be another difficult year.

The Cayman Islands Insurance Association (CIIA) issued a public notification on Wednesday warning people to expect their 2023 property insurance premium rates to increase by anywhere from 15% to 30%, depending on the type of construction, protections, property location and elevation of the insured property.

The local association said that while the Cayman Islands has been fortunate to avoid any major hurricane losses since Hurricane Ivan in 2004, this country falls into the same reinsurance pool bracket as the wider Caribbean and faces similar…