An imminent hike in general insurance rates in Barbados could trigger more price increases.

This follows the announcement by the General Insurance Association of Barbados that the cost of vehicle and property insurance could rise by up to ten percent by March due to their international reinsurers significantly increasing their rates.

Chairman of the Barbados Private Sector Association Trisha Tannis tells Starcom Network News they are closely monitoring the increase in insurance rates and the impact it will have on the business sector.

But she says that not all businesses may be able to absorb the increased costs.

Chairman of the Barbados Private Sector Association Trisha Tannis.

Meantime, President of the Barbados Chamber of Commerce and Industry Anthony Branker stated more definitively that the increased insurance cost will have to be passed on.

President of the Barbados Chamber of Commerce and Industry Anthony Branker