Some Barbadians will be paying more for motor, home and other car insurance as some companies serve notice their rates are going up.
The Guardian Group is one of the companies that has already informed customers of its plan to increase insurance premiums.
In a letter to policyholders dated December 1st, Guardian cites rising inflation globally, the war in Ukraine, supply chain disruptions and severe weather events.
Guardian says it expects reinsurance prices will rise significantly and that due to the escalating costs it can no longer maintain its prices and remain viable.
As a result, effective from customers’ upcoming renewal, premiums will be increased.
President of the General Insurance Association of Barbados Randy Graham, confirms that some companies may be raising their rates.
But he stresses a decision will be made about rates on a company by company basis.
He sought to explain the reasons for the rate hike including international factors and local issues like the high rate of accidents and the resulting injuries.
President of the General Insurance Association of Barbados Randy Graham.
