Richard Darville, Deputy Chairman of the Bahamas Insurance Association

NASSAU, BAHAMAS — Local insurers are doing their best to fight to keep costs down for customers amidst reinsurance cost hikes, according to Richard Darville, Deputy Chairman of the Bahamas Insurance Association (BIA), who noted that catastrophe premiums have increased by 30-40 percent over the past three to five years.

Darville explained: “Going into 2022/2023, the primary insurance market in the Caribbean and Florida experienced what we referred to as a capacity crunch. The reinsurance market became a bit tighter in terms of the ability for reinsurance. In addition to the increase in pricing, there was a decrease in availability of specialty catastrophic insurance availability. What drove this was a lot of primary reinsurers started to look at their returns and decided that they were best suited to stick within the prescribed guidelines by their boards. There was a huge exposure in The Bahamas and Florida.”

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