BVI News

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CIL forks out nearly $200M in insurance payouts

The building that houses Caribbean Insurers Limited in Road Town.

Caribbean Insurers Limited (CIL) has paid out close to $200 million in insurance claims in the territory and is expecting to pay another $300 million.

Marketing Director of Caribbean Insurers Ltd (CIL) Simone Monsanto said those figures represent claims on properties, auto, and commercial insurance.

“We anticipated to pay out that amount,” Monsanto said in a recent interview on radio.

“I can say 95 or more of our clients are happy. You can never please everyone a 100 percent, so there will be a few and we are willing to work with them.”

She said some of who were unhappy and receiving settlements are underinsured residents.

Reasons for delay

Meanwhile, Monsanto said in some cases persons had to wait for lengthy periods of time to receive insurance payouts.

“They [clients] may say it’s a bit slow but this was not a regular hurricane, it was a disaster; so most of our processing could be a bit lengthy.”

“Also, we had to wait on clients to produce their documents before the adjuster can deal with their claims,” she added.

CIL‘s Marketing Director then assured clients their claims will get settled.

“If you are worried about your claims, just come in and one of our staff will assist you and will get the adjuster to you. Bear some patience, your claim will be paid.”

Several residents had criticized local insurance companies for dragging their feet during the claims process. Some also felt that they were being ripped off.

The British Virgin Islands was severely impacted following two category-five hurricanes last September.

More than 80 percent of the territory’s infrastructure was destroyed.

Copyright 2018 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.

29 Comments

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  1. idea says:

    I must say CIL proved to be the bestish insurance after this hurricane.

  2. Albion says:

    It still just makes me sad that so many homes and businesses were completely uninsured, living in a hurricane belt. Let’s hope people are more prudent going forward.

    • Concern says:

      @Albion, Im not surprised at all. Many of these homes dont have insurance because they don’t have mortgages that you HAVE to have insurance on your home to secure a mortgage. Mom and Pop (now grandparents) built their hours with cash; they didnt have mortgages back then and didn’t feel the need to get any now. Do the research, I bet it will show, the newer built homes (within 10 – 15 years) were they one with insurance, but 30 years out, no insurance. This is not an excuse, nor reason not to have insurance, but just to answer why so many didn’t have.

    • @Albion says:

      While that is true, it could also be an indicator that doing business in the BVI is too expensive.

  3. Food for thought.... says:

    I think it highlights two key considerations when selecting an insurer-

    1. Their financial security, are they A rated?
    2. How big is their property insurance portfolio. Insurance companies with smaller property portfolios will have less policies to administer in the event of a disaster and therefore your claim will get settled quicker.

  4. scam says:

    Insurance is a scam.

  5. Hmm says:

    So now that I have just received settlement. How am I to move forward with my duty free purchases?

  6. Kitty day tales says:

    People only want to hear bout getting big money from insurance and from them overpriced estimates. Them don’t want to talk bout how Dem cuss insurance staff at the office and in public and threaten them. Strups meen waan hear bout no more mehson.

  7. Big Dallas China man says:

    Nagico is the BEST… I ban and grow here and I know for sho

  8. Father george says:

    So what they really trying to say? They a smaller company than Nagico and they pay more?

  9. Sips tea says:

    Let me just sit back…relax and watch the insurance bashing that follows

  10. Have mercy says:

    When you can’t walk you crawl on the foot of …

  11. Satisfied customer says:

    I am happy with my payout.

  12. Colonial next time around says:

    My claim is not yet settled with CIL and I am very disappointed with their level of d——-

  13. Hmmm says:

    Could always be worse. Just be thankful you not with —— and that you dont have crooked — as your adjuster.

    What a scamp

  14. Ratasfarian legendary wokeness says:

    Ayo sleeping mehson…time to be woke and stay woke. “Woke” up and smell the ganja brethren!! The thickness of the conspiracy smoke has me feeling higher than what I smoke..

  15. Blind man says:

    I see alot in store for us this year. Insurance is alot like gambling…

  16. Hmm says:

    Caribbean Insurers is a broker not an insurance company, they sell for many different companies. The —– —- doesn’t understand the difference between an insurance company and broker and selling you insurance. I will pass on that!

    • @Hmmm says:

      Your statement is very true. Based on my research it is the companies that they sell insurance for that has paid out nearly $200M and not CIL. This a combined total and not of any one company. Please stop the false advertising.

    • Tiro says:

      insurance companies work by re- insuring with bigger companies, as far as i understand, Is Nagico is own re-insurer? if so, that’s great

  17. Happy Customer says:

    I will stick with my insurance company. Always great service from friendly staff. The staff are also very knowledgeable. I will keep my business with NAGICO.

  18. @kitty day tales says:

    Grow up! You talkin about people who got no full roof seven months after Irma because they put they $$$ in a ponzi scheme that the govmt still letting operate on the street. Sickness.

  19. Insurance Company says:

    Kudos to NAGICO who settled my claim fast and fair. You guys are doing a wonderful job despite the noise and haters. Thank you for the excellent service over the years.

  20. Jerry says:

    At least CIL doing a goodish job.

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