A leak of documents addressed to Premier Dr D Orlando Smith has revealed 36 percent of insurance claims filed after the three catastrophic disasters last year was still not settled at the end of March 2018. Approximately half-a-billion worth of insurance settlements already has been paid territory-wide, the leaked documents said.
The Financial Services Commission (FSC) was identified as the author of the documents, which reported a total 10,870 insurance claims filed in the territory.
Three-hundred-and-fifty-seven of those claims were filed for the August floods, 7,700 were claimed for Hurricane Irma, and another 2,813 were insurance claims made for Hurricane Maria.
According to the FSC document, 164 of the claims made for the August floods were still not settled at the end of March while 1,374 Hurricane Irma claims were still not settled during that same period.
At the end of March, another 416 settlements were remaining for Hurricane Maria insurance claims.
A further breakdown of the claims showed that, as at March 31, some $2.6 million had been paid to persons and organisations who had filed claims for property damage from the August floods.
Insurance settlements for Hurricane Irma at the end of March surpassed a quarter billion dollars. Specifically, that figure was recorded at $391.6 million.
As for Hurricane Maria, the FSC reported $38.3 million worth of paid settlements at the end of March 2018.
The total insurance payouts for all three disasters, so far, was $432.6 million, the document said.
BVIAA yet to receive payout?
Meanwhile, at least one government statutory body had still not received its insurance settlement up to recently.
When representatives from the BVI Airports Authority (BVIAA) appeared before the Standing Finance Committee between March 20 and April 10 this year, the Authority was among local entities that were still awaiting insurance settlements.
At the time, BVIAA Managing Director Denniston Fraser said he hoped his organisation would have received its insurance settlement in two months.
The 2018 Standing Finance report said the BVIAA was awaiting settlement from Caribbean Insurers.
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