Concerns about local insurers are still not over so officials will be hosting a public forum about increases in insurance premiums — the cost of insurance.
Insurance premiums started to rocket for several residents and businesses after the onslaught of the 2017 disasters.
The Office of the Premier and the BVI Financial Services Commission (BVIFSC) are now giving local policyholders the opportunity through the forum “to voice their qualms about how rising insurance premiums have impacted them, their families and businesses, and for them to recommend solutions for pacing inevitable increases in insurance premiums”.
Insurance experts, stakeholders to present
Local experts in the industry such as Acting Director of the Insurance Division at BVIFSC Trevecca Hodge, and Colin O’Neal of the BVI Chamber of Commerce and Hotel Association will be presenting at the event.
At least one representative of a local insurance company,
“They will give an overview of insurance, discuss how insurance premiums are determined, why premiums are on the rise, the effects of premium hikes on families and businesses, and why deliberate underinsurance is not a recommended response,” a media release from the BVIFSC and the Office of the Premier said on Thursday.
The BVIFSC, which acts as the regulator for insurance companies operating in the BVI, is also expected to outline ‘what’s next’ from their standpoint.
In the meantime, news of the insurance forum comes days after the Andrew Fahie-led VIP government held a meeting with local insurance providers.
Fahie described the meeting as the first of many.
“We discussed many concerns such as under-insurance and the rising cost of premiums since Hurricanes Irma and Maria. I firmly believe that we are on our way to an amicable solution for all stakeholders,” Premier Fahie said while reporting on the meeting.