BVI News

Premier accosts banks, insurers about questionable service

Premier Dr D Orlando Smith

Premier Dr D Orlando Smith has accosted banks and insurance companies about the many concerns raised by residents about these institutions since the hurricanes.

The premier discussed concerns in relation to disparities in estimated costs of damages and settlements, the pricing of salvaged vehicles, and new increased premiums faced by residents.

A government release this afternoon said the Premier also raised concerns that claims were not being resolved promptly. He informed the institutions about the urgency of settling claims.

The Premier reminded banks and insurance companies that residents need to rebuild their homes. He also noted that commercial properties need to be restored so that the services they offer can resume in the shortest possible time.

“What I think is important for everyone to bear in mind is this is a very new arena that we have all been placed in. Many of the insurance companies and banks have never been in this type of position, and this is also true for our residents that have used their hard-earned money to purchase policies and make investments. What I am encouraging the banks and insurance companies to understand is that it cannot be business as usual, as so many lives of residents, their loyal clients, have been thrown upside down,” Dr Smith said.

“I will continue to appeal to both sectors to reaffirm their commitment to their customers and residents, in making sure that their processes and services are fair and serve the community they have been given an opportunity to do business in,” he added.

Meanwhile, the Financial Services Commission said it, too, is aware of the concerns from residents and said it continues to meet with industry practitioners to address the issues.

Premier Dr D Orlando Smith meets with representatives from banks and insurance companies.

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