Catastrophe insurance rates likely to rise by up to 25% in Bahamas

Bahamian insurers have said that the damage caused by hurricane Irma could lead to an increase in Bahamian catastrophe insurance rates by up to 25% due to loss of reinsurance capacity, Tribune242 reported citing media sources. Patrick Ward, chief executive of insurer and reinsurer Bahamas First Holdings Ltd., said that an increase in insurance rates “may come into play in 2018.”
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