(CNS): The Cayman Islands Insurance Association (CIIA) has confirmed that customers in the Cayman Islands can expect their property insurance premiums to go up this year by as much as 30% and that cover will likely be rationed as a result of the decline in the availability of insurance cover. The association issued a warning at the end of November that rates would soar in 2023, stirring up significant concern among CNS commenters. But now they are also raising the alarm about reduced capacity.
“Many local Insurers have now gone through their reinsurance renewal process,” the CIIA said in its latest release. “Insurers will need to increase rates to cover the increased cost of reinsurance. Along with these increases many insurers will effectively be rationing the coverage offered as less insurance capacity is available. All local insurers will be in the same situation – increased rates and reduced capacity.”
Premiums on all types of insurance will be going up,…
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