With two months to go before the official end of the 2022 Atlantic hurricane season, a leading insurance executive is again raising concerns about the absence of insurance on some properties and the insufficient coverage on others.President of the General Insurance Association of Barbados (GIAB) Randy Graham said both scenarios spell trouble for homeowners when disaster strikes. Similarly, owners of vehicles covered only by third party insurance will also be faced with no insurance to fall back on in the aftermath of some unexpected weather or other event.On a positive note, Graham said current insurance rates are stable at the moment and there is nothing to indicate they will be going up this year. “I don’t know that they will be. There is nothing yet from the season itself to create a reason for any immediate increases. The rates in Barbados have been reasonable in spite of what the public may think. We haven’t seen any material increases in the rates in the last few years and don’t see that this season as it currently stands, will cause any increases. So you probably won’t see any significant increases in the premiums right now,” the GIAB head disclosed in an interview with Barbados TODAY
