The Chamber of Commerce says while property insurance premiums are going up in Cayman they do not think the rates will be high as it is in some of the other Caribbean countries. Last night (4 January) the Insurance Association confirmed property insurance rates were on the rise.
Today (5 January) Chamber of Commerce CEO Wil Pineau says the Cayman Islands will see an increase solely because the region and global insurance markets around the world are seeing an increase.
He said some property owners in Cayman will see higher increases than others. He said, “Some sectors will be impacted more than others the hospitality sector like the condominiums that may affected more. Anywhere, where you have an increase risk of any disaster you are going to have an impact. Mr Pineau said he believes the insurance rates will not increase as high as it did after Hurricane Ivan because Cayman was not impacted by last year’s major storms.