Hard hit

Insurance companies stretched to the limit at the start of the year by fender benders

The past nine days have been hectic for local insurance companies, with some reporting that they have been stretched to the limit, having received as many as 100 accident claims between December 27, 2017 to January 5, 2018.

And while the majority of these accidents could be considered minor “fender benders”, President of the General Insurance Association of Barbados (GIAB) Michael Holder is warning motorists that it could push local insurance premiums, which were set to increase by between ten and 30 per cent as at January 1, even higher.

Holder could not give any specifics, but confirmed to Barbados TODAY that there had been a definite increase in road accidents in the post-Christmas period, when compared to previous months.

“What we have heard from companies is that there has been an increase in the number of motor vehicle claims reported,” he said.

“Traditionally, it is a period where you see increased claims, between Christmas and New Year’s Day [but] the increased accidents will result in the increased claims costs,” he warned, adding that “this is why the GIAB has supported the move by Government for breathalyzer [testing to be introduced] because . . . we suspect that in some of those claims it could be a case of the driver being intoxicated.”

Provision has been made in the Road Traffic Amendment Act, which was approved by Parliament last November, for random breathalyzer testing.

However, those provisions are yet to fully implemented even as the Barbados Fire Service reported close to the end of December last year that it had responded to 93 motor vehicle accidents, compared to 76 in 2016.

2017 was also one of the deadliest years on record on the island’s roads with 28 fatalities from 25 road accidents, up from ten road fatalities the previous year.

Holder could not say if potholes were responsible for any of the road deaths or the increased motor vehicle claims, but he said the GIAB was concerned that “in avoiding them [the potholes] accidents can be caused.

“So that is where our concerns lie. So any attempt to have it rectified as soon as possible we see as beneficial not only to the road users, but the member companies of the GAIB,” he said.

In terms of motorists driving without insurance, Holder could not say how widespread that problem was, but pointed out that “we do know that there is a section of the motoring public that is uninsured and that is of concern”.

“When a person is not insured and involved in an accident and they are responsible and there is no insurance, the person who is injured or has property damaged then has a challenge to being compensated for his loss,” he said, adding that there was really no excuse for Barbadians not to insure their vehicles or property given the range of payment plans offered by insurance companies.

“What we see is that at times there are house fires and you have reports that the building is not insured, which is unfortunate,” Holder said, adding that “even though premiums may be increasing slightly each year,. . .  payment terms can be negotiated and that is available to all policyholders.

“On the motor side we do see the cases where people have neither insurance nor road tax. This is unfortunate. At least have third party insurance and in this case again you can have installment plans,” he stressed.
marlonmadden@barbadostoday.bb

30 Responses to Hard hit

  1. Shurf De
    Shurf De January 5, 2018 at 11:11 pm

    Stupse

    Reply
    • Kearn Williams
      Kearn Williams January 5, 2018 at 11:50 pm

      is right. When them hitting we hard and raking in d large sums fuh d extravagant premiums they don’t talk bout hard hit

      Reply
    • Shurf De
      Shurf De January 5, 2018 at 11:53 pm

      Yup

      Reply
  2. Saga Boy January 6, 2018 at 2:23 am

    He is right. The more accidents the higher the premiums. What is the cause of most of these accidents?

    Reply
  3. Harry January 6, 2018 at 5:58 am

    Unfortunately Insurance Companies do not single-out the offenders when raising premiums so people like me who haven’t had a claim or an accident in over 25 years get penalized for safe driving.

    Cause of accidents in my opinion is careless and thoughtless driving by people who should know better. I remember having to drive behind slow moving traffic from Top Rock to Oistins when i did get the opportunity to pass the leading car there to my amazement the woman driver had one of her legs on the dashboard and was painting her toe nails!! i also believe that using cellphones while driving is a distraction we could do without, I am willing to bet that over 90% of calls could be dealt with upon reaching your destination.

    Reply
  4. Susan Maynard
    Susan Maynard January 6, 2018 at 6:07 am

    Insurance do not like to pay out ,but look to received

    Reply
  5. Dale Black
    Dale Black January 6, 2018 at 6:22 am

    Can i ask a question do insurance companies in barbados pay out no claims benefits because if not why are they allowed to target the entire industry across the board and not the individuals who’s responsibility it is to make sure that they r trading fairly it would seem no 1 they r a law on to them selves it would appear just saying

    Reply
  6. Rosebud Taitt
    Rosebud Taitt January 6, 2018 at 7:46 am

    You paying your insurance diligently and when it is time to pay out these MF giving you a hard time stupesssss

    Reply
  7. Andrew Rocka Hinkson
    Andrew Rocka Hinkson January 6, 2018 at 7:59 am

    Insurance is the only service that I know of, which u pay for and then get charged for using it. All are a bunch of crooks !

    Reply
    • Sharon Taylor
      Sharon Taylor January 6, 2018 at 8:07 am

      Insurance is one of the biggest legal scams to date!

      Reply
    • Shai Sadu January 6, 2018 at 8:10 am

      Couldn’t be better said!

      Reply
    • Michael Crichlow
      Michael Crichlow January 6, 2018 at 10:57 am

      Well regardless a must so suck it up

      Reply
    • Belfast January 6, 2018 at 12:38 pm

      Right there,behind the one-armed bandit commercial banks.

      Reply
  8. Jason Callendar Ramsay
    Jason Callendar Ramsay January 6, 2018 at 9:04 am

    The biggest scam on the planet

    Reply
  9. BIG SKY January 6, 2018 at 9:08 am

    You insure 120 000 vehicles and are crying out for 100 accidents.Man go and fly a kite.

    Reply
  10. Olutoye Walrond
    Olutoye Walrond January 6, 2018 at 9:18 am

    Insurance companies stretched? What a laughable notion. Who are they trying to fool.

    Reply
  11. Alex Alleyne January 6, 2018 at 11:26 am

    “hard Hit”, that’s what I say as you guys keep taking us to the cleaners.

    Reply
  12. Mackar January 6, 2018 at 11:47 am

    Mr Insurance man stop the complaining!!! You guys rake in millions of dollars monthly.

    When you get a few claims you start wining and complaining. Stop it!!!

    Stop Insuring the not responsible drivers. These are the ones causing the problems. Stop increasing the premiums of the people who are not making any claims.!!!

    Reply
  13. milli watt January 6, 2018 at 1:10 pm

    120,000 by 2.000 (average premium) = 240,000,000.00 no wonder these parasites build the biggest buildings, executives drive the biggest cars, live in the upmarket areas. I don’t know why this fool don’t stop crying and raise the rates

    Reply
  14. fedup January 6, 2018 at 1:25 pm

    Drivers doing sh*t and good drivers paying d price. Peter paying fuh Paul. Simple.

    Reply
  15. Ras Small
    Ras Small January 6, 2018 at 2:27 pm

    We like it so. When yah don’t learn from a mistake(singular), u are destined to repeat the habit.

    Reply
    • jennifer January 6, 2018 at 11:28 pm

      Thing is them too over-run and engulf to do anything.

      Reply
      • jennifer January 6, 2018 at 11:37 pm

        phone companies, gas, supermarket $uckers, private health care, etc the whole lot full of greed.

        Reply
  16. Tired of the ingorant comments January 6, 2018 at 3:51 pm

    It is clear the persons leaving comments here are quite IGNORANT about insurance. that seems to be the case with a lot of things in our country. people “run off” their mouths without facts. Most just “looking for freeness” or somebody to pay for them.

    Get the facts about how insurance works before you comment.

    This is what we get for paying for their education.

    Reply
  17. Daleann Springer
    Daleann Springer January 6, 2018 at 7:19 pm

    These ppl really think we’re foolish stretched what a joke…

    Reply
  18. Daleann Springer
    Daleann Springer January 6, 2018 at 7:20 pm

    Totally agree Mr. A. Andrew Rocka Hinkson

    Reply
  19. Daleann Springer
    Daleann Springer January 6, 2018 at 7:23 pm

    Biggest successful legal scam ever..

    Reply
  20. jennifer January 6, 2018 at 11:31 pm

    This lot taking the pi$$ and government pi$$ing too.

    Reply
  21. Alex Alleyne January 7, 2018 at 11:16 am

    To everyone, Any of you every received a “post card” form any insurance Company thanking you for your “good driving over the past 5 years” and not getting in an accident and costing the insurance company money?.
    I guess not, but at the drop at a have you see them came hollering that the company taking a hit. That is only because it cut into the “bonus” that the top-dogs receive.

    Reply
  22. Shellyann Neal
    Shellyann Neal January 7, 2018 at 12:48 pm

    75% of Ppl paying insurance yearly for most of their lives and never file a claim, where all of that money going? And the 25% that filed a claim does get real hell to get a payment. I think that if someone paying insurance for a certain amount of years with no claims, that some refund of all that money should be given. Talk about that.

    Reply

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