Prime Minister, the Hon. Philip Davis traveled to Grand Bahama last week for the opening of the CG Atlantic offices in Freeport.
During his address Davis spoke to the impact of climate change on insurance rates telling attendees that “the Caribbean in particular The Bahamas is becoming uninsurable.”
He continued, “its either going to be unaffordable cause of the high cost or insurance companies and your re-insurers will think twice about engaging in insuring because of the high risk. We are now paying the price for that consequences as it is reflecting in the premiums we now pay for insurance. The is factored in, the risk, is factored into our premiums.”
In a January 2023 press statement, the Bahamas Insurance Association confirmed that Bahamian households and businesses could see a 15-20% increase in premiums.
