New York.- Caribbean hoteliers should plan now for an increase in insurance premiums anticipated to range from 10 to 40 percent following two Category 5 hurricanes, Irma and Maria, which struck several destinations in the region in September, according to a written release issued by the Caribbean Hotel and Tourism Association (CHTA)
Scott Stollmeyer, managing director for Barbados and the Eastern Caribbean for CGM Gallagher Insurance Brokers, made the recommendation during a CHTA webinar earlier this month entitled, “Hotel Property Insurance After the Storms.” Stollmeyer said for the past eight years the Caribbean has enjoyed reduced insurance rates, but that will now change.
He said following the hurricanes, insurance companies have begun reaching out to their clients informing them of the increases that will occur in their next renewal cycle for inland and beach properties. He explained this will lead to a “hardening” market.
Source: Travel Agent Central