Insurance coverage cancellations rising, but not at an alarming rate, says Insurance Commission
The Insurance Commission of The Bahamas has seen more policyholders dropping coverage as premiums rise, but says the increase is not alarming and has not materially affected insurers' gross written premiums. It is concerned about underinsurance and plans to gather regional data for reinsurer negotiations.
Why it matters:Rising premiums are pushing some policyholders to drop cover, while underinsurance and reinsurance pricing tied to South Florida risk remain pressure points for insurers, regulators and property owners. (Neutral development)