National

How To Close The Insurance Gap

NASSAU, BAHAMAS – Is your home insured? The Insurance Association of The Caribbean is hoping to make insurance more accessible with something called micro-insurance.

Published

1 year ago

September 16, 2023

Marlena Leonard

NASSAU, BAHAMAS – Is your home insured? For many in The Bahamas and the wider Caribbean, the answer is no. The Insurance Association of The Caribbean is hoping to make insurance more accessible with something called micro-insurance.

The Caribbean may end up leading the way when it comes to closing the protection gaps in insurance coverage.

But for many who don’t have insurance on their property, the issue is often one of accessibility and financial strain.

President of Insurance Association of The Caribbean Patrick Ward says the solution might be what’s called micro-insurance.

And in a world where storms seem to be coming stronger and with more frequency, he says that protection gap can put quite the strain on governments who are often left footing the bill.