Insured losses from hurricane Joaquin $30 million: Official

Patrick Ward, chief executive of Bahamas-based insurer Bahamas First Holdings Ltd., has said that total insured losses from the recent hurricane Joaquin that hit the nation is likely to total up to $30 million Bahamian ($30 million), reported Tribune 242.

Mr. Ward said that Bahamas First will be "receiving north of 100 claims as an entity." Mr. Ward said that the insured losses from Joaquin are "typically significantly above" those incurred by the industry. Mr. Ward said he does not believe that at this stage, the losses will have any material effect on reinsurance pricing for 2016.

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