Premiums reach tipping point with 40% of policyholders opting to drop coverage: Official

Posted On: May. 25, 2017 4:00 AM CST

Tim Ingraham, president of Bahamas-based Summit Insurance Co. Ltd. has said that up to 40% of local policyholders are opting to either drop hurricane coverage or take on higher deductibles, with property/casualty premiums reaching "a tipping point" for many, Tribune 242 reported. The anemic economic climate and stagnant incomes were encouraging many business owners to absorb more risk when it came to covering their properties, Mr. Ingraham said.