Caribbean insurance rates to rise as reinsurers eye 15% rate hikes

According to a report by U.S.-based A.M. Best Co. Inc., property and casualty insurance premium rates will continue to surge in the Caribbean region, as reinsurers look to hike rates by as much as 15%, Jamaica Observer reported. Reinsurers are looking to raise rates to increase their capacity and offset high claims payouts amid growing inflation and increased disaster-related risks.