The Tribune

EDITOR, The Tribune.

Re: All Homes Must Have Insurance’: Leading Insurer Warns Mandatory Cover Has To Be On Agenda After Dorian. – Tribune, Wednesday, Feb 5th.

Hopefully the contributor of this initiative, Patrick Ward, is a subscriber to Tribune242.com where he can read appropriate comeuppances to his suggestion, dare I say recommendation.

I have no clue as to how insurance premiums are calculated, whether health and life insurance or general risk insurance, but when every other business in this country has to nip and tuck its costs to the bone, insurers in general seem to feel that God has made them the gateway to salvation, and you either buy insurance or go to hell.

Tribune242 contributor “Odrap4” countered Mr. Ward’s suggestion saying that, “Insurance companies should be mandatorily non profit”. And even that may not be enough, as we all know that the Bahamas is hardly the epicenter of business efficiency. Whenever these guys announce a premium rise they always blame the foreign reinsurers but never ever say what cost and profit they put on the table.

It seems the Minister of Finance has some suggestions for bringing the cost of at least catastrophic insurance down. Hopefully the Minister of Health has some thoughts on the equally bloated Health Insurers premiums.

BRUCE RAINE

Nassau,

February 9, 2020.