When Skinny Fabulous said, “Show me your worst behaviour”, he wasn’t talking to you, Beryl!! I know we Caribbean and ting, but jeez!  Yuh neva have to go on so!  Now we have all these bills to pay, and even if Beryl bumpa neva lick yuh, insurance ago kill yuh!

So insurance companies are already seeing an uptick in claims since Hurricane Beryl.

Several communities in Grenada and St Vincent have been levelled, leaving thousands homeless.  In Jamaica, while the damage is not as extensive, it’s still bad. Many people have lost their homes, cars, farms and businesses. 

Cue this latest insurance claim run. Multiple insurance companies told the Jamaica Observer that as soon as the skies cleared, they started getting calls about damaged vehicles and missing roofs – the usual hurricane damages.

The final tally for how much the companies will have to pay out isn’t ready yet because communication and access is still an issue in some parts of the island.  

But how will these affect you and your money? Well, there could be an uptick in insurance premiums again. Boo, boo, tomatoes, tomatoes! 

I know it’s not great news. But remember insurance is a risk game, AND they’re also in it to make money.  The companies are essentially hedging their bets that something catastrophic WON’T happen and they won’t have to pay out. Or at least not for a long time.

When the risk goes up, then they have to cover themselves. But with Beryl’s record-setting intensity and unpredictability, it’s a signal that the risk is increasing. 

Then there’s inflation.  Beryl destroyed millions of dollars worth of crops. And changes in food prices drastically affect inflation, which in turn affects interest rates.  Higher interest rates in turn affect insurance premiums because of the higher cost of doing business. It’s all connected.

And that’s the bottom line.