Published On: Wed, Nov 22nd, 2017

Insurance companies fear more uninsured cars

AccidentWILLEMSTAD - Insurance companies fear an increase in the number of uninsured cars on public roads. Car insurance (WA) premiums may be increased by 13 percent from September 29 this year. Many insurance companies will choose to increase their premiums on January 1 of next year. The Curacao and Bonaire Insurance Association (CBIA) had made a request to this effect to the Minister for Economic Development.

According to CBIA, most insurance companies suffer from lagging results in terms of third-party insurance. WA premiums have not increased in recent years, despite several requests.

The premium for civil liability insurance is set by the government and insurance companies are not allowed to exceed this.

According to Aichel Magdalena, chairman of CBIA, insurance companies may sell a third-party insurance under the maximum price, but this will not happen because the claims burden has risen sharply since 1999.

The fact that the insurance companies can now raise the premiums, according to Magdalena, has nothing to do with the current Minister of Economic Development Steven Martina. Martina was the director of the insurance company Guardian (formerly Fatum) for 11 years. The CBIA chairman says that the decision was made before Martina took office.

Click Tag(s) for Related Articles: