Insurers appeal for stiff road laws
Increased road deaths have severely dented income of Barbados’ insurance industry and insurers want new legislation to curb drink driving and cellphone usage behind the wheel.
Vice-president of the General Insurance Association of Barbados, Anton Lovell, said this on Tuesday as he blamed road fatalities for the financial results of his company, Cooperators General Insurance, for which he is general manager.
“It impacted us in our last financial year which ended in May . . . we were really handicapped by fatal accidents that we had to provide for and . . . we have an increase in frequency of motor accidents.”
Motor insurance is the largest portfolio for Cooperators General, whose outstanding claims for the financial year ending May 31 this year jumped to $17.1 million from $14.6 for the corresponding period last year. (GA)