BCIC offers new hurricane insurance product
General insurer BCIC recently partnered with insure-tech company Yokahu, in the United Kingdom, to offer a new hurricane insurance product for homeowners and renters.
The product, which comes just in time for the usually active and terrifying Atlantic hurricane season, offers policies ranging from US$60 up to US$750. It is offered online and can be sold directly to customers through the BCIC website.
In the wake of reinsurers leaving the Caribbean, reducing the capacity for insurance companies in Jamaica to take on new customers, the policy aims to offer homeowners and renters an option, promising affordable and hassle-free property protection all year round.
“After a qualifying hurricane, your no-hassle pay-out is paid within days. No excess, no cumbersome claim forms, no loss adjustors, and no lengthy waits for reimbursement. We believe in providing swift financial support when you need it most,” the company said in a news release.
According to Peter Levy, managing director of BCIC, the timeliness of the product will help to give local homeowners a greater sense of assurance and a feeling that they ‘won’t be left out in the cold’ this hurricane season.
“Hurricanes can strike with unimaginable force, leaving behind a trail of destruction and wreaking havoc on homes and properties. Having your home damaged, which for most people is the greatest monetary investment they will make in their lifetime, is very scary. In the event that someone’s home is damaged, the stress of having to deal with that, compounded by the stress of what can sometimes be a lengthy claims process, we think, is too much to place on the shoulders of our customers,” he stated.
He further said that with property insurance becoming increasingly expensive and protection for homes and personal belonging becoming less accessible, this “inclusive product” will help to “cushion the blow” of premiums in a property insurance market that is out of reach.
“Hurricanes are not an imagined threat in Jamaica. We have decades of evidence showing the consequences of being ill-prepared for hurricane season. Our approach to the market has led us to create a product that is for everyone, and we are proud to be able to have a product that puts the customer first,” he added.
BCIC, an affiliate of VM Group, during its last financial year saw gross written premiums of $13.7 billion, four per cent above that of the previous year despite profits tumbling to $274 million following significantly increased reinsurance costs and operational expenses.