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Statement On Insurance Claims, Bank Loans

Premier and Minister of Finance, Dr. the Honourable D. Orlando Smith, OBE, on Tuesday, December 5 held two separate meetings with the Territory’s insurance providers and banks to discuss matters relating to the processing of claims and the status of loan moratoriums following the passage of Hurricanes Irma and Maria.

The meetings were the second round Premier Smith has had with managers from the two sectors. The Premier has said that both insurance companies and banks have an essential role in helping residents and businesses across the Virgin Islands in their rebuilding efforts. 

Coming out of the meetings, Premier Smith insisted that he wants to foster a healthy conversation about insurance services and find ways to improve procedures to support consumers. To do this, he said, “I will be making a statement at the next sitting of the House of Assembly to address matters arising from these meetings, as well as other talks with stakeholders in the industry.”

With insurance providers, Premier Smith discussed concerns raised by the public on the timely resolution of claims, disparities in estimated costs of damages and settlements, the pricing of salvaged vehicles and new increased premiums faced by residents. In the meeting, Premier Smith shared with companies the urgent need to get claims processed so residents can rebuild their homes and have safe housing for those that are still displaced, but also so that commercial properties can be restored to bring back services that have been disrupted.