Summary
The Caribbean faces financial concerns during hurricane season, as many residents find home insurance too expensive. Since hurricanes, earthquakes, and volcanoes are common, the insurance premiums in the region are high, making insurance coverage less accessible.
Key Facts
- Home insurance costs have increased up to 40% in some Caribbean islands over the past two years.
- Many Caribbean homes, especially in hurricane-prone areas, remain uninsured due to high premiums.
- Insurance coverage is low: in Jamaica only 20% of homes are insured and about 50% in Barbados.
- The Atlantic hurricane season runs from June to November, with peak activity from mid-August to mid-October.
- The high cost of insurance is due to the increasing risk of natural disasters and the small population size, which offers low returns for insurance companies.
- Caribbean islands like Antigua and Barbuda are among the most at risk during hurricane season.
- Some Caribbean nations, such as Turks and Caicos, have emergency funds for post-storm recovery, but others, like Antigua, do not.
