It’s time Barbadians get more serious about insurance says Minister in the Ministry of Finance, Ryan Straughn as he piloted the country’s Insurance Amendment Bill in the Lower House earlier yesterday.
In a passionate and wide-ranging address to Parliament, Straughn called on Barbadians to take insurance more seriously, warning that personal behaviour, climate change and even global economic action were all converging to make risk mitigation more urgent than ever.
At the same time, he said Government was working with the General Insurance Association of Barbados and other stakeholders to expand access to insurance, particularly for homeowners. Too many families, he lamented, were left devastated after fires or natural disasters because they were uninsured.
“We want to avoid that dislocation,” he said, pointing to recent reforms, including the creation of a Resilience and Regeneration Fund.
Speaking during debate on amendments to the Insurance Act, the Member of Parliament for Christ Church East Central stressed the vital importance of insurance as a facet of national economic resilience, noting that it was no longer optional but an essential tool for individuals and businesses.
“I want to wholeheartedly endorse that Barbadians must look at their own risk appetite. Insurance is not the enemy, it is the backstop when things go wrong,” he told colleagues in the Lower Chamber.
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