Forty-nine per cent of US dollar-denominated insurance claims related to Hurricane Melissa were fully settled and paid up to the end of September this year, the Insurance Association of Jamaica (IAJ) has disclosed.
Further, the IAJ says 54 per cent of insurance claims not related to motor vehicles were also fully settled and paid for the same period.
However, the association says member companies fully settle and paid 90 per cent and 77 per cent respectively of motor vehicle and Jamaican dollar-denominated claims arising from the passage of the deadly category five hurricane last October.
The disclosures come amid public concerns and criticisms about a number of issues, including the time being taken by insurance companies to resolve some claims and questions surrounding settlement calculations, deductibles, property valuations and the application of the average clause.
The Jamaica Hotel and Tourist Association (JHTA) is among the groups that have publicly expressed concerns.
In a public statement on Saturday, the IAJ said it recognised that outstanding claims continue to place financial and operational pressures on families and businesses working to recover and rebuild since the hurricane.
As a result, president of the IAJ, Rosemarie Henry says member companies are now giving greater attention to advancing these matters and strengthening communication with affected policyholders.
Member companies have also intensified their review of all outstanding Melissa-related insurance claim, with particular focus on cases with limited recent communication, outstanding loss-adjuster reports, settlement offers awaiting resolution or reinstatement works still in progress, the IAJ said.
“Our responsibility is to ensure that the remaining claims receive the attention they require and that policyholders are kept informed throughout the process, said Henry.
“Our members are focused on bringing outstanding matters to resolution and helping policyholders move forward with greater certainty,” she added.
The IAJ said it will continue to monitor claims progression with member companies and will provide further updates as they move towards completion.
The association said the scale of Hurricane Melissa generated an exceptional concentration of property claims and placed significant demands on loss-adjusting resources.
However, it says where loss-adjuster’s reports remain outstanding, IAJ member companies will continue to work with the loss-adjusting sector to move these cases forward, including reassigning responsibilities where feasible and identifying claims that can move forward without additional delay.
The IAJ says it has taken “careful note” of the concerns raised by the JHTA and indicated that the aim is to work with member companies and stakeholders to address them while ensuring that claims are assessed fairly and in accordance with the terms of each policy.
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