For some Barbudans, thunderstorms still trigger flashbacks of the night in September 2017 when they lost everything they owned to Hurricane Irma's devastating winds. Eight years on, while memories may be close to hand, home insurance for many on Barbuda and other islands in the Caribbean's hurricane belt is more prohibitively expensive than ever.
Across the region, premiums have skyrocketed in the past two years, surging by as much as 40% on several islands, according to industry figures. Experts attribute this surge to a perfect storm of increasing risks, as tropical cyclones worsen and intensify, alongside the reality of tiny populations unable to cover high insurance costs, resulting in poor returns for insurance firms.
Dwight Benjamin's Barbuda home was one of the very few left relatively undamaged by Irma. After the storm, he made improvements to ensure his home stands a better chance during future disasters, opting for a concrete-roofed extension that would serve as a shelter for his family. While monitoring weather platforms during this peak hurricane season, he reflects on his uninsured status: Most Barbudans don’t really think it’s worth it. It's just an added expense to the meager resources we have.
The statistics are alarming, as many islands feature significant percentages of uninsured homes; Jamaica reports a mere 20% coverage, while Barbados sees just half. Compounding the issue, Caribbean nations face threats from earthquakes and volcanoes, which also contribute to high home insurance costs.
As the hurricane season stretches from June 1 to November 30, the trauma of past storms weighs heavily on residents, with many feeling their anxiety heightened during this time. Mohammid Walbrook, another Barbuda resident, recalls seeking refuge in a bathroom with family as Irma wreaked havoc in 2017. The memories stay fresh, and with this season's storms, the psychological impacts are a concern for many.
For some countries in the Caribbean like Turks and Caicos, disaster cash reserves are a safety net; others, however, like Antigua and Barbuda, heavily rely on foreign aid to rebuild after storms. The UNDP provided substantial support following Irma, demonstrating a vital lifeline for recovery and resilience building.
In light of the changing climate and increased hurricane activity, experts advocate for innovative solutions such as the Caribbean Catastrophe Risk Insurance Facility, which offers governments low-cost disaster coverage. The resilience of communities in the Caribbean becomes paramount, as they prepare both mentally and physically for whatever the hurricane season may bring.
Across the region, premiums have skyrocketed in the past two years, surging by as much as 40% on several islands, according to industry figures. Experts attribute this surge to a perfect storm of increasing risks, as tropical cyclones worsen and intensify, alongside the reality of tiny populations unable to cover high insurance costs, resulting in poor returns for insurance firms.
Dwight Benjamin's Barbuda home was one of the very few left relatively undamaged by Irma. After the storm, he made improvements to ensure his home stands a better chance during future disasters, opting for a concrete-roofed extension that would serve as a shelter for his family. While monitoring weather platforms during this peak hurricane season, he reflects on his uninsured status: Most Barbudans don’t really think it’s worth it. It's just an added expense to the meager resources we have.
The statistics are alarming, as many islands feature significant percentages of uninsured homes; Jamaica reports a mere 20% coverage, while Barbados sees just half. Compounding the issue, Caribbean nations face threats from earthquakes and volcanoes, which also contribute to high home insurance costs.
As the hurricane season stretches from June 1 to November 30, the trauma of past storms weighs heavily on residents, with many feeling their anxiety heightened during this time. Mohammid Walbrook, another Barbuda resident, recalls seeking refuge in a bathroom with family as Irma wreaked havoc in 2017. The memories stay fresh, and with this season's storms, the psychological impacts are a concern for many.
For some countries in the Caribbean like Turks and Caicos, disaster cash reserves are a safety net; others, however, like Antigua and Barbuda, heavily rely on foreign aid to rebuild after storms. The UNDP provided substantial support following Irma, demonstrating a vital lifeline for recovery and resilience building.
In light of the changing climate and increased hurricane activity, experts advocate for innovative solutions such as the Caribbean Catastrophe Risk Insurance Facility, which offers governments low-cost disaster coverage. The resilience of communities in the Caribbean becomes paramount, as they prepare both mentally and physically for whatever the hurricane season may bring.
