Customers paying premiums, says Lovell

Despite the COVID-19 situation, General Manager of Co-operators General Insurance Company Limited, Anton Lovell, explained that customers had still been paying their premiums, though some had asked for extension terms.

During a recent interview held at the Co-operators General Insurance headquarters in Upper Collymore Rock, Lovell spoke to the media about the effects of COVID-19 on the ability of customers to meet their insurance obligations. 

He highlighted that vehicle insurance policy holders had been making payments, but there were cases of some requiring extended payment terms.

“What we have been doing is extending the credit terms to them and we are doing so without any penalties or interest charged because we know how difficult this time could be for persons to settle their premiums,” said Lovell.

Lovell explained that previously customers would pay the premiums over a period of three or four months, but now were requesting longer timeframes to pay.

According to the General Manager, the main affected customers who have been requesting extensions had been taxi operators and hired car businesses as a result of the COVID-19 situation.

“These are the two most affected customers we are seeing from the fallout of COVID-19 and that is expected. We are hoping that come this month when borders reopen and people start to travel, things could go back to as normal as possible and they could earn some level of income,” stated Lovell.

Regarding property insurance, the manager highlighted that the company was happy to see that many people were still insuring homes.

“We are happy to see persons are in fact insuring properties and that is good as it is hurricane season. I believe that because of the disaster that occurred last year in the Bahamas, people are more conscious and we have not seen any fallout of the property side at all,” explain the general manager.

The outlook was mostly positive according to Lovell, however, he mentioned that during the shutdown and curfew months, there was a significant reduction in motor vehicle accidents and the company was hoping that it would continue.

“Quite honestly by the time we effectively opened back, we have been getting the same level of careless accidents. We are just asking persons to be patient and to drive with due care and attention and drive defensively,” urged Lovell.

Finally the general manager highlighted that Co-operators General Insurance Company Limited had programs to educate people on the dangers of careless driving, but believed more could be done to educate the public, showing them that too many lives were being lost as a result of road accidents. (AS)