Insurance companies have settled over 8,000 Melissa-related claims, paid out $54B -- IAJ

Local insurance companies have settled 8,357 Hurricane Melissa-related claims and paid out $54.35 billion nearly a year after one of the most powerful storms in Jamaican history left a trail of death and destruction across several parishes.

That’s according to the latest figures published by the Insurance Association of Jamaica (IAJ), which showed that up to the end of last month $51.9 billion was paid to settle claims related to residential and commercial properties and $2.3 billion for motor vehicle-related claims.

Commercial properties accounted for $41.6 billion or 80 per cent of claims under this category while residential properties accounted for $10.3 billion, the IAJ data revealed.