Guardian approaches 80% settlement rate on Melissa claims

Guardian Holdings Ltd, part of NCB Financial Group, has settled over 70% of insurance claims from Hurricane Melissa and is approaching a 75-80% settlement rate, according to Group CEO Ian Chinapoo at an investor briefing. Eight months after the Category 5 storm devastated western Jamaica, the pace of settlements has been slowed by the industry's shared reliance on independent loss adjusters, whose reports are required before claims can be processed and submitted to reinsurers. To address this bottleneck, Guardian has introduced a new product in its northern territories, including Jamaica, that allows the company to provide property damage estimates without waiting for external adjusters on every claim; the product will be piloted next in Trinidad. Peer insurer IronRock Insurance reported it had substantially concluded 95% of Melissa claims for policies where it is sole or lead insurer as of July 31. The Financial Services Commission (FSC), Insurance Association of Jamaica (IAJ), Jamaica Insurance Brokers Association (JIBA), and the Loss Adjusters' Association of Jamaica recently issued a joint statement committing to accelerate resolution, targeting settlement of major eligible claims by end of September 2026. The FSC also opened a review in July into complaints about the application of the average clause in Melissa-related cases.

(Source：Jamaica Gleaner)