More than 82 per cent of Hurricane Ivan damage claims with Cayman General have been settled in full, said Stuart Dack, president and CEO of parent company Cayman National Corporation last Friday.
Mr. Dack said of 1,289 total property claims, 1,064 have been fully settled, and another 150 claimants have received interim payments.
‘In dollar figures, including the settlement going out to Government, we’ve paid out $185 million dollars in claims,’ Mr. Dack said.
Total claims are expected to approach $270 million.
Mr. Dack said some of the larger claims, like some strata corporations, remain.
With regard to motor vehicle insurance, Mr. Dack said most of the claims have now been settled and that $10 million has been paid out for about 900 claims.
‘All of the write-off claims have been settled, and the only claims remaining are where damage is being repaired,’ he said. ‘I would expect that within the next few weeks, those claims will be settled, or at least have a settlement agreed upon.’
Mr. Dack said that negotiations with Sagicor for the purchase a majority stake in Cayman General are moving forward.
‘We expect the sale to be finalised shortly,’ he said.
The Cayman National Corporation group had the end of its financial half-year last Thursday.
Despite the difficulties of Cayman General because of Hurricane Ivan, Mr. Dack said Cayman National Corporation performed well.
‘We’re working hard to get the results of the half-year completed,’ he said. ‘All indications are we’ll be turning in a very solid performance. All areas of the group are performing well.’
Mr. Dack said there were good levels of new business coming in, particularly from overseas.
‘People have a confidence in the island now because we have sustained a major disaster and recovered so quickly,’ he said. ‘It’s given us a very good reputation.
‘We’ve learned a lot of lessons about business recovery,’ he said, naming as examples improvements that will be made in physical buildings and IT back-up.
‘International businesses like that,’ he said. ‘They feel very comfortable that we have the actual experience of business recovery. It’s not just theory any more.